Etablissements Maurel & Prom (MAU) Q3 2024 TU earnings summary

Executive summary

• Working interest production reached 36,288 boepd for the first nine months of 2024, up 30% year-over-year.

• Consolidated sales totaled $559 million, a 13% increase compared to the same period in 2023.

• Net debt reduced to $2 million at 30 September 2024, down from $120 million at year-end 2023.

• Significant operational progress in Gabon, Angola, Tanzania, and Venezuela, with new permits and project expansions.

Financial highlights

• Valued production was $461 million, up 3% year-over-year.

• Average oil sale price was $83.2/bbl, up 7% from the prior year.

• Service activities contributed $30 million; trading of third-party oil added $78 million.

• Available liquidity stood at $238 million, including $171 million in cash.

Outlook and guidance

• Frequency of liftings in Venezuela expected to increase to one cargo per month from November 2024, with further growth in 2025.

• Targeting 10,000 bopd working interest production in Venezuela by year-end 2024.

• Seplat Energy’s acquisition of ExxonMobil’s Nigerian offshore assets expected to close by year-end 2024.

• Quilemba Solar project in Angola (19% stake) phase 1 to come online by end of 2025.