Maurel & Prom revenue drops in first half due to falling oil prices
Maurel & Prom, a French oil company, reported a 30 percent drop in revenue for the first half of its fiscal year on Thursday. The fall in oil prices was to blame.
The average price of oil products fell 16% on an annual basis to $70.90 per barrel.
Crude oil prices dropped in the second quarter, as OPEC+ (made up of the Organization of Petroleum Exporting Countries, and its allies, such as Russia), began to undo the self-imposed production reductions of 2,17 million barrels a day that were imposed in April.
TotalEnergies, a French oil company listed on the London Stock Exchange, warned on Wednesday of the negative impact of low crude oil prices on their second-quarter sales. This follows comments made by BP and Shell.
M&P also saw a decline in sales, with Gabon and Angola down 15% and 20% respectively year-on-year. Meanwhile, the United States revoked its license for its Venezuelan asset.
The group added that they "remain actively in contact" with U.S. authorities.
The full results of the group's first half 2025 will be published on August 5, 2019.
(source: Reuters)
