Maurel & Prom: production up in H1

(CercleFinance.com) - In H1, Maurel & Prom benefited from a rise in oil production and high oil prices, hence posting a significant increase in sales.


The independent oil group, which mainly operates in Gabon, reports that it produced 37,113 barrels of oil equivalent per day in the first six months of the year, up 35% y-o-y.

It explains that the average selling price of oil over the period was $84, up 12% over H1 2023.

As a result, consolidated sales rose by 37% to $412m, a performance that contrasts with the more lacklustre results recently unveiled by the sector's giants.

At 30 June, M&P had a positive net cash position of $27m, compared with net debt of E120m at 31 December 2023.

M&P points out, however, that this figure is before the payment, at the beginning of July, of a dividend of E0.30 per share for FY 2023, totaling $65m.

Following the publication of its H1 results, Maurel & Prom's share price rose nearly 4% in Paris this morning, recording a 5.5% increase since the start of the year for a market cap of close to E1.28bn.


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