EnQuest PLC - oil and gas production company that operates in UK North Sea and Malaysia - Shares drop after announcement that average net group production, including new addition Golden Eagle, will be around 45,000 barrels of oil equivalent per day in 2021. This would be below the bottom end of the 46,000 to 52,000 barrels range reaffirmed in September. Production in the 10 months through October is 44,306 boepd. "Group production has been challenging, largely driven by performance at Magnus and a recent unplanned shutdown at Kraken, combined with a supplier driven delay in the pipeline replacement in Malaysia," says Chief Executive Amjad Bseisu.
However, revenue is boosted by the "the strong price environment", EnQuest says. Revenue in the first 10 months of the year totals about USD950 million at a price of USD66.0 a barrel, up 63% from USD40.6 a year ago.
Current stock price: 18.92 pence, down 15% Thursday
Year-to-date change: up 68%
By Will Paige; willpaige@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Enquest (ENQ)