Over the 2020 financial year, the turnover of the Maurel & Prom Group ("M&P", "the Group") fell by 35% compared to 2019. This drop is the result of the sharp fall in share prices of oil linked to the COVID-19 pandemic and the application of production reduction quotas put in place by OPEC.

The Board of Directors of the Maurel & Prom Group ("M&P", "the Group"), meeting on March 9, 2021, under the chairmanship of John Anis, approved the accounts as of December 31, 2020. The Group's turnover stands at $330 million, down 35% compared to 2019. The average selling price of oil is down 40%, at $40.1/b compared to $67.2/b in 2019 .
According to Olivier de Langavant, Managing Director of M&P, the group was able to adapt without delay and put in place the appropriate measures to preserve its cash. “We managed to generate positive free cash flow and reduce the Group's net debt in the 2020 financial year, which demonstrates the robustness of our business model and the resilience of our assets. We note the relative improvement in the oil markets in the first quarter of 2021, but we are not relaxing our efforts and remain determined to continue our momentum of financial discipline while preparing for the return of development investments,” he said.
According to the update published by the Board, the Group's operating and administrative expenses amounted to $164 million in 2020, compared to $180 million in 2019. The drop in these amounts to $38 million, i.e. a reduction of 23% compared to 2019. Gross operating surplus (EBITDA) amounted to $95 million, down 67% compared to the previous financial year ($286 million). Depreciation, amortization and provisions were down significantly due in particular to the impairment of assets recorded in H1 2020, and amounted to $114 million in 2020 compared to $163 million for the previous year. Current operating income was -$19 million, compared to $123 million in 2019.