Meren Energy release results for the three months ended March 31

13 May Meren Energy release results for the three months ended March 31

Meren Energy Inc. published its financial and operating results for the three months ended March 31, 2026, and is pleased to declare its second quarterly distribution of $25 million for this year.

Meren President and CEO, Oliver Quinn commented: “I am pleased to report another quarter of robust operational and financial results, with production on track and the successful refinancing of our reserve-based lending facility. The conflict in the Middle East has created the most significant disruption to global oil supply on record, driving major price volatility. As international buyers seek alternatives to Middle Eastern supply routes, West Africa’s deepwater basins are emerging as a strategically vital source of secure and reliable hydrocarbons. Meren, with its pillars of strong balance sheet, high netback production and deep portfolio of organic growth opportunities, is well positioned to benefit as the strategic value of West African energy assets is repriced.”

Quarterly Highlights^*

• Financial
  • Recorded EBITDAX of $100.2 million and cash flow from operations before working capital of $79.0 million, reflecting the continued strong cash-generative nature of the portfolio.
  • Disciplined c apital investments of $8.9 million, primarily directed toward the Nigerian operations.
  • Recorded a non-cash hedging charge of $37.2 million, driven by mark-to-market revaluation of derivatives and a $0.4 million cash settlement on expired derivatives, as oil prices rose during the quarter.
  • Reported a net loss of $42.2 million, principally driven by the non-cash derivative charge and share of associate losses, excluding these items the adjusted net loss was limited to $13.0 million.
• Balance Sheet & Shareholder Returns
  • Successfully refinanced the RBL facility, enhancing liquidity through increased commitments of $600 million (accordion to $1 billion), extending maturity to March 2032 and reducing the average margin.
  • Strong liquidity position with cash of $161.6 million, net debt of $208.4 million, Net Debt/EBITDAX of 0.5x, together with $204.2 million of available RBL headroom.
  • Declared the second 2026 quarterly dividend of $25.1 million ($0.0371/share), bringing YTD distributions to $50.2 million.
• Operational
  • Delivered average daily W.I. production of 28,400 boepd and entitlement production of 31,000 boepd, with performance on track to achieve full-year guidance, supported by the post-turnaround recovery following the planned Q4 2025 Agbami maintenance.
  • Unit operating costs of $14.6/boe on an entitlement basis, broadly in line with the prior year period.
• Commercial
  • Sold one cargo (approximately 1 MMbbl) lifted in February 2026, at an all-in sales price of $63.7/bbl, which compares to the average Bloomberg Dated Brent price of $71.1/bbl for February 2026.
  • Following the amendment of the PML 2/3 gas sales agreement in January 2026, to secure higher gas prices aligned with the buyers’ current LNG economics, Meren recognized additional gas revenue of $40.8 million.

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