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The latest update is out from Meren Energy ( (TSE:MER) ).
Meren Energy reported first-quarter 2026 results showing EBITDAX of $100.2 million and cash flow from operations of $79.0 million, underpinned by disciplined capital spending largely in Nigeria and unit operating costs of $14.6 per barrel of oil equivalent. Despite a net loss of $42.2 million driven mainly by non-cash derivative charges and associate losses, adjusted performance remained resilient and production of 28,400 boepd working interest kept the company on track to meet full-year guidance.
The company strengthened its balance sheet by refinancing its reserve-based lending facility, boosting commitments to $600 million with potential expansion to $1 billion and extending maturity to 2032, contributing to a liquidity position that includes $161.6 million in cash and low net leverage. Meren also declared a second quarterly dividend of about $25 million for 2026 and recognized $40.8 million of additional gas revenue from a revised Nigerian gas sales agreement, while advancing plans to restart drilling at Akpo and Egina and progressing the Akpo Far East exploration prospect and Preowei field studies, which could add significant reserves and support production growth from 2027.
More about Meren Energy
Meren Energy Inc. is an oil and gas producer focused on West Africa’s deepwater basins, with a core portfolio of high netback production and organic growth opportunities in Nigeria. The company targets secure, reliable hydrocarbon supply for international markets, positioning its offshore assets as strategic alternatives to disrupted Middle Eastern routes amid heightened global oil price volatility.
See more insights into MER stock on TipRanks’ Stock Analysis page.