Maurel & Prom (“M&P”) reported its full HY’25 results (including the financials) after its H1’25 activity report a few weeks ago. EBITDA of US$140mm was down 25% y/y on the back of weaker oil prices; however adjusted net income was up 11% y/y to US$106mm as a result of a strong contribution from associates (Venezuela effect) of US$59mm (+69% y/y). Operating cash flow (pre-w/c; pre-interest) was US$73mm (-52% y/y) or US$68mm after interest costs, due to lower EBITDA and sharply higher cash taxes ....
