On Friday, Maurel & Prom published half-year results heavily impacted by the fall in crude oil prices, while highlighting its "excellent operational and financial health".

Over the first six months of the year, the oil group saw its operating income fall by 54% to 93 million euros, on the basis of sales down 16% to 299 million euros.

In its press release, M&P points out that this downturn is in line with the fall in the average selling price of oil, from 105 dollars a barrel to 74.8 dollars in one year, a drop of 29%.

Net income came to 53 million euros, compared with 138 million euros a year earlier, a drop of 62%.

At the end of June, Maurel & Prom's cash position stood at 137 million euros, compared with 138 million at the end of 2022, a figure which excludes the 81 million euros placed in escrow as part of the bid for British company Wentworth Resources.

Quoted in the press release, CEO Olivier de Langavant emphasized his group's "excellent operational and financial health".

Production is increasing, and costs remain under control despite the high inflation affecting the sector", he stressed.

Following these announcements, Maurel & Prom's share price fell by almost 14% on Friday morning on the Paris Bourse, making it one of the market's biggest decliners.

Prior to the publication of its half-year results, Maurel & Prom's share price had risen by 7% since the beginning of the year, with a capitalization of 736.6 million euros.

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