Yahoo Finance Maurel & Prom :H1 2017 sales: €172 million
Paris, 25 July 2017
No. 16-17
H1 2017 sales: €172 million
Same as H2 2016: a favourable price effect, but an adverse quantity effect in Gabon
Up compared to H1 2016 thanks to a favourable price effect
Seplat: Reopening of the Forcados export terminal in Nigeria
The Group`s consolidated sales for the first half of 2017 were up 21% at €172 million compared to the first half of the previous year, broken down as follows:
Sales for the first half of 2017 | |||||||
Q1 2017 | Q2 2017 | H1 2017 | H1 2016 | 17/16 change | |||
Total production sold in the period (M&P share) | |||||||
million barrels of oil | 1.6 | 1.7 | 3.3 | 3.6 | -7% | ||
million MMBtu | 1.9 | 2.9 | 4.8 | 4.4 | +8% | ||
Average selling price | |||||||
OIL, in US$/bbl | 52.8 | 48.6 | 50.7 | 39.2 | +29% | ||
GAS, in US$/BTU | 3.18 | 3.22 | 3.19 | 3.11 | +3% | ||
EUR/USD exchange rate | 1.06 | 1.10 | 1.08 | 1.12 | -3% | ||
SALES (in € millions) | |||||||
Oil production | 86 | 79 | 164 | 136 | +21% | ||
Gabon | 81 | 75 | 156 | 126 | |||
Tanzania | 5 | 3 | 8 | 10 | |||
Drilling operations | 5 | 3 | 7 | 6 | +17% | ||
Consolidated sales (in € millions) | 90 | 81 | 172 | 142 | +21% | ||
The sales trend reflected a sharp rise in the average selling price of oil produced in Gabon (up 29% compared to H1 2016) while volumes sold were down 7% compared to Q1 2016.
The average selling price of oil followed the rise in the market reference price, i.e. Brent. It also benefited from higher prices for Rabi Light crude oil, which is discounted compared to Brent and averaged US$2.17/bbl in fiscal 2016 and US$1.35/bbl in H1 2017.
Hydrocarbon production in H1 2017 (M&P share)
Units | Q1 2017 | Q2 2017 | H1 2017 | H1 2016 | 17/16 change | |||
Oil | bopd | 19,442 | 20,083 | 19,764 | 21,053 | -6% | ||
Gas | Mcf/d | 20.8 | 14.8 | 17.8 | 23.7 | -25% | ||
TOTAL | boepd | 22,905 | 22,542 | 22,723 | 24,998 | -9% | ||
Oil production in H1 2017 stood at 19,764 bopd for M&P`s share (80%), or a total of 24,705 bopd operated by Maurel & Prom in Gabon. This level was below the fields` production capacity, which had been impacted by a strike that disrupted operations in Q1 2017. The consequences of the strike continued into Q2 2017.
In Tanzania, gas output was 17.8 MMcf/d for M&P`s share (48.06%). Gas production capacity on the Mnazi Bay permit is currently around 80 MMcf/d for average operated production of around 37 MMcf/d at 100% in H1 2017. This production level is dependent on industrial gas consumption in Dar Es Salam, which is routed through TPDC buying from the operator. In July 2017, demand from TPDC increased substantially, with production currently hovering at around 70 MMcf/d at 100%.
Drilling operations
One of the two management contracts run by Caroil in Congo was suspended by the operator in the second quarter of 2017.
Seplat
In June 2017, Seplat - in which Maurel & Prom has a 21.37% stake - resumed routing its oil production through the Forcados export terminal, which had been shut down since mid-February 2016.
As a result, Seplat will be able to return to the hydrocarbon production levels it had achieved before force majeure was declared at the export terminal.
| English | ||
pieds cubes | pc | cf | cubic feet |
pieds cubes par jour | pc/j | cfpd | cubic feet per day |
milliers de pieds cubes | kpc | Mcf | 1,000 cubic feet |
millions de pieds cubes | Mpc | MMcf | 1,000 Mcf = million cubic feet |
milliards de pieds cubes | Gpc | Bcf | billion cubic feet |
baril | b | bbl | barrel |
barils d`huile par jour | b/j | bopd | barrels of oil per day |
milliers de barils | kb | Mbbl | 1,000 barrels |
millions de barils | Mb | MMbbl | 1,000 Mbbl = million barrels |
barils équivalent pétrole | bep | boe | barrels of oil equivalent |
barils équivalent pétrole par jour | bep/j | boepd | barrels of oil equivalent per day |
milliers de barils équivalent pétrole | kbep | Mboe | 1,000 barrels of oil equivalent |
millions de barils équivalent pétrole | Mbep | MMboe | 1,000 Mbbl = million barrels of oil equivalent |
For more information, visit www.maureletprom.fr
MAUREL & PROM
Tel: +33 (0)1 53 83 16 00
Press, shareholder and investor relations
Tel: +33 (0)1 53 83 16 45
ir@maureletprom.fr
This document may contain forward-looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors, such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.
Maurel & Prom is listed for trading on Euronext Paris
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maurel & Prom via GlobeNewswire
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