Maurel et Prom reported a 27% increase in revenue for the first half of the year compared with the prior-year period, a performance the company attributed primarily to higher oil prices.
Net income for the period rose 78% year-on-year to $191 million. Key earnings metrics included EBITDA of $227 million and operating income of $161 million. Free cash flow for the first six months stood at $77 million.
The company said revenue expansion reflected a 46% climb in its average sale price for oil, which reached $103.8 per barrel. Management also pointed to the resumption of crude oil sales from Venezuela and the start-up of newly drilled wells in Tanzania as material contributors to the first-half results.
Operational updates highlighted ongoing drilling campaigns across Maurel et Prom's portfolio and the integration of recently acquired or restarted assets, notably Sinu-9 in Colombia. These activities were described as supporting the company’s production and cash generation in the period.
On the corporate development front, Maurel et Prom announced an agreement to buy Gran Tierra’s assets in Colombia and Ecuador for $1.33 billion. The company expects the transaction to be completed around Dec. 31, 2026, subject to the closing steps outlined by the parties.
Looking ahead, Maurel et Prom reiterated its production ambition, targeting working interest output of 40,000 barrels of oil per day by 2029-2030. The company also anticipates receiving roughly $250 million of additional liquidity upon completion of a planned refinancing in the fourth quarter of 2026.
While the first-half financials point to stronger profitability and cash flow driven by higher commodity prices and resumed sales, the company’s medium-term plans depend on successful asset integration, the finalization of its large acquisition, and execution of the refinancing planned for late 2026.
Summary
Maurel et Prom reported a 27% year-over-year increase in first-half revenue, with net income up 78% to $191 million. Higher average oil prices, resumed Venezuelan sales, and new wells in Tanzania supported results. The company agreed to acquire Gran Tierra’s Colombia and Ecuador assets for $1.33 billion and targets 40,000 barrels per day of working interest production by 2029-2030 while expecting around $250 million of additional liquidity from a refinancing planned for Q4 2026.
Key points
- Revenue rose 27% year-on-year in the first half, led by a 46% increase in average oil sale price to $103.8 per barrel - sectors impacted: oil and gas, energy markets.
- Profitability and cash flow strengthened: net income climbed 78% to $191 million; EBITDA was $227 million; operating income $161 million; free cash flow $77 million - sectors impacted: upstream oil companies, capital markets.
- Strategic moves include a $1.33 billion agreement to acquire Gran Tierra’s Colombia and Ecuador assets and a target of 40,000 barrels per day working interest production by 2029-2030 - sectors impacted: mergers and acquisitions, regional oil production in Latin America.
Risks and uncertainties
- The planned acquisition of Gran Tierra’s Colombia and Ecuador assets is expected to close around Dec. 31, 2026 - completion timing and closing conditions represent an uncertainty for transaction and integration outcomes.
- The company’s anticipated additional liquidity of approximately $250 million depends on a refinancing scheduled for the fourth quarter of 2026 - refinancing execution is an uncertainty affecting the company’s near-term balance sheet flexibility.
- Achievement of the 40,000 barrels per day working interest production target by 2029-2030 depends on drilling campaigns and integration of new assets, including Sinu-9, introducing operational and execution uncertainty for production growth.