Paris, 27 April 2017
No. 11-17
2017 Q1 sales: €90 million
Stable in sequential (vs Q4 2016) thanks to a favorable price effect but an unfavorable quantity effect in Gabon
Increase in annual (vs Q1 2016) thanks to a very favorable price effect
The Group's consolidated sales for the first quarter of 2017 totalled €90 million, broken down as follows:
| Q2 2016 | Q3 2016 | Q4 2016 | Q1 2017 | Chg. Q1 17/ Q4 16 | Q1 2016 | Chg. Q1 17/ Q1 16 | |||
| Total production sold in the period (M&P share) | |||||||||
| million barrels of oil | 1.89 | 1.95 | 1.91 | 1.63 | -14% | 1.69 | -3% | ||
| million MMBTUs | 2.28 | 1.55 | 1.78 | 1.91 | 7% | 2.13 | -10% | ||
| Average selling price | |||||||||
| OIL, in US$/bbl | 45.1 | 44.2 | 47.5 | 52.8 | 11% | 32.6 | 62% | ||
| GAS, in US$/BTU | 3.11 | 3.16 | 3.16 | 3.18 | 1% | 3.11 | 2% | ||
| €/US$ exchange rate | 1.13 | 1.12 | 1.08 | 1.06 | -2% | 1.10 | -4% | ||
| SALES | €m | €m | €m | €m | €m | ||||
| Oil production | 81 | 81 | 88 | 86 | -3% | 55 | 56% | ||
| Gabon | 76 | 77 | 84 | 81 | -3% | 50 | 62% | ||
| Tanzania | 5 | 4 | 4 | 5 | 9% | 5 | -5% | ||
| Drilling activity | 4 | 3 | 3 | 5 | 31% | 3 | 75% | ||
| Consolidated sales | 84 | 83 | 92 | 90 | -1% | 58 | 57% | ||
Sales trends reflected a sharp rise in the average selling price of oil produced in Gabon (up 11% versus Q4 2016 and up 62% versus Q1 2016) while volumes sold were relatively stable compared to Q1 2016 (down 3%) but lower compared to Q4 2016 (down 14%).
The average selling price of oil has followed the rise in the market reference price, i.e. Brent. It has also benefited from higher prices for Rabi Light crude oil, which is discounted compared to Brent and averaged US$3.45/bbl in Q1 2016, US$1.49/bbl in Q4 2016 and US$1.35/bbl in Q1 2017.
Hydrocarbon production in Q1 2017 (M&P share)
| Units | Q2 2016 | Q3 2016 | Q4 2016 | Q1 2017 | Chg. T1 17/ T4 16 | Q1 2016 | Chg. T1 17/ T1 16 | |||
| Oil | bopd | 22,195 | 22,666 | 22,237 | 19,442 | -13% | 19,910 | -2% | ||
| Gas | MMcf/d | 24.5 | 16.5 | 18.9 | 20.8 | 10% | 22.8 | -9% | ||
| TOTAL | boepd | 26,279 | 25,413 | 25,392 | 22,905 | -10% | 23,717 | -3% | ||
Oil production in Q1 2017 stood at 19,442 bopd for M&P working interest (80 %), or 24,303 bopd for operated production. This level was below the fields' production capacity, which had been impacted by a strike that disrupted operations.
In Tanzania, gas output was 20.8 MMcf/d (M&P share: 48.06%), almost the same as the 2016 average (20.7 MMcf/d). Gas production capacity on the Mnazi Bay permit is currently around 80 MMcf/d for average operated production of around 43 MMcf/d (at 100%). This production level depends on industrial gas consumption in Dar Es Salam, which is routed through TPDC buying from the operator.
French | English | ||
| pieds cubes | pc | cf | cubic feet |
| pieds cubes par jour | pc/j | cfpd | cubic feet per day |
| milliers de pieds cubes | kpc | Mcf | 1,000 cubic feet |
| millions de pieds cubes | Mpc | MMcf | 1,000 Mcf = million cubic feet |
| milliards de pieds cubes | Gpc | Bcf | billion cubic feet |
| baril | b | bbl | barrel |
| barils d'huile par jour | b/j | bopd | barrels of oil per day |
| milliers de barils | kb | Mbbl | 1,000 barrels |
| millions de barils | Mb | MMbbl | 1,000 Mbbl = million barrels |
| barils équivalent pétrole | bep | boe | barrels of oil equivalent |
| barils équivalent pétrole par jour | bep/j | boepd | barrels of oil equivalent per day |
| milliers de barils équivalent pétrole | kbep | Mboe | 1,000 barrels of oil equivalent |
| millions de barils équivalent pétrole | Mbep | MMboe | 1,000 Mbbl = million barrels of oil equivalent |
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This document may contain forward-looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors, such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.
Maurel & Prom is listed for trading on Euronext Paris
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
