(CercleFinance.com) – Maurel & Prom on Friday published half-year results heavily impacted by the drop in crude oil prices, while highlighting its “excellent operational and financial health”.
Over the first six months of the year, the oil group saw its operating profit fall by 54% to 93 million euros, on the basis of a turnover down 16% to 299 million euros .
In its press release, M&P points out that this decline is in line with the fall in the average selling price of oil, which fell from 105 dollars per barrel to 74.8 dollars in one year, a drop of 29%.
Its net income amounted to 53 million euros, against 138 million euros a year earlier, a decrease of 62%.
At the end of June, Maurel & Prom’s cash position stood at 137 million euros, compared to 138 million at the end of 2022, a figure which excludes the sum of 81 million euros placed in an escrow account as part of the offer on the British Wentworth Resources.
Quoted in the press release, the managing director Olivier de Langavant, highlights the “excellent operational and financial health” of his group.
‘Production is increasing, costs remain under control despite the significant inflation affecting the sector’, he underlines.
Following these announcements, the Maurel & Prom title nevertheless fell by almost 14% on Friday morning on the Paris Stock Exchange, signing one of the sharpest drops in the market.
Before the publication of its half-year results, the Maurel & Prom share showed a rise of 7% since the beginning of the year for a capitalization which reached 736.6 million euros.
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