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Investing.com - French oil and gas company Maurel & Prom (PARIS:MAU) reported a sharp 70% YoY decline in first-quarter sales to $64 million, primarily due to lifting imbalances and the absence of oil trading.
The company’s shares fell 2.08% following the announcement.
Despite the revenue drop, M&P’s total working interest production reached a record 38,534 barrels of oil equivalent per day (boepd) in Q1 2025, up 6% from the previous quarter. Consolidated working interest production rose 5% to 30,298 boepd.
The average sale price of oil remained relatively stable at $74.9 per barrel, compared to $74.2 in Q4 2024.
The company’s valued production, which excludes lifting imbalances and inventory revaluation, stood at $136 million for the quarter.
However, lifting imbalances had a significant negative impact of $76 million, with only one cargo sold during the period in Angola. M&P expects several liftings in Gabon and Angola in the second quarter.
M&P reported a positive net cash position of $50 million at the end of March, with $197 million in cash and $147 million in debt.
The company recently secured an additional $113 million accordion on its existing bank loan, bringing its total available liquidity to $377 million.
The company plans to propose a dividend of €0.33 per share, totaling approximately $70 million, at its annual general meeting on May 27, 2025, for payment in August 2025.
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