Seplat Energy Plc has delivered a strong start to 2026, reporting a revenue of $840.7 million for the first quarter, alongside a 62.7 per cent surge in profit after tax, PAT, to $37.9 million, driven by improved production volumes and favourable oil price exposure.
In its unaudited results for the three months ended March 31, 2026, the dual-listed Nigerian energy firm also declared a dividend of 9.0 US cents per share, representing a 96 per cent increase year-on-year, underscoring its commitment to shareholder value amid a robust financial performance.
Gross profit for the period stood at $370.5 million, while cash generated from operations rose by 10 per cent to $337.9 million.
The companyâs balance sheet remained solid, with cash at bank increasing to $461.7 million at the end of March, and net debt declining by 21 per cent to $531.6 million.
Production averaged 129,841 barrels of oil equivalent per day, boepd, during the quarter, reflecting a 9 per cent increase compared to the previous quarter.
The company attributed the strong performance partly to its hedging strategy, which enabled full exposure to oil price upside, resulting in significant free cash generation.
Operationally, Seplat recorded over 9.1 million man-hours without a Lost Time Injury, highlighting its continued focus on safety across both onshore and offshore assets.
However, onshore production declined by 10 per cent year-on-year due to unplanned downtime on the Trans Forcados Pipeline, which disrupted operations on Western Assets for 38 days.
The company noted that pipeline operations resumed in late March, with production levels now normalised.
Offshore production, on the other hand, grew by 5 per cent to 79,141 boepd, supported by ongoing asset optimisation efforts.
The company also recorded strong growth in natural gas liquids, NGLs, with production rising significantly to 9,802 barrels per day.
Seplatâs gas business gained momentum with the commencement of first gas from the ANOH project in January 2026, contributing initial volumes of 17 million standard cubic feet per day, with further ramp-up expected in the second quarter.
Despite a rise in unit operating costs to $17.1 per barrel of oil equivalentâabove its guidance range due to maintenance activities and lower output volumesâthe company expressed confidence that costs would normalise in subsequent quarters.
Looking ahead, Seplat reaffirmed its 2026 production guidance of 135,000 to 155,000 boepd, supported by anticipated growth in gas and NGL output. Capital expenditure is projected to range between $360 million and $440 million.
Commenting on the results, Chief Executive Officer, Roger Brown, said geopolitical developments, particularly tensions in the Middle East, have reshaped the global oil outlook, positioning Nigeria advantageously.
âThe conflict in the Middle East has dramatically changed the outlook for the oil and gas industry in 2026⌠Nigeriaâs favourable geographic positioning, combined with our oil-rich portfolio and strong balance sheet, means we are well placed to deliver strong cashflows,â he said.
Brown noted that although first-quarter production fell slightly short of internal expectations due to infrastructure disruptions, output levels in April have rebounded to approximately 153,000 boepd, reflecting the underlying strength of the companyâs asset base.
He added that upcoming milestones, including the restart of the Yoho field and full ramp-up of the ANOH gas project, are expected to drive improved performance in the second quarter.
Seplat Energy said it remains focused on executing its growth strategy, enhancing asset reliability, and advancing towards its long-term production and sustainability targets, with expectations of stronger performance in the months ahead.