Etablissements Maurel & Prom (MAU) H2 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2024, with working interest production up 29% to 36,222 boepd and all key metrics improving year-over-year.

• Sales rose 19% to $808 million, EBITDA increased 3% to $368 million, and net income reached $246 million (+2%), resulting in a positive net cash position of $34 million at year-end, the first since 2007.

• Major developments included new permits in Gabon, a transformative acquisition in Nigeria, entry into Angola's solar sector, and a new Colombian gas project.

• Shareholder returns increased, with $64–65 million in dividends paid in 2024 and a proposed 10% higher dividend for 2025 (€0.33/share).

• Significant growth and development activities in Gabon, Nigeria, Colombia, Angola, and Venezuela.

Financial highlights

• Sales reached $808 million (+19% year-over-year); EBITDA $368 million (+3%); net income $246 million (+2%).

• Group share of net income $233 million (+9%); operating income $258 million (+34%).

• Free cash flow $241 million (+54%); operating cash flow $272 million (+1%); net cash position $34 million at year-end.

• Dividends paid $64–65 million (€0.30/share); proposed €0.33/share for 2025 (+10%).

• Gross debt reduced to $160 million from $700 million in 2019; available liquidity $260 million at year-end.

Outlook and guidance

• 2025 production guidance: 39,100 boepd, with Gabon 15,600 bopd, Tanzania 61.4 mmcfd, Angola 4,500 bopd, Venezuela 25,000 bopd (subject to license status).

• Operating cash flow guidance $220–$320 million depending on Brent price; proposed 2025 dividend €0.33/share (~$70 million).

• Planned 2025 investments: $155 million in development, $40 million in exploration, $150 million in acquisitions.

• Continued focus on EHS, operational excellence, and disciplined growth.

• Guidance for Venezuela subject to OFAC license status and U.S. sanctions.