Seplat Energy Plc has recorded a 174 per cent increase in net income to $260.2 million for the nine months ended September 30, 2026, buoyed by higher crude oil production, stronger realised prices and a 27 per cent growth in revenue.
The Nigerian independent energy company also increased its third-quarter dividend by 58 per cent sequentially to 19 cents per share, comprising a core dividend of five cents and a special dividend of 14 cents, reflecting improved earnings and cash generation.
According to a statement by the Company’s Manager of Corporate Communications and Media Relations, Mr. Stanley Opara, the company’s nine-month financial results showed that revenue rose to $2.764 billion from $2.177 billion in the corresponding period of 2025.
The statement noted that adjusted earnings before interest, taxes, depreciation and amortisation increased by 38 per cent to $1.53 billion, while earnings per share also climbed by 172 per cent to 42 cents, compared with 16 cents recorded in the corresponding period last year.
The company’s operational performance contributed to the improved financial results, with average working-interest production rising by seven per cent to 144,999 barrels of oil equivalent per day from 135,636 barrels per day in the same period of 2025.
Production strengthened further in the third quarter, averaging 155,801 barrels of oil equivalent per day, representing a 13 per cent increase year-on-year and a five per cent rise from the preceding quarter.
Seplat’s average realised crude oil price reached $96.19 per barrel during the nine-month period, exceeding the average Brent benchmark by $8.12 per barrel. In the third quarter, the company realised $100.44 per barrel, a premium of $10.21 over the average Brent price.
The improved performance also strengthened the company’s balance sheet, with net debt falling by 65 per cent to $234.9 million at the end of September from $673.3 million at the close of 2025.
Its net debt-to-EBITDA ratio consequently improved to 0.14 times from 0.53 times, while cash balances increased to $556.9 million from $332.3 million at the end of 2025.
Seplat subsequently repaid the remaining $100 million balance on its acquisition financing facility on October 27, completing the repayment of all debt raised to acquire Mobil Producing Nigeria Unlimited in 2024.
Cash generated from operations stood at $1.479 billion, compared with $1.395 billion in the corresponding period of 2025, while free cash flow reached $749 million.
Commenting on the results, the Chief Executive Officer, Effiong Okon, said the company’s production growth and favourable crude oil prices had strengthened its financial performance and positioned it to meet its full-year production targets.
“In my first update as CEO, I am delighted to report another quarter of robust production growth, averaging over 155 kboepd in 3Q 2026, which puts us firmly on track to meet the upper half of our full year guidance,” Okon said.
He added that the company’s onshore operations recorded record gas production during the quarter, supported by the continued ramp-up of the Assa North-Ohaji South gas project and strong performance across its Western assets.
Seplat also commenced its first commercial gas sales through the Oben-Obiafu-Obrikom-Oben pipeline in September, marking another milestone in the development of its gas business.
The company’s offshore idle-well restoration programme added 33,700 barrels of oil per day and 176 million standard cubic feet of gas per day in gross joint-venture production capacity during the year to date, following the restoration of 41 wells.
However, the company said the start-up of its Yoho restoration project had been delayed by pipeline damage identified after the project’s completion during the third quarter. Production is expected to commence in the fourth quarter of 2026.
In another development, Seplat announced an oil and gas discovery across five reservoir intervals in the Aku-01 exploration well on its PPL 2A25 licence.
The discovery has reduced exploration risks for four prospects on the licence, with a second exploration well planned for 2027 to test one of them.
The company retained its full-year 2026 dividend guidance of $270 million, equivalent to 45 cents per share, and said it intended to pay an additional transaction dividend of approximately 23.3 cents per share, or $140 million, following the expected completion of the sale of a 10 per cent interest in the NNPCL-SEPNU joint venture to NNPC Limited.
Seplat also narrowed its full-year production guidance to between 145,000 and 155,000 barrels of oil equivalent per day, from the previous range of 135,000 to 155,000 barrels per day, reflecting its performance so far this year.
Its capital expenditure guidance was reduced to between $280 million and $340 million, while unit operating cost guidance was raised to between $15.50 and $16.50 per barrel of oil equivalent, partly due to ongoing costs associated with Yoho.
On sustainability, the company reported a 14 per cent year-on-year reduction in group carbon emissions intensity to 37.4 kilogrammes of carbon dioxide per barrel of oil equivalent.
Emissions intensity across its operated onshore assets fell by 34 per cent, reflecting continued progress under its End of Routine Flaring programme.
Okon said the company’s operational capabilities, financial position and portfolio of growth opportunities provided a strong foundation for its next phase of expansion.
He added that cumulative dividends declared since Seplat’s initial public offering would exceed $1 billion when the third-quarter dividend was paid, as the company continued to pursue its five-year plan to return a second $1 billion to shareholders.
