EnQuest PLC said on Thursday that the company had ‘achieved its 2023 targets’, as it reported a decline in revenue on weaker commodity prices but an increase in profit.

The London-based oil and gas producer increased pretax profit in 2023 by 14% to $231.8 million from $203.2 million the year before.

Revenue, however, fell by 19% to $1.49 billion from $1.85 billion.

Helping support its bottom line, EnQuest reported a net $85.2 million hit from remeasurements and exceptional items, a 74% fall from the $331.6 million hit it booked in 2022.

The fall in revenue came as a result of the average Brent and gas prices were down 18% and 51% respectively compared to 2022.

Unchanged from the year before, the company declared no dividend.

Looking ahead, oil and gas prices remain susceptible to the uncertain economic outlook and ongoing geopolitical tensions, which will likely have an impact on the company’s bottom line in the future.

EnQuest expects net group production between 41,000 and 45,000 barrels of oil equivalent per day, compared to 43,812 in 2023.

EnQuest shares were up 4.7% to 14.66 pence each in London on Thursday afternoon.

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