March 12, 2026 [Reuters]- French oil group Maurel & Prom reported a 32% drop in 2025 profit on Thursday, hurt by weaker crude prices as a supply glut and soft global demand pressured the market.
Shares in the company swung from a 1.9% early drop to trade 0.5% higher by 0815 GMT.
Earnings before interests taxes depreciation and amortization (EBITDA) slid to $249 million in 2025, while its sales dropped 29% to $578 million from $808 million a year ago.
Crude prices reported an 18.07% drop to $62.70 per barrel at the end of 2025, as global supply outpaced demand in a year marked by wars, higher tariffs and OPEC+ output and sanctions on Russia, Iran and Venezuela.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) responded with several rounds of deeper voluntary production cuts last year to defend market share against rising non-OPEC supply.
The widening U.S.-Israeli war with Iran and fears of prolonged disruption to shipments through the Strait of Hormuz have sent oil prices soaring again, prompting some major Middle East producers to cut supplies.
The group’s working interest production – its share of output from fields where it holds ownership stakes – rose 2% in 2025 to 37,096 barrels of oil equivalent per day (boepd).
M&P expects its production to rise again this year to 42,700 boepd, supported by growing production in Venezuela.
In February, the United States further eased sanctions on Venezuela’s energy sector, adding Maurel & Prom to a list of companies authorised to expand oil and gas operations in the OPEC member country.
“This development provides a stable regulatory framework for M&P’s activities in Venezuela,” the company said.
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