Meren Energy Q1 2026 Earnings Call Transcript

On Wednesday, Meren Energy (TSX: MER ) discussed first-quarter financial results during its earnings call.

The full transcript is provided below.

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The full earnings call is available at Summary MER reported a strong start to 2026, with enhanced financial flexibility following the refinancing of its reserves-based lending facility, increasing liquidity to $366 million.

The company declared two quarterly dividends totaling over $50 million and noted strong operational performance, particularly in its Nigerian assets.

Q1 production was 28.4k barrels of oil equivalent per day, at the upper end of full-year guidance, with planned drilling campaigns in Nigeria set to commence in late 2026.

Financially, Q1 EBITDAX was $100 million, with total revenue at $114 million.

Free cash flow was negative due to a significant working capital outflow.

MER's net debt increased to $208 million, but net debt to EBITDAX ratio remains low at 0.5x, supported by a successful RBL refinancing.

Strategically, the company is focusing on growth initiatives in Nigeria, with upcoming drilling campaigns and expansions anticipated in the Agbami field and Namibia's Venus project.

The company is cautious about inorganic growth, emphasizing discipline in capital allocation and ensuring potential acquisitions meet high internal return hurdles.

MER maintains a robust hedging program for 2026, with a focus on swaps and collars to protect downside while allowing upside participation.

Full Transcript OPERATOR My name is Shel and I will be your conference operator today.

At this time, I would like to welcome everyone to MER's first quarter 2026 results presentation.

After the speaker's remarks, there will be a question and answer session.

Please note that at any time participants on the webcast can submit questions using the Questions button on the webcast interface.

This event is being recorded and the recording will be available for playback on the company's website.

I will now pass the meeting to Mr.

Shaheen Amini.

Please go ahead, Mr.

Amini.

Shaheen Amini, Head of Investor Relations and Communications Hello everyone.

Thank you for joining us today for MER's first quarter 2026 results presentation.

My name is Shaheen Amini and I'm Head of Investor Relations and Communications at MER.

I am joined today by Oliver Quinn, our President and Chief Executive Officer, and Aldo Porosini, our Chief Financial Officer.

We will begin with prepared remarks and then open up for questions.

Before we get started, I remind everyone that remarks made during this session are subject to forward-looking statements which involve significant risk factors and assumptions that could cause actual results to differ materially.

More detail on these risks can be found in our regulatory filings on Sedar plus and on our website.

The information discussed is made as of today's date and time and MER assumes no obligation to update or revise this information to reflect new events or circumstances.

The Company's complete financial statements and related MD&A are available on the Company's website and on Sedar plus website.

With that, I'll hand you over to Oliver.

Oliver, please go ahead.

Oliver Quinn, President and CEO Thanks, Shaheen, and welcome again everyone.

Thank you for joining us today for our Q1 call.

Let me start on Slide 4, which really summarizes a very strong start to the year underpinned by a high level of operational performance in our production assets, complemented with an improvement in our financial flexibility and a continuation of our shareholder returns program.