EnQuest (LSE:ENQ, Financial), a UK-based North Sea oil exploration and production company, continued to ramp up production at its large Kraken field as well as increase production in the Magnus field that it acquired from BP. It generated significant cash flow, which it intends to use to pay down debt. Favorable movement in the price of oil also helped EnQuest’s bonds.
From First Eagle Investment (Trades, Portfolio)'s High Yield Fund fourth-quarter 2019 commentary.
