EnQuest swings back to profit despite production woes
- Date: 24-Mar-2022
- Source: Energy Voice
- Sector:Financial Markets
- Country:Gulf
EnQuest swings back to profit despite production woes
EnQuest (LON: ENQ) cut into its debt and moved back into the black in its 2021 results, despite a series of troubles knocking back production levels.
The North Sea operator reported pre-tax profits of $352.4m, reversing losses of nearly $566m in 2020.
Chief executive Amjad Bseisu said the firm made “good progress” on its objectives, including reducing debt which stood at $1.09bn as of the end of February, down from $1.27bn as of the end of the 2020 financial year.
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