Enquest Reports Small Rise In Annual Profit Despite Weak Oil Price
LONDON, March 21 (Reuters) - North Sea-focused oil producer EnQuest reported a small rise in annual core earnings on Tuesday, despite weak oil prices, as it brought down costs and raised production.
The British company said full-year earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $477 million, up from $474 million in 2015 and ahead of the $469 million estimated by analysts polled by Reuters.
The oil producer said its huge Kraken field remained on track to deliver first oil in the second quarter, an event that is expected to boost its production to 45,000-51,000 barrels per day (bpd) this year.
EnQuest said it had reduced its unit operating cost to $24.6 a barrel, down from $29.7/bbl in 2015.
(Reporting by Karolin Schaps, editing by Louise Heavens)
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