Seplat Energy grows revenue to N1.1trn in 2026 Q1, profit hits N509.6bn

Seplat Energy PLC, foremost Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its unaudited results for the for the three months ended 31 March 2026, declaring US 9.0 Cents total dividend per share for the period, which is 96 per cent higher than 1Q 2025 payout. […]

Seplat Energy PLC, foremost Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its unaudited results for the for the three months ended 31 March 2026, declaring US 9.0 Cents total dividend per share for the period, which is 96 per cent higher than 1Q 2025 payout.

The foremost energy company grew its profit after tax (PAT) to $37.9m from $23.3m Year-on-Year with cash generated hitting $243.4m.

Group production for the period averaged 129,841 barrels of oil equivalent per day (boepd) up 9 per cent since 4Q 2025 (119,200 boepd). 

Crude and condensate liftings benefitted from the company’s put-option hedge strategy that exposed it to a 100 per cent of price upside, resulting in strong free cash. Gross profit for the period stood at $370.5m (about N509.6bn).

The Group delivered more than 9.1 million man-hours without Lost Time Injury – 3.0 million hours onshore-operated assets and 6.1 million hours offshore.

Gross revenue was $840.7 million (about N1.1 trillion) , up 4% on prior year (1Q 2025: $809.3 million).

Onshore operated assets now reporting under PIA, group blended unit royalty rate 14.7% of revenue (1Q 2025 16.2%).

1Q 2026 declared a dividend of USD 9.0 cents per share, consisting of USD 5.0 c/share base and USD 4.0 c/share special dividend, for a total cost of approximately $54 million. The declared dividend is up 8% QoQ and up 96% YoY.

Commenting on the results, Chief Executive Officer, Mr. Roger Brown, said: “The conflict in the Middle East has dramatically changed the outlook for the oil and gas industry in 2026, and quite possibly beyond. Nigeria’s favourable geographic positioning, combined with our oil rich portfolio, which is fully exposed to higher oil prices, and our strong balance sheet, means we are well placed to deliver strong cash flows in 2026. As a result, we have increased our 1Q 2026 dividend to 9.0 cents per share (core: 5.0 cents and special: 4.0 cents).

Production in 1Q 2026, improved QoQ but modestly missed our internal expectations, largely due to unplanned downtime on third-party infrastructure onshore. That said, April to date production has averaged c.153 kboepd, illustrating the potential of our asset base. Notably, this is before the return of Yoho, scheduled to come back onstream before end 2Q 2026, and full ramp-up of ANOH, as such we remain comfortable with our 2026 guidance.

“While the former oil price outlook should enhance cash flows its duration is uncertain, as such, we expect to retain our current growth-focused 2026 work programme, which will deliver enhanced asset reliability and overall portfolio growth on route to our 2030 targets. Overall, we have delivered a solid start to 2026, with expectations that 2Q 2026 will see a step forward in performance”.