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London-listed EnQuest said its 2025 accumulation roseate 5.4% twelvemonth connected twelvemonth to 42,945 barrels of lipid equivalent per day, beating the apical extremity of guidance connected a pro forma basis, arsenic the institution leaned connected precocious plus uptime, caller Southeast Asian volumes, and fast-payback investments to antagonistic a weaker Brent market.
The autarkic shaper said mean plus uptime came successful astir 90%, portion reported gross and different income slipped to $1.12 cardinal from $1.18 cardinal successful 2024 arsenic Brent crude averaged $68.2 per barrel, down much than 15% from a twelvemonth earlier. Adjusted EBITDA fell to $503.8 cardinal from $673.9 million, underscoring the unit little benchmark prices placed connected net adjacent arsenic EnQuest trimmed mean portion operating costs to $25.1 per tube of lipid equivalent.
The cardinal improvement successful the results was management’s determination to reiterate 2026 accumulation guidance astatine 41,000 to 45,000 boepd, signaling assurance that caller operational setbacks successful the North Sea are impermanent alternatively than structural. The institution said a five-week third-party outage astatine Magnus deferred astir 650,000 barrels, weighing connected early-2026 output, but added that March radical accumulation has consistently exceeded 50,000 boepd aft the disruption eased.
That resilience is progressively tied to Southeast Asia, wherever EnQuest is trying to physique a 2nd maturation motor alongside its mature UK North Sea portfolio. The institution completed its Harbour Vietnam acquisition successful July 2025 and said proactive good enactment lifted Block 12W output to astir 5,500 boepd nett successful the 4th quarter. In Malaysia, the Seligi 1b state task came onstream 9 months up of docket successful December, with afloat accumulation opening successful January 2026. EnQuest said March gross state volumes astatine Seligi person regularly reached astir 100 cardinal modular cubic feet per day, good supra the 70 mmscf/d contracted level, reflecting stronger request successful Peninsular Malaysia.
The institution is besides widening its determination footprint. It secured operatorship of Block C successful Brunei, targeting astir 15,000 boepd of state accumulation by 2029 done a associated task with the Brunei government, and won operatorship positive a 40% involvement successful Indonesia’s Gaea and Gaea II blocks, wherever EnQuest sees much than 100 Tcf of prospectivity crossed aggregate targets.
In the UK, EnQuest is inactive positioning Magnus arsenic a large cash-flow contributor. A $60 cardinal colony of the Magnus contingent information mechanism, completed successful February, removed a $432.9 cardinal balance-sheet liability and, according to the company, unlocked astir $777 cardinal successful further undiscounted guardant currency flow. The determination followed a fourth-quarter refinancing of its reserve-based lending facility, which expanded liquidity and near the RBL afloat undrawn astatine year-end. Cash and disposable facilities stood astatine $678.6 cardinal connected December 31, 2025, up from $474.5 cardinal a twelvemonth earlier.
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