Maurel & Prom: Net Income Up by 72%, but EBITDA Down by 32%
Maurel & Prom's 2025 financial results tell two stories. The first is about the numbers: a net group income of $410 million, up 72%, and a positive net cash position of $179 million as of December 31. The second reflects operational reality: a 32% decline in EBITDA to $249 million, undermined by falling oil prices from $80.3 per barrel in 2024 to $69.4 in 2025. Between these two realities, the group's strategy is clear: monetize historical assets and reinvest heavily in Venezuela and acquisitions to jumpstart growth.
Financial Performance and Strategic Transactions
The group recorded revenues of $578 million in 2025, down 29% year-on-year, affected both by falling prices and a $42 million accounting impact due to lifting discrepancies. EBITDA, which measures actual operational performance, contracted by 32% to $249 million. However, consolidated net income jumped to $428 million (+74%), boosted by a one-time gain of $287 million recorded from the sale of a 20.07% stake in Seplat Energy, which sold for a total of $496 million to Heirs Energies. Excluding this exceptional gain, the group's regular consolidated net income was only $166 million, down 35% compared to 2024. This difference highlights the gap between an accounting result boosted by a one-time transaction and weakened operational activity.
Production Dynamics and Geographical Divergence
Total M&P share production stood at 37,096 barrels of oil equivalent per day in 2025, a modest increase of only 2% year-on-year. However, this stability conceals major divergences. In Gabon, oil production fell by 6% to 14,662 b/d, hampered by export issues in the second half of the year. In Tanzania, natural gas production decreased by 3%. Production in Angola remained stagnant. Only Venezuela saw a significant increase, with a 34% rise to 8,194 b/d for the year, confirming the potential of this asset. This concentration of dynamism in a single country also illustrates the group's growing dependence on the lifting of U.S. sanctions. The issuance of General License 50A by OFAC on February 18, 2026, which explicitly authorizes M&P to operate in Venezuela, is a game-changer: the group anticipates a resumption of lifting and projects to receive $100 million in dividends in 2026 from its 40% stake in PRDL, subject to this resumption.
Strategic Acquisitions and Financial Outlook
With a positive net cash position of $179 million as of December 31, 2025 (before M&A impact), M&P finalized the acquisition of a 61% stake in the Sinu-9 gas permit in Colombia in early January 2026 for a total of $229 million. This transaction makes it the operator of an asset capable of producing 40 Mpc/d by the second quarter of 2026, up from 14 Mpc/d currently. The group also established a presence in Angola via Block 3/24. In 2026, M&P plans development investments of $240 million and exploration expenditures of $42 million, bringing its investment spending to record levels. For 2026, the group projects a production of 42,700 boep/d in M&P share, an expected increase of 15%. Assuming an oil price of $60 per barrel, the cash flow generated from operations is expected to reach $240 million. Concurrently, the board proposes a dividend of 0.38 euros per share, up 15%, signaling management's confidence in its ability to finance both growth and shareholder returns.
