In a landmark half-year performance for 2026, Seplat Energy PLC has demonstrated extraordinary operational resilience and financial strength across its Nigerian oil and gas portfolio. Fueled by disciplined execution and favorable global market conditions, the leading independent energy producer delivered a transformative financial result while upholding a rigorous commitment to safety and environmental sustainability.

The headline figure of the company’s unaudited six-month results was a staggering 498% year-on-year surge in Profit After Tax (PAT), reaching $164 million. Revenue expanded by 30% to $1.82 billion—up from $1.398 billion in 6M 2025—bolstered by a realized oil price averaging $94.13 per barrel. Gross profit rose 68% to $815.9 million, while cash generated from operations reached an impressive $985.9 million.

Operational efficiency remained central to Seplat’s success. Group production averaged 139,509 barrels of oil equivalent per day (boepd) during the first half, up 4% year-on-year. Momentum accelerated sharply in the second quarter to 149,070 boepd—a 15% sequential increase over 1Q 2026. A key catalyst was the company’s aggressive idle well restoration program, which successfully added 26,000 barrels per day of gross capacity across 24 wells.

Crucially, this operational drive occurred alongside exemplary safety and decarbonization milestones. Seplat recorded 18.8 million man-hours without a Lost Time Injury (LTI), remaining completely LTI-free for the period. Concurrently, carbon emissions intensity fell 18% year-on-year to 33.5 kg $CO_2$/boe, backed by a 37% drop in onshore emissions under its End of Routine Flaring program.

The robust cash flow enabled Seplat to aggressively strengthen its balance sheet. The firm repaid $200 million of debt under its Advanced Payment Facility, cutting net debt by 45% to $370.7 million and improving its Net Debt/EBITDA ratio to 0.25x. S&P upgraded Seplat’s credit rating to B+ in response.

Shareholders are set to reap massive rewards. Seplat declared a 2Q 2026 dividend of 12.0 cents per share ($72 million). Total expected dividends for 2026 are projected to hit 68.3 cents per share ($410 million)—a 173% jump year-on-year—supported by the planned sale of a 10% interest in the NNPCL-SEPNU Joint Venture to NNPC Limited for $281.6 million.

Reflecting on the strong performance as he prepares to step down, Chief Executive Officer Roger Brown remarked: “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… Our declared quarterly dividend of 12.0 cents per share represents a new quarterly high-water mark.”

This financial milestone coincides with major governance changes. On August 1, 2026, Engr. Effiong Okon succeeds Roger Brown as CEO, while business titan Mr. Tony O. Elumelu, is set to assume the position of Board Chairman on January 1, 2027, positioning Seplat for its next phase of growth.