(BFM Bourse) – The French hydrocarbon producer took a nosedive on Thursday, after a quarterly update deemed disappointing. In addition to the perceived quality of the sales made by Maurel & Prom, investors seized the opportunity to take profits on a file which had garnered an impressive gain of 100% since the start of the year.
It is not good to disappoint on the stock market, especially when you have been showing a flamboyant stock market performance for several months. Maurel & Prom made the bitter experience of this on Thursday with a title that dropped nearly 8% to 4.57 euros, around 2:20 p.m. The file had come a long way, starting the year at 2.25 euros before registering an annual record at 5.23 euros at the start of the week. The action of the independent oil company specializing in the extraction and production of hydrocarbons was sought after in the wake of convincing 2021 accounts and especially the surge in barrel prices since the start of the year.
This time, the atmosphere is different. Maurel et Prom has indeed unveiled a turnover of 130 million dollars in the first quarter. If over one year the increase in sales came out at 58%, it fell by 34% compared to the fourth quarter of 2021. The group had then announced a consolidated turnover of 199 million euros. dollars in the previous quarter.
Maurel et Prom’s production “in M&P share” amounts to 25,646 barrels of oil equivalent per day; for the past quarter, while the average oil selling price was $94.2 per barrel for the period, up 13% from the fourth quarter of 2021 ($83.1 per barrel).
Maurel & Prom’s valued production (revenue from production activities, excluding pick-up delays and inventory revaluation) amounted to $165 million for the first three months of 2022. The group explains that the revaluation of the value of inventories had a negative effect of $35 million for the quarter, “due to the group’s schedule of removals, which saw only one removal in Gabon in January.”
On the occasion of its annual results unveiled last March, the group announced that it was counting on production “in M&P share” of 26,000 barrels per day against 25,490 barrels per day for the 2021 financial year, down 2% compared to 2020. In addition, Maurel & Prom had also announced a resumption of the payment of a dividend. The group had not offered a dividend to its shareholders since 2013…
Sabrina Sadgui
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