Oil prices drive up Maurel & Prom profit, Venezuela exports seen normalising
Maurel & Prom Financial Performance and Outlook
By Zakarya Meliani and Jerome Terroy
Strong Profit Growth in First Half of 2026
Aug 6 (Reuters) - French oil producer Maurel & Prom reported a 78% jump in its half-year net income to $191 million on Thursday, boosted by higher crude prices, and said crude exports from Venezuela were expected to normalise in the second half of 2026.
Analyst and Brokerage Reactions
French brokerage Portzamparc said profitability was well above its expectations, helped by higher oil prices and contained operating costs.
Venezuela Operations and Uncertainties
The company resumed crude oil sales from Venezuela in June, after receiving a license from the U.S. to operate there in February, though uncertainty remains over the country's contribution to the business and how the situation will unfold, an analyst told Reuters.
Production and Dividend Updates
Group working-interest production averaged 37,890 barrels of oil equivalent per day in the first half of 2026, up 1% from a year ago and 3% from the second half of 2025.
Free Cash Flow and Dividend Increase
Free cash flow rose 21% year-on-year to $77 million. The company also raised its ordinary dividend paid out in August by 15% to €0.38 per share, or around $90 million in total.
(Reporting by Zakarya Meliani and Jerome Terroy in Gdansk, editing by Milla Nissi-Prussak)
