Slides
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24 September 2025 EnQuest PLC 2025 Half Y ear Results
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EnQuest PLC Disclaimer Half Year Results 2025 2 This presentation may contain forward-looking statements, including in relation to the financial condition of EnQuest PLC (the "Group") and the results of operations and businesses of the Group. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words and words of similar meaning as "ambition", "anticipates", "aspire", "aims", "due", "could", "may", "will", "should", "expects", "believes", "intends", "plans", "potential", "targets", "goal" or "estimates". Although the Group believes that the expectations reflected in such forward-looking statements are reasonable, these statements are not guarantees of future performance and are subject to a number of risks and uncertainties and actual results, performance and events could differ materially from those currently being anticipated, expressed or implied in such forward-looking statements. Factors which may cause future outcomes to differ from those foreseen in forward-looking statements include, but are not limited to, those identified in the "Risks and Uncertainties" section of the Group’s Annual Report and Accounts and Results release. Forward-looking statements contained in this presentation speak only as of the date of preparation of this presentation and have not been audited or otherwise independently verified. Past performance should not be taken as an indication or guarantee of future results and no representation or warranty, express or implied, is made regarding future performance. The Group therefore cautions against placing undue reliance on any forward-looking statements. Nothing in this presentation should be construed as a profit forecast. Statements in this presentation reflect the knowledge and information available at the time of its preparation. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking, including to release publicly any updates or revisions to any statements contained in this presentation to reflect any change in the Group’s expectations or any change in events, conditions or circumstances on which any such statement is based. This presentation does not constitute or form part of any offer or invitation to purchase any securities of any person nor any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any such securities, nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding any securities.
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Introduction Amjad Bseisu Chief Executive Officer A top-quartile operator, delivering excellence through the transition lifecycle
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EnQuest PLC United Kingdom Vietnam Malaysia Brunei Indonesia c.11 years Reserve life c.359 MMboe YE 2024 2C Resources2 $235 MM 1H25 EBITDAX 40% Emissions Reduction3 $549 MM 1H25 Revenue 7 Producing Hubs2 $27.8/boe 1H25 Unit Opex EnQuest’s Operations at a Glance Half Year Results 2025 4 Focus on maturing and underdeveloped assets in the UK, Malaysia, and Vietnam which present organic growth opportunities YE 2024 2P Reserves2 MMboe P ortfolio Overview – Key Metrics UK 68% Malaysia 20% Vietnam 12% c.43.4Kboed 1H 2025 Production1,2 Kboed (pro forma, incl. Vietnam) UK 75% Malaysia 21% Vietnam 4% 176MMboe (85% oil) Producing Assets Exploration/Development Assets 1Current portfolio production exceeded 50Kboed during Aug 2025 2Pro-forma for the acquisition of Harbour Energy’s Vietnam assets 3Reduction in UK Scope 1 and 2 emissions vs 2018 NSTD baseline 4
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EnQuest PLC EnQuest – 1H 2025 P erformance Overview Half Year Results 2025 5 Operations Financials Base Production 38.3 Kboed 1H 2025 Vietnam Production 5.1 Kboed 1H 2025 2P Reserves1 176 MMboe YE 2024 PF 89% Group production efficiency 1H 2025 96% Operated 2P Reserves 7 1 Production Hubs ▪ Diversified, high-performing portfolio in the North Sea and across South East Asia, with strong operational control ▪ Top quartile capabilities across operations, production, and decom – with a proven track record of exceptional production efficiency ▪ 40% reduction in UK Scope 1/2 emissions vs 2018; ahead of NSTD targets 1 Pro-forma for the acquisition of Harbour Energy’s Vietnam assets 2 Cash and available undrawn facilities 3 $2.0bn at 30 June 2025, with a further $1.2bn to be recognised ▪ Robust balance sheet secured through consistent deleveraging ($1.6bn Net Debt reduction since peak in 2017) ▪ Differentiated tax position to enable transformative, value-accretive growth in the UK through M&A ▪ One of the lowest decommissioning cost exposures in the UK North Sea, when measured on both an absolute and $/boe basis Adjusted EBITDA $235 MM 1H 2025 Net Debt $377 MM 30 June 2025 Net Leverage 0.7x 30 June 2025 Liquidity2 $578 MM 30 June 2025 Free Cash Flow $1.3 Bn 2021-24 UK T ax Asset3 $3.2 Bn 30 June 2025
