Enquest has cut $340 million of its net debt because of high oil and gas prices.
The company said its production in the first six months was equivalent to 49,726 barrels of oil a day — at the top end of forecasts and up 8 per cent year-on-year. Net debt was $880 million at the end of June, compared with $1.2 billion in December.
Analysts at Barclays expect the pace of debt reduction to slow down in the second half but said Enquest was “on track to achieves its deleveraging and refinancing plans”. Enquest, which is listed in London, has the bulk of its production in the North Sea with some interests in Malaysia.
It runs the Sullom Voe processing terminal on Shetland where it