Meren Energy earnings date
Meren Energy (MRNFF) Q3 2026 Earnings Report
MRNFF Q3 2026 EPS Results
- Actual EPS
- $0.03
- Consensus EPS
- $0.03
- Beat/Miss
- Missed by -$0.00
- One Year Ago EPS
- $0.01
MRNFF Q3 2026 Revenue Results
- Actual Revenue
- $154.30M
- Expected Revenue
- $167.77M
- Beat/Miss
- Missed by -$13.47M
- YoY Revenue Growth
- -26.30%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/10/2026
- Time
- After Close
- Conference Call
- Tuesday, November 10, 2026
Meren Energy's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Meren reported solid production execution, raised EBITDAX and cash flow guidance, lower net debt, substantial liquidity, continued dividends and an expanding Nigerian drilling and development program. The main challenges were natural production decline during the drilling pause, a $35 million hedging loss, temporarily elevated Q3 operating costs, a rig timing delay and unresolved timing around certain projects and transactions. Management consistently characterized these issues as manageable or timing-related while emphasizing the company's financial flexibility and growth pipeline.
For 2026, Meren narrowed working interest production guidance to 25,000 to 27,000 barrels of oil equivalent per day and entitlement production to 29,000 to 31,000 barrels per day, raised EBITDAX guidance to a range of $390 million to $440 million and cash flow from operations to a range of $250 million to $280 million, and expects capital investment of $70 million to $90 million in the year; current indications are for two cargoes in the last quarter of 2026, with roughly half of the little over 400,000 barrels of oil in under lifted position at the end of Q3 remaining by year-end, while 2027 collars cover a portion of production with floors of around $70 per barrel and upside to around $93 per barrel, full year 2027 CapEx guidance is too early, Preowei has a stretch target end of '27 for FID, Akpo Far East could deliver accelerated first oil in '27, and Venus has first oil targeted in 2030.
- Production Tracking at Revised Guidance RangeQ3 production averaged 25,300 barrels of oil equivalent per day on a working-interest basis and 28,300 barrels per day on an entitlement basis. Full-year guidance was narrowed to 25,000 to 27,000 barrels of oil equivalent per day for working-interest production and 29,000 to 31,000 barrels per day for entitlement production.
- Raised Full-Year Financial GuidanceEBITDAX guidance was raised to $390 million to $440 million, while cash flow from operations guidance was increased to $250 million to $280 million. Higher realized oil prices and continued asset delivery were cited as drivers.
- Strong Q3 Cash GenerationMeren generated $113 million of Q3 EBITDAX, $74 million of cash flow from operations before working capital, and $59 million of free cash flow. Year-to-date free cash flow was $77 million.
- Improved Balance Sheet and LiquidityNet debt declined to $185 million, with leverage at 0.5x EBITDAX. Following the September RBL redetermination, the borrowing base was $513 million, with $182 million of headroom and total liquidity of around $328 million.
- Continued Shareholder ReturnsMeren declared its fourth $25 million dividend of 2026, bringing total 2026 distributions to $100 million and distributions since the Prime amalgamation in 2025 to around $200 million.
- Oil Cargo Pricing Premium and Higher Gas RevenueThe company lifted two Q3 cargoes at an average realized price of $92 per barrel, representing a premium of around $6 to Dated Brent across July and August when the cargoes were lifted. Q3 gas revenue increased to $12 million from $4.5 million a year ago, supported by the amended Akpo and Egina gas sales agreement.
- Lower 2026 Capital Investment Guidance Reflects TimingFull-year 2026 capital investment is now expected to be $70 million to $90 million. The reduction was attributed mainly to operational timing, with associated spending moving into 2027 as activity phasing is finalized.
- Nigeria Drilling and Intervention Program CommencingThe intervention program is getting underway, and the Akpo and Egina drilling campaign is expected to begin in November, starting with the Akpo Far East near-field exploration target. The company described the previously quiet operational period as being behind it and expects sustained activity across the portfolio.
