EnQuest holds guidance after solid Q1

(Sharecast News) - Shares in EnQuest gained on Thursday after the UK energy company reported a strong operational performance over 2024 so far and kept its full-year production and cost guidance unchanged. Group production averaged 43,595 barrels of oil equivalent per day in the four months to 30 April, slightly above the midpoint of the full-year target range of 41,000-45,000 boepd.

"We continue to achieve top quartile production efficiencies across the portfolio, while our high performing decommissioning team continues to deliver sector leading performance, having completed ten well plug and abandonments in 2024 across Heather and Thistle," said chief executive Amjad Bseisu.

"We are also making good progress in respect of the major right-sizing projects which are underway at the Sullom Voe Terminal, with the new stabilisation facilities expected to be online early next year."

Meanwhile, net debt reduced by $137m during the period to $344m by 30 April, while liquidity was $534m which EnQuest said provides a "platform for transformational transactional growth".

The company has maintained its production guidance of 41,000-45,000 boepd, and its total cash capital expenditure forecast of $200m and opex target of $415m.

The stock was up 3.1% at 15.17p by 0938 BST.