EnQuest, a UK-based North Sea oil producer, announced good results for the first half of 2019, including progress toward meeting production goals for its large Kraken field. Because EnQuest’s revenues are denominated in US dollars and its expenses in British pounds, weakness in the pound helped lower the company’s cost of production.
From First Eagle Investment (Trades, Portfolio)'s High Yield Fund third-quarter 2019 shareholder letter.
