Etablissements Maurel & Prom (MAU) H1 2025 earnings summary

Executive summary

• Sales declined 30% year-over-year to $289 million due to lower oil prices and reduced production and trading, but net income rose 2% to $107 million, reflecting operational discipline and strong associate contributions.

• EBITDA was $140 million, with free cash flow dropping 59–60% to $64 million, and a positive net cash position of $91 million at period end.

• Total working interest production reached 37,637 boepd in H1 2025, up 1% year-over-year, but consolidated production (working interest) was 29,620 boepd, down 7% year-over-year.

• Strong cash flow generation with $108 million in operating cash flow and available liquidity of $404 million.

• Strategic flexibility increased with robust cash and imminent completion of a major Colombian gas asset acquisition.

Financial highlights

• Average oil sale price was $70.9/bbl, down 16% year-over-year and 8% sequentially.

• Operating income decreased 22% to $98 million; cash flow from operations before working capital changes was $73 million, down 52%.

• Group share of net income was $104 million, up 3% year-over-year.

• Dividends received from associates totaled $47 million, mainly from Venezuela and Seplat Energy.

• Dividend of €0.33/share to be paid, up 10% from 2024, totaling about $75 million.

Outlook and guidance

• Completion of the 61% Sinu-9 gas permit acquisition in Colombia expected by September 2025, with production capacity targeted to increase to 40 mmcfd gross by October.

• Refinancing of the bank loan is planned for H2 2025 to extend maturity beyond July 2027.

• Drilling campaigns in Gabon and Tanzania are scheduled for late 2025, and in Italy for early 2026.