LONDON (Reuters) - British North Sea oil and gas producer EnQuest (L:ENQ) cut its operating costs by a further $40 million to $335 million from previous guidance and senior management will take a voluntary 20% pay cut to weather an oil price slump, it said on Thursday.
EnQuest now expects it will reach its cash flow breakeven point at an oil price (LCOc1) of $33 a barrel of oil equivalent this year and $27 per boe next year, lower than previous guidance.