France's Maurel & Prom 9M sales rise 17% on higher oil prices

By Reuters News


Overview

  • French oil and gas producer's 9M 2026 sales rose 17% yr/yr to $574 mln

  • Total working interest production up 4%, driven by Venezuela and Tanzania output

  • Revenue growth supported by higher oil prices and increased gas production


Outlook

  • Maurel & Prom expects completion of Gran Tierra asset acquisition by December 31, 2026

  • Company plans well stimulation campaign in Gabon before year-end to boost production

  • First gas production from Kasa-1X well in Tanzania expected as early as Nov 2026


Result Drivers

  • OIL PRICE INCREASE - Average oil sale price rose 40% yr/yr to $98.8/bbl, supporting revenue growth

  • TANZANIA GAS OUTPUT - Increased gas production from Mnazi Bay, driven by new wells MB-5 and MS-2, contributed to higher sales

  • VENEZUELA PRODUCTION - Output in Venezuela rose 5% yr/yr following resumed drilling and well workover operations


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

9M Revenue

$574 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

  • Wall Street's median 12-month price target for Etablissements Maurel & Prom SA is €10.50, about 29% above its October 21 closing price of €8.14

  • The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 6 three months ago


Reuters Recommended Reads

  • Oct 19 - Venezuela oilfield hiring picks up as first wave of investment builds

  • Oct 20 - Halliburton Q3 revenue, profit beat estimates on higher drilling services

  • Oct 20 - Weatherford Q3 revenue falls due to disruptions in Middle East


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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