France's Maurel & Prom 9M sales rise 17% on higher oil prices

Etablissements Maurel et Prom SA

22/10/2026 07:51

Overview
French oil and gas producer's 9M 2026 sales rose 17% yr/yr to $574 mln
Total working interest production up 4%, driven by Venezuela and Tanzania output
Revenue growth supported by higher oil prices and increased gas production

Outlook
Maurel & Prom expects completion of Gran Tierra asset acquisition by December 31, 2026
Company plans well stimulation campaign in Gabon before year-end to boost production
First gas production from Kasa-1X well in Tanzania expected as early as Nov 2026

Result Drivers
OIL PRICE INCREASE - Average oil sale price rose 40% yr/yr to $98.8/bbl, supporting revenue growth
TANZANIA GAS OUTPUT - Increased gas production from Mnazi Bay, driven by new wells MB-5 and MS-2, contributed to higher sales
VENEZUELA PRODUCTION - Output in Venezuela rose 5% yr/yr following resumed drilling and well workover operations

Company press release: ID:nBw6WlNfta

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
9M Revenue
 
$574 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for Etablissements Maurel & Prom SA is €10.50, about 29% above its October 21 closing price of €8.14
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 6 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)