(Boursier.com) — Maurel & Prom posted a strong improvement in its financial performance for the first half, thanks to the maintenance of financial discipline in a favorable context of high prices.
The average oil selling price stands at $105.0/b, compared to $63/b in H1 2021.
EBITDA was $250m, up 113% compared to H1 2021 ($117m). Net income was $138m, more than quadrupling compared to H1 2021 ($32m).
Deleveraging was rapid thanks to strong cash flow generation. Free cash flow was $155 million, compared to $38 million in the first half of 2021. Net debt thus stood at $195 million as of June 30, 2022, down $148 million compared to December 31, 2021 ($343 million $).
Management recalls the drawing of new borrowing facilities which took place at the beginning of July, offering visibility over 6 years with annual repayments compatible with a Brent price of $45/b.
Continuation of the growth strategy in financial discipline:
-Beginning of exploration drilling on the COR-15 permit in Colombia expected in the fourth quarter of 2022.
– Dividend of 0.14 euro per share (total amount of $28 million) paid after half-year closing on July 5, 2022.
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