EnQuest PLC (AIM:ENQ) announced adjusted free cash flow more than doubled in the first half of 2026 as higher production and oil prices outweighed disruption at its Magnus field, while the group tightened full-year production guidance.
Adjusted free cash flow rose 118% to $71.3 million and cash generated from operations increased 31% to $281.4 million. Production averaged 41,544 barrels of oil equivalent per day, up 9% year on year, helped by new Vietnamese output and higher Malaysian gas production.
Magnus suffered six weeks of downtime following a third-party infrastructure outage, reducing group production by around 4,100 Boepd and deferring a cargo worth approximately $60 million beyond the half year.
EnQuest consequently narrowed 2026 production guidance to 41,000–43,000 Boepd, while keeping its $670 million full-year asset expenditure forecast unchanged.
Adjusted EBITDA increased 13% to $273.0 million, although EnQuest recorded a statutory post-tax loss of $39.9 million after non-cash unrealised hedging losses.
Net debt increased to $517 million from $433.9 million at the end of 2025 following refinancing, acquisition-related payments and the settlement of the Magnus contingent consideration.
The company is meanwhile working towards completing its $833 million acquisition of interests in four Malaysian production-sharing contracts on 31 December. Based on 2025 figures, the enlarged group would produce around 100,000 Boepd, with roughly 300 million barrels of oil equivalent of 2P reserves.