Seplat Energy Delivers Robust Q1 2026 Results With $840.7m Revenue
Revenue Hits $840.7m as Company Declares 96% Dividend Increase and Sets Safety Milestone
Seplat Energy Plc, one of Nigeria’s leading indigenous oil and gas companies, has reported a solid financial performance for the first quarter of 2026, with profit after tax rising to $37.9 million from $23.3 million in the same period last year, a growth of approximately 63%.
The results reflect the company’s ability to leverage higher production output, favourable oil prices, and a disciplined hedging strategy to deliver stronger returns for its shareholders.
Revenue for the quarter grew 4% to $840.7 million, underpinned by increased hydrocarbon liftings and an improved pricing environment. Gross profit stood at $370.5 million, while cash generated from operations reached $243.4 million, pointing to a business that is not only growing its top line but also converting that growth into meaningful cash flow.
Production averaged 129,841 barrels of oil equivalent per day (boepd) during the quarter, up from 119,200 boepd in the same period last year, reflecting the company’s ongoing investments in its upstream assets across the Niger Delta and other producing areas. The oil price benchmark stood at $86.16 per barrel, providing a supportive margin environment, while the company’s hedging strategy helped stabilise revenues and limit earnings volatility throughout the quarter.
For investors, the standout announcement was a dividend of 9.0 cents per share, a 96% increase year-on-year. This near-doubling of the dividend payout signals management’s confidence in the company’s financial strength and its commitment to shareholder value. Strong operating cash flow of $243.4 million further reinforces the company’s ability to reward investors while continuing to fund growth and manage its debt obligations.
Adding to an already impressive quarter, Seplat surpassed 9.1 million man-hours without a lost time injury, a significant safety milestone that highlights the company’s commitment to operational excellence beyond the balance sheet. With higher production, a favourable pricing environment, and a proven hedging framework in place, Seplat Energy appears well-positioned to sustain its momentum through the remainder of 2026.
