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EnQuest plc SWOT & PESTLE ANALYSIS

ID : 521756753| Aug 2023| 21 pages

COMPANY PROFILE -EnQuest plc

Business Sector :Oil & Gas

Operating Geography :United Kingdom, Europe, Global

About EnQuest plc :

EnQuest plc is a prominent independent oil and gas exploration and production company headquartered in London, United Kingdom. With a strategic focus on assets primarily situated in the North Sea, EnQuest has established itself as a key player in the energy industry. It is an integrated energy company focused on delivering energy security and decarbonization. The company has operations in the UK and Malaysia, and its portfolio includes oil and gas fields, infrastructure, and renewable energy projects. EnQuest was founded in 2010 by a group of private equity investors. In 2022, EnQuest was named one of the "Top 100 Most Responsible Companies in the UK" by Business in the Community. The company is a mid-cap oil and gas producer with a market capitalization of £1.2 billion (as of March 8, 2023). According to Macrotrends, EnQuest plc had 1,300 employees as of March 2023. It also announced the start of production at its Kraken oil field in February 2023. Kraken is its largest oil field, and it is expected to produce over 100,000 barrels of oil per day.

EnQuest PLC's unique strength lies in expertly revitalizing declining assets, reflecting their commitment to safety, sustainability, and community engagement. Its mission centers on responsible resource development, emphasizing operational excellence, stakeholder value, and community well-being. EnQuest envisions industry leadership through innovation, advanced technology utilization, and stringent safety and environmental standards.

EnQuest plc Revenue :


$ 1,853.6 million - FY ending 31st December 2022 (y-o-y growth 46.4%)
$ 1,265.8 million - FY ending 31st December 2021

Competitive Analysis of EnQuest plc

SWOT
PESTLE
The SWOT analysis for EnQuest plc is presented below in a matrix followed by the detailed analysis report:
Strengths
Weaknesses
1. Competitive advantage in Decommissioning delivery as a top-quartile driller.
2. Strong free cash flow generation with a 65% reduction in net debt over the past 5 years.
3. Strong cash generated by operations with an increase of over 30% since 2020.
4. Proven ability to add reserves & reduce costs, with 250M boe added & Opex/boe halved in last decade.
5. Excellence in safe operations & improving the performance of mature assets.
1. Heavily dependent on its North Sea assets, accounted for almost 85% of total production.
2. Declining production compared to 2019.
Opportunities
Threats
1. Explore renewable energy opportunities to complement its existing oil & gas operations
2. M&A opportunities to enter new markets & diversify its revenue streams.
3. Expand its asset portfolio by acquiring new fields like Gulf of Mexico.
1. Risk of environmental incidents such as oil spills.
2. Exposed to price volatility in the oil and gas market.
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of EnQuest plc

Strength

This section is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

1. Explore renewable energy opportunities to complement its existing oil & gas operations: EnQuest has recognized the importance of renewable energy sources and is actively exploring opportunities to complement its existing oil and gas operations with renewable energy. The company aims to transition towards a lower-carbon future and contribute to the global efforts to combat climate change. It is exploring offshore wind and energy storage technologies, which it believes have the potential to offer significant opportunities for its business. The company has identified areas in the North Sea where it can leverage its existing infrastructure and expertise to develop floating offshore wind projects. It is also evaluating the use of energy storage solutions, such as batteries and hydrogen, to improve the efficiency and flexibility of its offshore operations. It is working with partners and suppliers to develop a roadmap for the transition towards a lower-carbon future. The company recognizes the need to balance its transition towards renewable energy with its existing oil and gas operations, and it aims to achieve this through a phased approach, focused on reducing emissions and increasing efficiency in its operations.

The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase

Threat

1. Risk of environmental incidents such as oil spills: EnQuest is committed to minimize environment related risks and has implemented a range of measures to prevent and respond to spills. It has a rigorous safety and environmental management system in place, which includes procedures and training for spill prevention, detection, and response. The company conducts regular risk assessments and emergency drills to ensure that its staff is well-prepared to respond to spills. It also employs various technologies to detect and respond to spills, including automatic monitoring systems, remote-controlled vehicles, and response vessels. The company has developed spill response plans for each of its installations, which are regularly reviewed and updated to reflect changes in its operations and the surrounding environment. Its commitment to spill prevention and response is a critical component of its broader sustainability and environmental management strategy. Environmental incidents can have significant impacts on local ecosystems and communities and preventing spills is essential to maintaining its social license to operate.

The remaining section under "Threat" is available only in the 'Complete Report' on purchase

Major Competitors :

  • Royal Dutch Shell
  • TotalEnergies
  • ConocoPhillips
  • Equinor
  • Vedanta Resources Ltd
  • Tullow Oil Plc
  • Centrica Plc

Major Brands :

  • Crude oil
  • Natural gas
SWOT & PESTLE (combined)
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TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?

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References used in EnQuest plc SWOT & PESTLE Analysis Report

1. Annual Report 2019 -https://www.enquest.com/fileadmin/content/Annual_Reports/Annual_Reports/32964_EnQuest_AR19.pdf
2. Annual Report 2022 - https://www.enquest.com/fileadmin/content/Annual_Reports/Annual_Reports/EnQuest_PLC_2022_Annual_Report.pdf
3. Deloitte Documents - https://www2.deloitte.com/content/dam/Deloitte/us/Documents/energy-resources/us-2023-outlook-oil-and-gas.pdf
4. Guardian.com - https://www.theguardian.com/environment/2020/sep/28/britains-oil-and-gas-rigs-most-polluting-in-north-sea-says-report
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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SWOT & PESTLE.com (2024). EnQuest plc SWOT & PESTLE ANALYSIS - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/enquest-plc/ [Accessed 23 May, 2024].

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EnQuest plc SWOT and PESTLE analysis has been conducted by Sindhu and reviewed by senior analysts from Barakaat Consulting.

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EnQuest plc SWOT & PESTLE ANALYSIS
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