EnQuest H1 Cash Revenue Rose 18% to $609M, Malaysian Acquisition On Track to Double Production, Narrows Full-Year Output Guidance to 41,000-43,000 Boepd
EnQuest (LON:ENQ) reported its first-half cash revenue increased 18% to $609 million, adjusted EBITDA rose 13% to $273 million, and operating cash flow climbed 31% to $281 million. The company's acquisition of Malaysian offshore assets is on track to close by December 31, which is expected to more than double production to over 100,000 Boepd, lift 2P reserves to roughly 300 million barrels, and reduce group operating costs by about 35%. However, EnQuest narrowed its full-year production guidance to 41,000-43,000 Boepd, from its prior range of 41,000-45,000 Boepd, due to disruptions at the Magnus field in the North Sea.
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