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April 5 (Reuters) – British North Sea focused oil producer EnQuest ENQ.L recorded $519 million of 2022 free cash flow, above guidance and around 31% above the previous year’s on the back of higher prices, but a windfall tax weighed on its accoutns, it said on Wednesday.
EnQuest has deferred drilling on its Kraken field and reported a loss after tax of $41 million, from a $377 profit in 2021, in the wake of windfall taxes introduced on oil and gas producers in the UK North Sea last year.
This year, it expects to produce 42,000-46,000 barrels of oil equivalent per day, slightly down from 47,300 boed last year.
EnQuest, with a market cap of around $441 million, reduced its net debt to $624 million at the end of February.
It has refinanced the vast bulk of its debt to mature in 2027.
(Reporting by Shadia Nasralla in London and Muhammed Husain in Bengaluru; Editing by Subhranshu Sahu and Louise Heavens)
((Shadia.Nasralla@thomsonreuters.com; Reuters Messaging: Reuters Messaging: shadia.nasralla.reuters.com@reuters.net))
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