Seplat Energy Grows 2026 6M Revenue To $1.82bn, Gross Profit Rises By 68%

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 six months ended 30 June 2026, declaring US 12.0 Cents total dividend per share for the period, with its Profit After Tax (PAT) for the period rising by 498 per cent to $164m.

According to the financial statement signed by Chief Financial Officer, Eleanor Adaralegbe on Thursday, the energy company also grew its revenue to $1.82bn from $1.398bn Year-on-Year with cash generated hitting $985.9m.

Production averaged 139,509 boepd in 6M 2026 up 4 per cent from 6M 2025 (134,492 boepd), within 2026 guidance (135 – 155 kboepd). Working interest oil production of 99,518 bopd and gas of 182.9 MMscfd in 6M 2026.

Group production in 2Q 2026 averaged 149,070 boepd, up 9 per cent from 2Q 2025 (137,207 boepd) and up 15 per cent from 1Q 2026 (129,841 boepd).

Gross profit for the period stood at $815.9m rising by 68 per cent Year-on-Year from $484.6m.

The Group operated assets delivered 18.8 million man-hours without LTI.

The agreement reached with NNPC Limited to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture (JV) is expected to further enhance shareholder returns, bringing total expected dividend for 2026 to USD 68.3 cents/share ($410 million).

According to the operational highlights, production averaged 139,509 boepd in 6M 2026 up 4% from 6M 2025 (134,492 boepd), within 2026 guidance (135 – 155 kboepd) while working interest oil production of 99,518 bopd and gas of 182.9 MMscfd in 6M 2026.

The statement stated that group production in 2Q 2026 averaged 149,070 boepd, up 9% from 2Q 2025 (137,207 boepd) and up 15% from 1Q 2026 (129,841 boepd).

It added that onshore production contribution of 60,690 boepd, up 11% YoY (6M 2025: 54,831 boepd).

It said: “Strong production performance on West, East and Elcrest in 2Q 2026 supports YoY growth.

“Offshore production contribution of 78,819 boepd, down 1% vs. 6M 2025: 79,660 boepd.

“Idle well restoration programme continued its strong performance, 26 kbopd gross JV production capacity added in 6M 26 from 24 wells.

“NGLs delivered strong YoY growth, WI production of 8,459 bopd (6M 2025: 3,772 bopd).

“Carbon emissions intensity for the group: 33.5 kg CO2/boe 18% lower YoY (6M 2025: 41.0 kg CO2/boe). Onshore operated emissions intensity reduced 37% on 6M 2025, reflecting the positive impact of our End of Routine Flaring programme.

“6M 2026 Lost Time Injury (LTI) free. Group operated assets delivered 18.8 million man-hours without LTI.”

On financial highlights, it added: “Positive price environment drives a material improvement in revenue, EBITDA and net income.

“Revenue $1,820 million up 30% on prior year (6M 2025: $1,398 million), average realised oil price $94.13/bbl, a $7.47/bbl premium to Brent.

“Unit production operating cost of $15.8/boe (6M 2025: $12.5/boe), primarily due to Yoho restoration ($14.0/boe excluding Yoho costs).

“Adjusted EBITDA of $939 million, up 28% on prior year (6M 2025: $735.0 million).

“Net income increased to $164.0 million, up 498% YoY. Earnings per share USD 26.6 cents, up 565% YoY (6M 2025 USD 4.0 cents).

“Cash generated from operations of $985.9 million, up 29% on prior year (6M 2025: $766.2 million).

“Cash capital expenditure of $109.8 million (6M 2025: $96.5 million), higher run-rate expected in 2H 2026.

“Repaid early and cancelled $200 million under the Advanced Payment Facility, balance reduced to $100 million.

“Balance sheet remains strong, end-June cash at bank $433.8 million (FY 2025: $332.3 million), excluding $130.8 million restricted cash.

“Net Debt at end-June of $370.7 million down 45% since YE2025 ($673.3 million). Net Debt/EBITDA improves to 0.25x from 0.53x FY25.

Commenting on the results, Mr. Roger Brown, Chief Executive Officer, said: “As I hand over leadership of Seplat, the Company is stronger than ever. Production improved from the first quarter and remains on track to grow further in the second half of 2026 as temporary restrictions are lifted and planned activities are completed.

“Our first-half performance benefited from a supportive commodity price environment, translating into strong cash generation. Given the limited visibility on how long these elevated prices may persist, we prioritised balance sheet strength during the quarter, repaying $200 million of our outstanding APF debt, equivalent to 20 per cent of gross debt. At the same time, robust cash flows enabled us to continue enhancing shareholder returns.

“Our declared quarterly dividend of USD 12.0 cents per share represents a new quarterly high-water mark, up 33 per cent on 1Q 2026 and 161% higher than 2Q 2025. With continued strong business performance and the announced sale of a 10 per cent interest in our offshore JV to NNPC Limited, means that total dividends paid for the current financial year are expected to represent nearly 50% of all previous dividend paid to shareholders.

“The performance of our offshore business over the past 18 months has reinforced our conviction in the quality and scale of the opportunity within the portfolio. As I hand over to Effiong, I do so with great confidence. He brings the experience, capability and operational focus needed to unlock the next phase of value creation, supported by an exceptional team with a proven track record that continues to deliver for our shareholders, host communities and wider stakeholders.”