Enquest is one of the leading independent producers in the UKEnquest has fallen to a $619 million interim net loss after cutting its oil price outlook. One-off charges overshadowed what analysts said were strong operational results and shares in the North Sea producer fell by 1p, or 7.3 per cent, to 12¼p yesterday. Enquest said that its revenues had fallen by 47.5 per cent to $451 million in the first half of the year after oil prices slumped because of the pandemic. It sold oil for an average of less than $44 a barrel in the first half, down from more than $66 a barrel in the same period last year. It cut its oil price assumptions from the end of June and is working on the basis of $40 a barrel this year, $47

Source: The Times September 03, 2020 23:06 UTC