Regardless of the stock market’s welcoming of EnQuest’s latest numbers yesterday, the company’s shares, having jumped by 50 per cent in the past two months, were due to take a step or two back. And so they did as investors took some profits, cashing in on early euphoria after the oil company announced half-year pre-tax profit of $182.6 million after exceptional items, up on last year’s comparable of $49.1 million, on the back of revenue that rose 74 per cent to $838 million. Group net production averaged 49,726 barrels of oil equivalent per day, up from 46,187 in the same slice of 2021.
In common with most oil companies, EnQuest counts its cash in dollars, but in other respects it veers away from its peers.