- Akpo Far East Offers Potential Near-Term ProductionThe Akpo Far East well is located around 5 kilometers from Akpo infrastructure. If successful, the company expects to retain flexibility to complete the well as a producer, with accelerated first oil targeted in 2027 and a hoped-for first-well production rate of around plus or minus 10,000 barrels per day.
- Agbami and Ikija Growth ProgramThe rig planned for PML 52 in Q1 2027 is expected to drill three firm Agbami infill wells and appraise the adjacent Ikija discovery. The company said the infill wells are expected to deliver incremental production in 2027, while Ikija could support a future tieback to the Agbami FPSO.
- Multiple Nigerian Tieback Opportunities AdvancingPreowei, Egina South and Ikija are being progressed as discovered-resource opportunities using existing infrastructure. Preowei, a 150 million barrel plus gross discovered resource around 25 kilometers from the Egina FPSO, is expected to move back into FEED in 2027, with a stretch target of FID by the end of 2027. Egina South is expected to be appraised through a well in an adjacent license, with no appraisal cost for Meren.
- Nigerian Deepwater Incentives Improve Project EconomicsThe deep offshore incentives order signed in August offers tax credits for qualifying projects reaching FID by the end of 2029. Management described the incentive as effectively a production tax credit of $3 to $4 per barrel and said it adds significant value to Preowei and could support an Egina South FID within the 2029 window.
- Long-Term Venus Growth ExposureThe Venus operator has said the project is ready for sanction and is working toward FID in the near term, with first oil targeted in 2030. Meren's interest remains fully carried through to first production, providing exposure to the project without upfront capital exposure.
- Positive South Africa Regulatory DevelopmentThe dismissal of appeals against the environmental authorization to drill up to five wells on Block 3B/4B was described as a positive development. The Nayla prospect remains ready to drill, subject to any further proceedings.
- Improving Reserve and Resource MaturityManagement said updated subsurface work on Preowei is positive for its 2P reserves position. Drilling on Egina South and Ikija is expected to move those contingent resources closer to development maturity, while the company hopes to add its net share of Venus reserves in the next reserves and resource reporting process.
- Strong Organic Growth Pipeline and Carried Exploration UpsideThe company highlighted a portfolio spanning Nigerian production, near-field developments around existing infrastructure, Venus, and carried exploration exposure in Nigeria, the Orange Basin and Equatorial Guinea. Management said the carried component minimizes the upfront risk capital required to test these exploration options.
- Disciplined Capital Allocation and Strategic AlignmentMeren reiterated that capital allocation remains focused on high-value organic opportunities, balance sheet strength and shareholder returns. Management said the cornerstone shareholder remains strategically aligned on growing the business and adding opportunities when they meet the company's discipline and return requirements.
MRNFF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 01, 2027 | 2026 (Q4) | 0.11- | -0.12 | ― | ― |
| Nov 10, 2026 | 2026 (Q3) | 0.030.03 | 0.01 | 207.14% (+0.02) | |
| Aug 11, 2026 | 2026 (Q2) | 0.060.05 | 0 | ― | |
| May 12, 2026 | 2026 (Q1) | 0.00-0.06 | 0.11 | -153.25% (-0.17) | |
| Feb 24, 2026 | 2025 (Q4) | 0.03-0.12 | 0.02 | -713.79% (-0.15) | |
| Nov 13, 2025 | 2025 (Q3) | 0.030.01 | -0.64 | 101.54% (+0.65) | |
| Aug 12, 2025 | 2025 (Q2) | ―0.00 | 0 | ― | |
| May 14, 2025 | 2025 (Q1) | 0.010.11 | 0.01 | 1000.00% (+0.10) | |
| Feb 28, 2025 | 2024 (Q4) | 0.020.02 | -0.18 | 111.28% (+0.20) | |
| Nov 13, 2024 | 2024 (Q3) | 0.02-0.64 | 0.1 | -764.96% (-0.74) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
