France's Maurel et Prom H1 revenue jumps on higher oil prices

Etablissements Maurel et Prom SA

06/08/2026 06:44

Overview
France oil and gas producer's H1 revenue rose 27% yr/yr on higher oil prices
Net income for H1 climbed 78% from a year earlier
Company agreed to acquire Gran Tierra's Colombia and Ecuador assets for $1.33 bln

Outlook
Maurel et Prom expects completion of Gran Tierra acquisition around 31 Dec 2026
Company targets working interest production of 40,000 bopd by 2029-2030
Company expects approximately $250 mln additional liquidity upon refinancing in Q4 2026

Result Drivers
HIGHER OIL PRICES - Co said revenue growth was primarily driven by a 46% increase in average oil sale price to $103.8/bbl
OPERATIONAL EXECUTION - Co cited resumption of crude oil sales from Venezuela and start-up of new wells in Tanzania as supporting results
ASSET DEVELOPMENT - Ongoing drilling campaigns and integration of new assets, such as Sinu-9 in Colombia, contributed to performance

Company press release: ID:nBw2NqHKca

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Net Income
 
$191 mln
 
H1 EBITDA
 
$227 mln
 
H1 Free Cash Flow
 
$77 mln
 
H1 Operating Income
 
$161 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 et Prom SA is €10.50, about 32.6% above its August 5 closing price of €7.92
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads
Aug 5 - Canada's Gran Tierra to sell South American assets to Maurel and Prom in $1.33 billion deal
Aug 5 - Tullow Oil raises annual cash flow view on strong Ghana output, higher oil prices
Aug 4 - GeoPark Q2 revenue rises 12% on higher oil prices

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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.)