Etablissements Maurel & Prom (MAU) Q4 2025 TU earnings summary

Executive summary

• Working interest production reached 37,096 boepd in 2025, a 2% increase year-over-year, with notable growth in Venezuela offsetting declines in Gabon and Tanzania.

• Major asset portfolio rotation included the sale of a 20.07% stake in Seplat Energy for $496 million and acquisitions in Colombia and Angola to focus on high-potential assets.

• Active drilling campaigns underway in Gabon, Tanzania, and Colombia to boost reserves and production.

Financial highlights

• Valued production totaled $504 million, with consolidated sales at $578 million, both down from 2024 due to lower oil prices and negative inventory effects.

• Average oil price was $69.4/bbl, a 14% decrease year-over-year.

• Service activities and third-party oil trading contributed $14 million and $102 million to sales, respectively.

• Lifting imbalances and inventory revaluation had a negative $42 million impact.

Outlook and guidance

• External growth strategy to accelerate, leveraging enhanced financial flexibility from asset sales.

• Focus on increasing the share of operated assets with high development potential.