Etablissements Maurel & Prom (MAU) Q2 2026 TU earnings summary

Executive summary

• Working interest production reached 37,890 boepd in H1 2026, up 3% compared to H2 2025, with notable increases in Gabon and Tanzania, but declines in Angola and Venezuela.

• Sales rose 27% to $366 million, driven by a 53% increase in average oil sale price to $103.8/bbl.

• Development programs advanced across all regions, including new wells in Gabon, Tanzania, Colombia, and Angola.

Financial highlights

• Consolidated sales for H1 2026 were $366 million, up 27% year-over-year.

• Valued production reached $334 million, up 37% from H2 2025.

• Service activities contributed $5 million, and lifting imbalances added $27 million.

• Positive net cash position of $255 million as of June 30, 2026, with $368 million in cash and $113 million in debt.

Outlook and guidance

• Refinancing agreement for a new $465 million, five-year facility signed in July 2026, expected to complete in Q4 2026 and generate $250 million in additional liquidity.

• Export pace in Venezuela expected to normalize in H2 2026 following regulatory clearance.

• Ongoing drilling campaigns in all core regions to support future production growth.