(News Bulletin 247) – Maurel & Prom took advantage of the increase in its hydrocarbon production and high oil prices in the first quarter to generate higher sales.
The independent energy group, mainly established in Gabon and Angola, indicates in a press release that it achieved a quarterly turnover of 180 million dollars, up 6% compared to the fourth quarter of 2022.
Its production in the first three months of the year reached 27,071 barrels of oil equivalent per day, an increase of 3% compared to the previous quarter.
This production was valued at $139 million in the quarter, based on an average oil sales price of $75.1 per barrel, compared to $79.5 in the fourth quarter of 2022.
The company took advantage of this good performance to reduce its net debt to 149 million dollars at the end of March, a decrease of 51 million dollars over the quarter (compared to 200 million at the end of December 2022).
Maurel & Prom, which should complete the acquisition of Wentworth Resources by the third quarter, plans to pay a dividend of 0.23 euros per share with a payment envisaged in July
After the publication of its quarterly activity figures, the Maurel & Prom share gained 1.2%, which does not prevent it from yielding another 8% since the start of the year, for a capitalization of around 750 million euros.
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