Maurel reported FY'22 EBITDA of US$443mm (+58% y/y) on the back of stronger oil prices (sales price +35% y/y), flat production and lower costs. M&P intends to increase the dividend by 64% to €0.23/sh (US$50mm), which is a yield of 7%. On our estimates, 2022 operating cashflow (excluding w/c; post-interest; plus associate dividends) was US$321mm and organic capex was US$88mm (significantly lower than original guidance of US$155mm on lower exploration spend), leaving underlying free cashflow of U ....
