EnQuest shares plunge after oil and gas producer falls to loss
Daily Mail EnQuest shares tumbled on Tuesday after the windfall tax and falling prices sent the energy producer swinging to a first-half loss.
The London-listed business reported a $21.2million loss for the six months ending June, compared to a $203.5million profit for the same period last year.
It said the result was driven by a $76million charge related to the Energy Profits Levy (EPL), equivalent to more than half its overall tax bill.
Discounting the EPL, the firm still saw pre-tax profits slump by around 38 per cent to $112.9million because of declining oil and gas prices hitting turnover, which plunged by over $200million to $732.7million.
Following the trading update, EnQuest shares slumped 15.8 per cent, or 2.75p, to 14.7p by early Tuesday afternoon, making them the biggest faller on the FTSE All-Share Index.
Petroleum prices skyrocketed over much of 2022 due to Russia's invasion of Ukraine squeezing supplies across Europe and loosening Covid-related restrictions enabling factories to reopen and people to travel more regularly.
