EnQuest Energy (ENQUF)

[buxmaker]

We should see a move in ENQUF. They are a major oil company and their stock has been doing well on the London exchange. Not sure why it hasn't been getting much volume here. Hopefully it will catch up soon. Oil prices are skyrocketing.

[buxmaker]

ENQUF reported very strong results today-

EnQuest Chief Executive, Amjad Bseisu, commented:
"EnQuest delivered free cash flow of around $395 million in 2021 with a realised price of c.$69/bbl, resulting in a
stronger balance sheet with net debt reduced to $1,222 million .
“High uptime at Kraken, the contribution from Golden Eagle and the accelerated recovery of wells at PM8/Seligi was
offset by underperformance at Magnus. Magnus compression and water injection plants are now online and
performing on target. Other assets, including Kraken and Golden Eagle are performing well and Malaysia is off to a
strong start with the PM8/Seligi riser replacement now in place ahead of schedule, with all wells online. With an active
programme of nine wells and seven workovers in 2022, our largest sanctioned program since 2014 and our first new
wells in over two years, I am confident we will deliver a good performance this year. Our production to the end of
January 2022 was 50,810 Boepd.
“Our decommissioning business performed better than expected, while our emissions were 45.7% below the North
Sea Transition Deal 2018 baseline, and close to the 2030 target of 50%. I am very pleased we are industry leading in
emission reductions and am excited about our new energy initiatives around Sullom Voe.
“The supportive macro environment and higher oil prices allow us to look forward to organic growth to offset natural
declines. We remain focused on continuing to reduce our net debt while selectively investing in our low-cost, quick
payback well portfolio. At the same time, we will continue to be disciplined with respect to M&A opportunities.
“EnQuest’s business is strongly positioned to play an important role in the energy transition. We will do so by
responsibly optimising production, leveraging existing infrastructure, delivering a strong decommissioning performance
and exploring new energy and further decarbonisation opportunities.”
2021 performance
? Average Group production was 44,415 Boepd
? Kraken average gross production of 31,155 Boepd (net 21,964 Boepd) was within guidance, reflecting
high FPSO uptime throughout the year
? Golden Eagle net production for the full year was 10,220 Boepd, contributing 1,701 Boepd1 net to
EnQuest post acquisition completion on 22 October 2021
? Magnus production of 11,870 Boepd reflected well integrity and topside related outages
? Net production of 5,028 Boepd at PM8/Seligi reflected optimised well delivery offsetting the impact of the
detached riser system
? Operating expenditure is expected to be approximately $325 million, slightly higher than guidance; primarily
reflecting higher emissions trading scheme costs. Unit opex is expected to be c.$21/Boe
? Cash capital and abandonment expenditures are expected to be approximately $120 million, including c.$13
million associated with the PM8/Seligi riser replacement
? Strong free cash flow generation2 of approximately $395 million
? In June, the Group entered into a new senior secured debt facility (‘RBL’) of up to $750 million, including letters of
credit of $150 million
? At 31 December 2021, cash drawings under the RBL were $415 million following the early voluntary
repayment in December 2021 of $70 million
? At 31 December 2021, net debt including PIK was $1,222 million, with cash and available facilities of $319 millio

[buxmaker]

Buying has been coming in to ENQUF over the last few days. Hopefully we will revisit that large volume spike to $1 we saw in late November.

Oil prices are rising and energy stocks may be a good place to hide in this market.

[billy spec]

Why the 40,0000% pop?