Etablissements Maurel & Prom (MAU) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 working interest production reached 37,444 boepd, up 7% from Q4 2025, with notable growth in Gabon and stable gas output in Tanzania.

• Consolidated sales surged to $163 million, up 85% sequentially, driven by higher oil prices and increased production.

• Active drilling campaigns in Gabon, Tanzania, and Colombia yielded positive results, supporting future production growth.

• Strong liquidity position with $235 million net cash and $497 million in available liquidity.

Financial highlights

• Average oil sale price rose sharply to $90.8/bbl, up 41% from Q4 2025.

• Valued production totaled $145 million, up 32% sequentially.

• Service activities contributed $3 million, and lifting imbalances had a $16 million positive impact.

• Consolidated sales increased 85% quarter-over-quarter to $163 million.

Outlook and guidance

• Drilling and development programs in Gabon, Angola, Tanzania, and Colombia are expected to support further production increases.

• Gabon's first gas well start-up is anticipated by year-end 2026.

• Venezuela production expected to rise in Q2 2026 following regulatory clarity and resumed drilling.