March 21, 2019 / 7:20 AM / 6 months ago

Oil firm EnQuest to keep focus on cutting debt as earnings improve

LONDON, March 21 (Reuters) - British oil producer EnQuest said on Thursday it would keep its focus on reducing its $1.77 billion debt this year after 2018 saw core earnings more than double from a year earlier to $716.3 million due to higher output.

“We are committed to further reducing our debt, and expect our net debt to EBITDA (earnings before interest, tax, depreciation and amortisation) ratio to trend towards 2 times this year and intend to operate within our 1-2 times target in the future,” Chief Executive Amjad Bseisu said. (Reporting by Shadia Nasralla Editing by Edmund Blair)

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