By Christian Moess Laursen
EnQuest, an oil and gas company, recently announced a decline in pretax profit for the first half of the year. The company attributed the decrease to weaker oil prices and lower production. Additionally, EnQuest has revealed its plans to delist its shares from Nasdaq Stockholm.
Profit and Revenue Decline
EnQuest reported a pretax profit of $112.9 million for the period, compared to $182.6 million the previous year. This decline was primarily caused by the impact of the U.K. energy profits levy. Moreover, revenue and other operating income dropped by 22% to $732.7 million. Adjusted earnings before interest, taxes, depreciation, and amortization also decreased by 26% to $399.2 million. These declines were driven by lower realized oil prices and lower production.
Decrease in Realized Oil Prices
The company revealed that realized oil prices had fallen from $89.9 per barrel in the previous year to $75.8 per oil-equivalent barrel in the current period.
Full-Year Production Guidance
EnQuest has maintained its full-year production guidance between 42,000 and 46,000 daily oil-equivalent barrels.
De-Listing from Nasdaq Stockholm
In a separate statement, EnQuest announced its intention to de-list its shares from Nasdaq Stockholm. The decision is a result of compliance requirements imposed by the European Union. While the formal application for de-listing will be submitted at the earliest within three months, EnQuest’s shares will continue to be listed on the London Stock Exchange.
For more information, contact Christian Moess Laursen.
