EnQuest Reports $30.3 Million Profit Amid UK's Windfall Tax Impact

EnQuest turned around its financial performance, reporting a $30.3 million profit for the first half of 2024. This is a significant recovery from a $21.2 million loss last year, attributed to the UK's windfall tax on energy companies.

EnQuest reported a profit of $30.3 million for the first six months of 2024, marking a significant turnaround from a loss of $21.2 million in the same period last year. This recovery follows the financial impact of the UK's windfall tax on energy companies.

The company's earnings were notably affected by the windfall tax, which had previously wiped out most of its profits from the British North Sea oil and gas sector.

Despite the tax challenges, EnQuest's latest figures highlight a resilient performance and a positive outlook for the remaining months of the year.

(With inputs from agencies.)