Meren Energy Inc reported elevated financial guidance for the full year following strong results in the first half of 2026. The company increased its full-year EBITDAX guidance midpoint to $410 million, up from a previous midpoint of $315 million. Additionally, Meren raised its cash flow from operations midpoint to $247.5 million from $220 million.
First-half results showed $219.5 million in EBITDAX and $139.4 million in cash flow from operations before working capital adjustments. Second quarter net income reached $31.8 million compared with $3.1 million in the year-earlier period. Working-interest production during the first half averaged 27,700 barrels of oil equivalent per day, while entitlement production averaged 30,500 boepd. Unit operating costs stood at $14.50 per barrel of oil equivalent on an entitlement basis. Production from the company’s Agami asset recovered to its highest level since undergoing maintenance in 2025, supported by the continued post-maintenance ramp-up phase.
The company declared its third quarterly dividend of $25.1 million, equivalent to $0.0371 per share, bringing year-to-date distributions to $75.3 million. Meren ended the first half with $77.7 million in cash and maintained net debt to EBITDAX of 0.5 times, with total liquidity of $319 million. First-half capital investments totaled $23.6 million, primarily directed toward Nigerian operations, while the remainder of the full-year capital program is weighted toward the second half as drilling activity commences.
In Namibia, TotalEnergies advanced the Venus development in Block 2913B, where Meren holds an effective interest of approximately 3.8% through its shareholding in Impact Oil & Gas. Front-end engineering and design for the project has been completed, with a final investment decision targeted for 2026 pending discussions with the Namibian government on fiscal terms. Meren’s Nigeria drilling campaign is expected to begin in the fourth quarter, with well interventions planned on the Akpo and Egina fields to support production sustainability. Shares gained over 7% on the announcement.
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