Etablissements Maurel & Prom (MAU) H1 2024 TU earnings summary

Executive summary

• Working interest production reached 37,113 boepd in H1 2024, up 29% from H2 2023, or 10% excluding Venezuela.

• Valued production totaled $310 million and consolidated sales reached $412 million in H1 2024.

• Positive net cash position of $27 million at June 30, 2024, reversing a $120 million net debt at end-2023.

Financial highlights

• Average oil sale price was $84.0/bbl, stable versus H2 2023 ($83.2/bbl).

• Service activities contributed $20 million and third-party oil trading $77 million to sales.

• Restatement of lifting imbalances and inventory revaluation had a $5 million positive impact.

Outlook and guidance

• Ezoe discovery in Gabon began production in June; a second well is being drilled.

• Compression refurbishment in Venezuela expected to complete over the summer, with well operations starting.