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EnQuest PLC Half Year Results 2025 6EnQuest PLC Indonesia new country entry – Gaea and Gaea II PSCs signed in August 2025 Significant prospectivity, with more than 100 T cf of potential gas resource across multiple prospects EnQuest is operator with 40% equity, supported by AEI and bp Tangguh partnership Delivering diversified growth Vietnam new country entry Acquisition of Harbour Energy’s Vietnam business expected to add c.5 Kboed pro forma production in 2025 High-quality oil, significant gas component; prospectivity across Block 12W provides upside potential Low capex requirements, pre-funded abex – life of field asset breakeven of c.$40 per boe Malaysia – Expansion of existing Seligi gas agreement with award of additional 155 Bscf (c.27 MMboe) T arget is to supply c.70 mmscf per day of sales gas to P eninsular Malaysia (c.6 Kboed net to EnQuest) EnQuest has accelerated gas production into 1Q 2026; low levels of development capex Malaysia – DEWA PSC award 12 discovered fields with low-cost development opportunities – two-year pre-development term First phase of development could hold up to 500 Bscf of gas, with potential 7.5 Kboed net EnQuest production 35 South East Asian production target, by 2030 (net Kboed) Brunei new country entry – Block C PSC awarded in July 2025 EnQuest is initially sole operator, with intention to form 50/50 joint venture company with Brunei Energy Exploration Development could deliver c.12 Kboed (based on 50% share) of production, with first gas targeted in 2029
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Financial performance Strong balance sheet and transaction -ready liquidity, providing platform for growth Jonathan Copus Chief Financial Officer
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EnQuest PLC Half Year Results 2025 8 Flexible capital structure Cash RBL Bonds Simplified capital structure Flexible RBL Foundation of bonds 1 Capital discipline Fast payback investment Growth and Diversification Shareholder returns Internationalisation 2
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EnQuest PLC Revenue $549 million Oil revenue 22.8% down on price and volume Partially offset by commodity hedge gains Cost of sales $389 million Operating costs flat 1H 2025 vs 1H 2024, despite weaker USD Magnus gas purchase costs offset crossover gas revenue Adjusted EBITDA $235 million Impairment reversal $0.5 million (1H 2024: $21 million charge) EPL legislation drives distorted 2025 tax charge One-off non-cash tax charge associated with the two-year extension of UK EPL, enacted in March 2025 ($124 million) Income statement 30 June 2025 Half Year Results 2025 9 1 Includes realised hedging gain $1.0 million (1H 2024: $10.7 million loss) and unrealised hedging gain $33.2 million (1H 2024: $1.9 million loss) 1H 2025 1H 2024 Delta Brent (av.$/bbl) 71.8 83.7 -14.2% UK gas (av.GBp/Therm) 100 73 37.0% Production (Boepd) 38,257 42,771 -10.6% Revenue1 549 586 -6.3% Cost of sales (389) (352) 10.4% Gross Profit/(Loss) 160 234 -31.5% Impairment 0.5 (21) G&A and Other (4) (4) 6.8% Net financial (91) (97) -6.7% Profit before tax 66 111 -41.1% Tax (239) (81) 195.4% Net Profit/(Loss) (173) 30
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EnQuest PLC EnQuest free cash flow $33 million Cash gen from ops $215 million Net debt reduction $9 million Net debt $377 million Gross debt $707 million Cash balance $331 million Capex $83 million Decommissioning $31 million Cash and available facilities 31 December 2024 $474 million 30 June 2025 $578 million 386 377 83 31 41 35 2 15 4 5 215 10 100 200 300 400 Opening net debt Cash gen from ops Cash capex Decom Interest Lease payments Trading activities Tax Dividend Acquisition costs FX & Other Closing net debt Cash flow and balance sheet as at 30 June 2025 Half Year Results 2025 10 1H 2025 movement in net debt ($ million) FCF $33 million
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EnQuest PLC Enhanced RBL accessibility RBL headroom increased by 34% at 1 January 2025 • Positive redetermination process, against EPL extension Simple debt structure USD High Yield Bond - $465 million at 30 June 2025 GBP Retail Bond - £133 million ($183 million) at 30 June 2025 No debt maturities before 2027 Historic tax asset $2.0 billion recognised as at 30 June 2025 Further c.$1.2 billion to be recognised Simplified debt structure Half Year Results 2025 11 1,774 1,413 1,280 1,222 717 481 386 377 2018 2019 2020 2021 2022 2023 2024 1H 2025 EnQuest net debt $million 2.5 1.4 2.3 1.6 0.7 0.6 EnQuest net debt to adjusted EBITDA 0.7
