M&P Reports Strong Performance in First Half of 2024
M&P, a leading player in the energy sector, has reported robust operational performance for the first half of 2024. The company’s working interest production reached 37,113 barrels of oil equivalent per day (boepd), marking a significant 29% increase compared to the second half of 2023. Notably, excluding Venezuela, this growth stood at 10%.
In Gabon, M&P saw a 4% rise in oil production to 15,526 barrels per day (bopd), driven by successful operations on the Ezanga permit. The discovery of the Ezoe field in June further bolstered production capabilities, with initial output contributing to an estimated 1.5 million barrels in gross reserves.
Angola also contributed positively, with M&P’s production from Blocks 3/05 and 3/05A increasing by 4% to 4,628 bopd. Meanwhile, in Tanzania, the company reported a 24% increase in gas production to 69.3 million cubic feet per day (mmcfd) on the Mnazi Bay permit.
Venezuela, despite operational challenges, maintained stable production at 5,412 bopd in the Urdaneta Oeste field.
Financial Performance.
Financially, M&P achieved sales of $412 million, supported by an average oil price of $84.0 per barrel, consistent with the second half of 2023. Service activities and third-party oil trading contributed $20 million and $77 million, respectively, to the overall sales figure.
The company reported a positive net cash position of $27 million as of June 30, 2024, a significant improvement from a net debt position of $120 million at the end of 2023. This turnaround allowed M&P to pay a dividend of €0.30 per share, totaling $65 million, demonstrating strong commitment to returning value to shareholders.
Outlook and Strategic Initiatives.
Looking ahead, M&P remains focused on enhancing operational efficiency and expanding its production capabilities across key assets. The ongoing development projects, including the Ezoe discovery and operational enhancements in Venezuela, are expected to further strengthen the company’s position in the global energy market.
With a solid financial foundation and a strategic approach to growth, M&P is well-positioned to capitalize on emerging opportunities in the energy sector, driving sustainable value for its stakeholders.
