March 24, 2022

(File Photo: EnQuest)

(File Photo: EnQuest)

British North Sea-focused oil producer EnQuest on Thursday reported its highest free cashflow in 2021 of $397 million, almost double the previous year, thanks to higher oil prices.

EnQuest, with a market capitalization of $730 million, reduced its net debt by the end of last month to $1.1 billion and plans to spend $430 million on operations, $165 million on investments and $75 million on abandoning projects this year.

Out of its 2022 output forecast of 44,000-51,000 barrels of oil equivalent per day, it has hedged 8.6 million barrels at average floor and ceiling prices of $63 and $78 a barrel.

For next year, it has hedged 3.5 million barrels at average floor and ceiling prices of $57 and $77 a barrel, said Jonathan Swinney, EnQuest’s Chief Financial Officer who is moving to rival Tullow Oil TLW.L.

(Reuters – Reporting by Shadia Nasralla in London; additional reporting by Amna Karimi in Bengaluru, Editing by Subhranshu Sahu and Elaine Hardcastle)

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