Maurel & Prom’s core profit for the half-year drops by 25% due to lower oil prices
Maurel & Prom, a French oil company, reported a 25% decline in its core profit for the first half of this year on Tuesday. The drop was attributed to falling crude oil prices.
Earnings prior to interest, taxes and depreciation decreased from $186 millions a year ago to $140 in six months.
The group suffered a 16% decline in the average price of oil products, which fell to $70.90 a barrel. It had warned mid-June about how low prices would affect its quarterly revenues, echoing comments made by TotalEnergies BP Shell.
In a press statement, CEO Olivier de Langavant stated that despite the sharp drop in crude oil prices M&P had once again proven the strength of its model and ability to create value.
Crude oil prices dropped in the second quarter, after the Organization of the Petroleum Exporting Countries (OPEC+), in April, began to undo its self-imposed 2,17 million barrels of crude oil per day production cuts.
(Reporting by Mathias de Rozario in Gdansk, editing by Matt Scuffham and Milla Nissi-Prussak) (Reporting from Gdansk by Mathias de Rozario, Editing by Matt Scuffham & Milla Nissi Prussak).
(source: Reuters)
