Enquest PLC (AIM:ENQ) shares were down some 6.8%, to 17.41p, in Wednesday morning's trade, after the oil producer posted weaker 2025 earnings and a rise in net debt, despite delivering production above the top end of guidance.
Group production averaged 42,945 barrels of oil equivalent per day in 2025, up from 40,736 boepd a year earlier, while pro forma production reached 45,606 boepd.
Revenue and other operating income slipped 5.3% to $1.12 billion, and adjusted EBITDA fell 25.2% to $503.8 million, with the 2025 numbers encumbered by a 15% fall in average Brent prices to $68.2 a barrel. Profit after tax dropped to $1.6 million from $93.8 million, while net debt rose to $433.9 million from $385.8 million. EnQuest said the increase reflected Energy Profits Levy payments, the Vietnam acquisition, refinancing fees and its maiden dividend payment.
The London-listed oil and gas producer said it entered 2026 with cash and available facilities of $678.6 million after refinancing its reserve-based lending facility, and later removed a large Magnus contingent consideration liability through a $60 million settlement.
EnQuest reiterated 2026 production guidance of 41,000 to 45,000 boepd and proposed a final dividend of 0.8p per share.
Chief executive Amjad Bseisu, in the results, commented: "In a volatile world, EnQuest stands out for its consistent operational delivery, highly tangible reserves base, disciplined investment, and a strategy anchored in diversified growth.
"Our position as a top quartile operator, combined with a strengthened financial base and an increasingly diversified portfolio, sets the stage for a pivotal period of growth across the UK North Sea and South East Asia."