Maurel & Prom sales for 9 months fall as crude prices remain high

Maurel & Prom, a French oil and gas company, reported a drop of 13% in its sales for the nine months ending on Thursday. The decline was attributed to lower crude oil prices.

The total sales from January to September fell by 15% to $489 millions, down from $559million. Crude oil prices also dropped to $70.6 per barrel.

Crude oil prices fell in the second quarter, after the Organization of the Petroleum Exporting Countries (OPEC+), and its allies began to reverse their self-imposed production reductions totaling 2,17 million barrels of crude oil per day in April.

The company reported that its net debt at the end September was $73 millions, compared to a positive cash position of $91million at the end June.

The change was due to a $77,000,000 dividend paid in August, a deposit of $23,000,000 for acquiring a share in the Columbian Gas Permit Sinu-9 and $69,000,000 cash used as a result of working capital changes during the quarter.

M&P has agreed to increase its ownership stake of Sinu-9 by another 21% this July. This would bring the stake up to 61%. M&P stated that the deal will now be completed by year's end, as opposed to its original deadline of September due to administrative requirements.

(source: Reuters)