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EnQuest PLC Half Year Results 2025 12 Capital priorities Operating expenditure c.$450 million Pro forma, including c. $50 million of Vietnam cost Disciplined approach to cost management Investment to maximise uptime Capex Decommissioning c.$190 million c.$60 million Well work campaigns at Magnus and PM8/Seligi; Investment in right-sizing projects at SVT Completion of well P&A campaigns at Heather and Thistle Low-cost, quick- payback focus Removals projects Shareholder returns $15 million Sustainable capital allocation framework Shareholder return from position of balance sheet strength Maiden dividend paid in June Production Pro forma, including c. 5 Kboed of Vietnam volumes Reflects focused drilling and maintenance programmes Organic growth, e.g. Kraken EOR and Magnus optimisation 40.0 – 45.0 Kboed 2025 outlook 2026+ outlook
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Operating performance Delivering operating excellence across the energy transition lifecycle Steve Bowyer North Sea Managing Director
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EnQuest PLC Operational Excellence across the Energy T ransition Delivering SAFE Results Production efficiency of 94%1 in 1H 2025 1H 2025 production average 38.3 Kboed Malaysia Upstream Operator of the Y ear Strong cost discipline with a track record of delivering field life extensions: Energy T ransition Sector-leading decommissioning performance; P&A of 81 wells since 2022 EnQuest has executed more than 35% of North Sea P&A over the last three years Operating control, with low equity share Heather platform safely disembarked; topsides fast lift successfully completed Setting the standard on cost & efficiency Dedicated, in-house expertise Key enabler to UK growth Upstream / Midstream Delivering material decarbonisation across oil and gas operations: - Group emissions down 22% since 2020 - UK emissions down 40% since 2018 Ahead of UK Government & NSTD targets Projects reduce SVT emissions by 90% Veri Energy progressing: Onshore wind; Carbon storage; E-fuels Half Year Results 2025 14 Decommissioning HSE Excellence award in Malaysia; 3+ years LTI free on Kraken; 19+ years LTI free on GKA Dons Thistle PM8/Seligi Magnus > 10 years c.10 years > 10 years > 10 years 1 Including the impact of the third-party outage at Magnus, production efficiency was 89% for 1H 2025
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EnQuest PLC Kraken – best-in-class FPSO operations Half Year Results 2025 15 11,481 1H 2025 Production (Boepd) 96% 1H 2025 Production Efficiency 1H 2025 performance Production efficiency (including shutdowns) of 96% Efficiency c.30% above NSTA benchmark average1 for floating hubs Focused collaboration between EnQuest and Bumi Armada Cargo sales optimised through marine market; no refining emissions Continuing to progress Bressay Gas tie-back to FID Continued operational excellence – focus on delivering upside Track record of sector-leading production efficiency Focus on EOR – material upside potential Draft Bressay Gas FDP submitted to NSTA FPSO lease cost reduced by 70%; $80m p.a. saving 1 UKCS 2024 average for North Sea floating hubs is 67%
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EnQuest PLC Magnus – Late life asset management expertise Half Year Results 2025 16 12,989 1H 2025 Production (Boepd) 95%2 1H 2025 Production Efficiency 1H 2025 performance Delivered oil production of c.19 Kboed in mid-July – representing the peak three-month oil rate since 2020 Infill drilling and well intervention programme successfully completed Field water cut at 85% - returning to 2017 pre-acquisition levels Unplanned third-party infrastructure outage resulted in 5-week Magnus shut-in. 1H 2025 production impact of -3.5 Kboed Oil production at 5-year peak rates No planned maintenance outage until 2026 Successful reservoir management strategy Infill drilling and well intervention campaign planned 1 UKCS 2024 average for North Sea 2 Excluding impact of third-party infrastructure outage Pre-EnQuest Magnus production efficiency 73% 88% 59% 22%1H 2025 2023 2017 UKCS average1: 75% 2
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EnQuest PLC South East Asia – Malaysia Upstream Operator of the Y ear Half Year Results 2025 17 8,427 1H 2025 Production (Boepd) 93% 1H 2025 Production Efficiency PM8/Seligi – 1H 2025 performance Awarded Malaysia Operator of the Year by PETRONAS (2023 & 2024) Production efficiency of 93% Completed four infill well campaign, alongside idle well restoration and well workover programme. Production up 9.2% vs 1H 2024 Expansion of Seligi 1b gas agreement – first gas accelerated to 1Q26 Delivering diversified growth – increased gas component Three years and over 6 million manhours LTI1 free Additional 6 Kboed of gas production by 1Q 2026 Progress DEWA PSC; 500 Bscf gas in place (Ph.1) Two gas infill well drilling campaign planned in 2026 1 Lost time incident
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EnQuest PLC South East Asia – Vietnam acquisition Half Year Results 2025 18 c.5,135 1H 2025 Production (Boepd) 7.5 2P reserves at 1 January 2025 (MMboe) Acquisition of Harbour Energy’s Vietnam business Deal completed on 9 July 2025; $25.7 million completion payment EnQuest is now operator of Chim Sao and Dua, with 53.125% equity 7.5 MMboe 2P reserves; 4.9 MMboe 2C; (73% Oil; 27% Gas) Fully-staffed asset team integrated in EnQuest organisation Block 12W PSC runs to November 2030, with opportunity to extend Delivering diversified growth – new country entry Life of field asset breakeven of c.$40 per Boe High value oil (10% premium to Brent) Additional gas discoveries and field targets Fast payback, low capex & minimal decom
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EnQuest PLC Strategic approach to critical infrastructure Right-size Sullom Voe Terminal facilities: Ongoing projects expected to reduce carbon emissions by c.90% Zero routine flaring by 2030 Associated reduction in operating costs Maintaining jobs in Shetland Veri Energy is fuelling the UK’s energy transition Major projects in-flight at the Sullom Voe T erminal New Stabilisation Facility - right-size the terminal's oil & gas processing facility to support upstream field life extensions Connecting SVT to the UK electricity grid – long-term, reliable power supply through 2026 grid connection West of Shetland export route – includes pipeline crossover project, which is a potential export route for WoS gas. Clair future services could extend SVT asset life beyond 2050 Half Year Results 2025 19 SVT – terminal right-sizing extends life and enables new energies Carbon storage E-fuel production Electrification Onshore wind project harnessing Shetland’s world class wind capacity factor - targeting FID Favourable conditions for net zero e-fuels, via combination of green hydrogen and biogenic CO2 Up to 10 mtpa storage capacity. Merchant model project de-risks the value chain
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EnQuest PLC below NSTA benchmark2 cost 1H 2025 performance Market-leading decommissioning performance, validated by peers Heather P&A complete, followed by safe platform disembarkation 15kT Heather topsides lift completed 3Q 2025 – largest such lift in North Sea in 2025 – 95% of structure will be recycled and repurposed Thistle Phase 1/2 P&A complete, disembark platform in early 2026 Abandonment Excellence winners at PETRONAS Emerald Awards 20 > 35% c. 35% 1 Northern and Central North Sea 2 2023 NSTA decommissioning benchmark data EnQuest has executed of North Sea well P&A1 over past 3 years and is delivering well P&A Half Year Results 2025 Completed P&A of 81 wells since 2022 WellSafe contract secured with multi-year options Completion of P&A campaigns during 2025 Best-in-class in-house expertise >95% field operatorship maintains decom control Decommissioning capability Decommissioning – Sector-Leading P erformance
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Conclusion Amjad Bseisu Chief Executive Officer
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EnQuest PLC Half Year Results 2025 22 Foundation set for growth T ransformative acquisitions Prioritise North Sea transaction, accelerate utilisation of UK tax asset Leveraging differentiated operating capability to drive asset optimisation Cash flow to fund shareholder returns and international growth International diversification South East Asia footprint expanding, delivering diversification Extensive opportunity hopper across this growth region Increase gas component of portfolio commodity mix Reduce emission intensity Target gas and lower-emission barrels Execute decarbonisation projects across existing infrastructure Carbon emissions factor into acquisition decisions Deliver organic growth Fast payback infill drilling across core portfolio Focus on unlocking upside e.g. Kraken EOR project, Magnus optimisation Convert 2C resources at Bressay & Bentley
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EnQuest PLC Half Year Results 2025 23 Growth strategy in action Well-positioned to deliver transformative, value-accretive growth 41 2 3 Strong balance sheet built through disciplined and consistent deleveraging T op quartile capabilities across operations, production and decommissioning $1.6 billion debt repaid vs peak Net debt / Adjusted EBITDA of 0.7x Prudent capital allocation Enhanced liquidity1 of $578 million as at 30 June 2025 Value enhancement via: • production optimisation • operating cost management • focused, selective investment Top quartile operating performance Sector-leading decommissioning Knowledgeable buyer in attractive M&A markets Relative fiscal advantage via $2.0 billion UK tax asset Strong fundamentals provide a platform for value-accretive growth 1 Cash and available facilities Decommission, Repurpose and Decarbonise infrastructure as an energy transition leader
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Q&A
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Thank you Craig Baxter Head of Investor Relations and Corporate Affairs craig.baxter@enquest.com