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 sales rising 19% to $808 million.

• Net income reached $246 million (+2%), EBITDA $368 million (+3%), and free cash flow $241 million (+54%), 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 a $64 million dividend paid in 2024 and a proposed 10% higher dividend for 2025.

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

Financial highlights

• Sales: $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 31 Dec 2024 (vs. $120 million net debt at end-2023); available liquidity: $260 million at year-end.

• Dividend increased to €0.33 per share proposed for 2025 (+10%), with €64–65 million paid in 2024.

Outlook and guidance

• 2025 production guidance: 39,100 boepd (including Venezuela); Gabon 15,600 bopd, Tanzania 54–90 mmcfd, Angola 4,500–22,000 bopd, Venezuela 25,000 bopd (subject to license status).

• Operating cash flow guidance: $220–$320 million depending on Brent price; dividend guidance of $70–100 million, with risk from Venezuela sanctions.

• Planned 2025 investments: $155–180 million in development, $40 million in exploration, $150 million in acquisitions.

• Continued focus on EHS excellence, operational discipline, and growth through exploration and M&A.

• Guidance for Venezuela subject to change if OFAC license status changes.