Maurel & Prom first half revenue slumps on falling oil prices (updated)

Etablissements Maurel et Prom SA

17/07/2025 07:10

Adds details on results in paragraph 8, analyst comments in paragraph 9, outlook and context in paragraphs 11-12

By Alban Kacher

July 17 (Reuters) - French oil group Maurel & Prom MAUP.PA reported a 30% drop in first half revenue on Thursday, hit by falling oil prices.

Consolidated revenue fell to $289 million, with the average sale price for oil products tumbling 16% year-on-year to $70.90 per barrel.

Crude oil prices fell in the second quarter as OPEC+, made up of the Organization of the Petroleum Exporting Countries and allies such as Russia, started to unwind self-imposed production cuts of 2.17 million barrels per day in April.

French oil major TotalEnergies TTEF.PA also warned on Wednesday of the impact of weak crude oil prices on its second quarter sales, echoing comments from London-listed peers BP BP.L and Shell SHEL.L.

M&P's revenue was also hurt by declining sales in Gabon and Angola, down respectively 15% and 20% year-on-year, while its Venezuelan asset had its licence revoked by the United States.

"M&P has adjusted its operations accordingly, and these are

now limited to maintenance work," the group said, adding that it remained actively in contact with the U.S. authorities.

Despite these impediments, the group's net cash position increased to $91 million at the end of June this year from $34 million at end-December, with $404 million of available bank liquidity, allowing it to pay a dividend of around $75 million.

"The Group is therefore in a solid financial position, while M&P will still have to spend 205.8 million to acquire the

61% interest stake in the Sinu-9 gas licence in Colombia," Portzamparc analysts said.

Earlier this month, M&P said it would raise its stake in the Sinu-9 gas field to 61% from the initial 40% acquisition, prompting a positive share response.

M&P expects to complete the acquisition by September and the field's output to rise to 40 million cubic feet per day (mmcfd) from 15 mmcfd by the end of October.

M&P shares were 0.5% lower by 0702 GMT on Thursday.

 (Reporting by Alban Kacher; Editing by Sonali Paul, Susan Fenton and Emelia Sithole-Matarise)

 ((alban.kacher@thomsonreuters.com ; +48 58 769 65 87))