(CercleFinance.com) – Maurel & Prom said on Thursday that it was in a positive net cash position for the first time since 2007, a position that ideally places it to return value to shareholders.
The independent oil company posted net cash of $11 million as of March 31, compared to net debt of $120 million at the end of 2023.
In a press release, M&P indicates that a dividend of 0.23 euros per share, representing a total amount of approximately $50 million, will be proposed, as planned, to the vote of shareholders at its general meeting on May 28.
This announcement comes as the company saw its production share increase by 13% to 38,305 barrels of oil equivalent per day in the first quarter compared to the fourth quarter of 2023.
In detail, oil production increased by 8% in Gabon, 2% in Angola and 34% in Tanzania, while it remained stable in Venezuela.
Based on an average oil selling price of $84.3 per barrel, its revenue was also up 13% to $212 million in the first quarter compared to the fourth quarter.
The M&P stock – which joined the SBF 120 index last month – rose by 0.2% on Thursday morning on the Paris Stock Exchange following this point of activity.
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