Maurel & Prom Reports Strong H1 2024 Financial Results Boosted by Increased Production

Maurel & Prom (M&P) announced robust financial performance for the first half of 2024, driven by heightened production. Working interest production reached 37,113 boepd, a 35% increase over H1 2023. The company's sales were $412 million, up 38% from $299 million in H1 2023, while EBITDA stood at $186 million. Consolidated net income doubled to $105 million.

Operating cash flow hit $139 million, and free cash flow soared to $158 million. The company achieved a positive net cash position of $27 million as of June 30, 2024, a significant improvement from $120 million in net debt at the end of 2023. A dividend of €0.30 per share was paid in July.

In Venezuela, production reached 5,412 bopd. Rehabilitation of compression facilities and well intervention campaigns commenced, with drilling scheduled for 2025. M&P Iberoamerica received $29 million in dividends via a debt repayment mechanism.