Oil prices drive Maurel & Prom's half-year sales 27% higher (updated)

Etablissements Maurel et Prom SA

21/07/2026 07:04

Adds chart illustrating share performance vs Brent price. Updates with analyst comments in paragraphs 4-5, details on production in paragraph 8, context in paragraph 10, share move in paragraph 11.
By Hugo Lhomedet
July 21 (Reuters) - French oil group Maurel & Prom MAUP.PA said on Tuesday that a sharp rise in oil prices drove its half-year sales to $366 million, 27% higher than in the second half of 2025.
The average oil sale price was $103.8 per barrel, up 53% compared with the second half of 2025.
Brent crude LCOc1 surged as much as 90% in the first quarter of 2026 as the U.S.-Israeli war with Iran disrupted shipping through the Strait of Hormuz. Prices have since retreated, but remain volatile amid intermittent flare-ups in the conflict.
"The first half of the year was slightly better than we had expected, driven by the sharp rise in Brent crude prices over the period," brokerage Portzamparc said in a note to investors.
Portzamparc added that the strength of M&P's portfolio remains a key advantage, which it expects to be reinforced by capital spending.
The group resumed crude exports from Venezuela in June, shipping 500,000 barrels, its first lifting since a licence suspension. A second cargo is due at the end of July.
Its total working interest production averaged 37,890 barrels of oil equivalent per day in the first half of the year, up 3% from the second half of 2025.
Gabon output, M&P's largest asset, rose 1% compared to the second half of 2025, while output in Angola fell 9% as rig downtime disrupted production.
The group also said it had signed a new $465 million five-year facility with its banking syndicate to refinance existing debt on July 10, which is expected to add $250 million of liquidity by early October.
M&P rejoined France's SBF120 index .SBF120 in June, a year after Euronext removed it. The shares rose 2.3% in early trading on Tuesday.
(1 euro = $1.1417)

(Reporting by Hugo Lhomedet in Gdansk, editing by Milla Nissi-Prussak)
((hugo.lhomedet@thomsonreuters.com))