Maurel & Prom revealed sharply higher results in the first half of 2022 thanks to high oil prices. The oil group’s net income of $138 million more than quadrupled over one year, while gross operating profit jumped 113% to $250 million. The average oil selling price reached $105 per barrel compared to $63 per barrel in the first half of 2021.
Olivier de Langavant, Chief Executive Officer of Maurel & Prom, declared: “The Group’s results for the first half reflect the current dynamics of the sector. In this buoyant environment, we continue to work to maximize financial performance by maintaining operational discipline and in particular cost control. The refreshing of the asset portfolio, with our exit from Canada and the strengthening of our presence in Colombia, testifies to the continuation of our reasoned development strategy. Exploration drilling planned in Colombia in the fourth quarter of 2022 are fully in line with this objective”.
Net debt amounted to $195 million as of June 30, 2022, down $148 million from December 31, 2021.