Maurel & Prom sales in the first quarter more than doubled due to rising oil prices

Maurel & Prom, a French 'oil group, reported that its first-quarter revenue more than doubled from $64?million to $163 million, a rise of 41% in the average price per barrel for each quarter, to $90.8, according to a company statement on Thursday.

Gabon led the recovery with a 14% increase in its total working interest production.

M&P began drilling in Venezuela in early march after U.S. officials authorized the company to increase?oil-and-gas operations. Production is expected to rise in the second quarter.

Portzamparc, a brokerage, said in an investor note that "M&P delivered a great performance in Q1 of 2026. It showed its ability to absorb at least part of the recent sharp increases in crude oil price."

Crude oil prices increased by 90% in the first quarter of 2020, with prices increasing sharply as early as March. This was due to the US-Israeli conflict with Iran which fueled fears of a prolonged disruption of oil shipments through the Strait of Hormuz.

The?shares of this company gained 2.4% at the opening of trading after rising by about 70% since the beginning?of?the year.

The group finished the quarter with net cash of $235 millions and immediate liquidity of $497million.

(source: Reuters)