In the first half of the year, Maurel & Prom benefited from a rise in oil production and high oil prices to post a significant increase in sales.

The independent oil group, which operates mainly in Gabon, reports in a press release that it produced 37,113 barrels of oil equivalent per day in the first six months of the year, an increase of 35% year-on-year.

The Group explains that the average selling price of oil over the period was $84, corresponding to a 12% increase on the first half of 2023.

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

At June 30, the Group had a positive net cash position of $27 million, compared with net debt of 120 million euros at December 31, 2023.

M&P points out, however, that this figure is prior to the payment, at the beginning of July, of a dividend of 0.30 euro per share in respect of the 2023 financial year, for a total amount of $65 million.

Following the publication of its half-year results, Maurel & Prom's share price rose by nearly 4% on the Paris Bourse on Friday morning, recording a 5.5% increase since the start of the year for a capitalization close to 1.28 billion euros.

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