Seplat Energy PLC reports a gross profit of $370.5 million, achieves over 9.1 million hours without Lost Time Injury just as its First Quarter (Q1) 2026 Profit After Tax (PAT) rises by 62.7 percent to $37.9 million, declares US9.0 Cents dividend per share, an increase of 96 percent year-on-year, amid other milestones including building STEAM schools in Edo State and winning multiple awards for its resilience and for sustainability
By Edu Abade
Seplat Energy PLC, foremost Nigerian independent energy company listed on the Nigerian Exchange (NGX) and the London Stock Exchange, has announced its unaudited results for the three months ended March 31, 2026, declaring US9.0 Cents total dividend per share for the period, representing 96 per cent rise over Q1 2025 payout.
The company grew its Profit After Tax (PAT) to $37.9 million from $23.3m Year-on-Year (YoY) with cash generated hitting $243.4 million. Group production for the period averaged 129,841 barrels of oil equivalent per day (boepd) up 9 per cent since Q4 2025 (119,200 boepd). Crude and condensate liftings benefitted from the company’s put-option hedge strategy that exposed it to a 100 per cent of price upside, resulting in strong free cash. Gross profit for the period stood at $370.5m.
The Group delivered more than 9.1 million man-hours without Lost Time Injury-3.0 million hours onshore-operated assets and 6.1 million hours offshore.
Details of its operational highlights showed that production during the first 26 days of April averaged approximately 153 kboepd, bringing group average daily working interest production for the year to April 26, 2026 to approximately 135 kboepd, within FY 2026 guidance.
Onshore production contribution of 50,700 boepd, down 10 percent YoY (Q1 2025: 56,267 boepd) with YoY decline principally due to 38 days unplanned downtime on third-party operated Trans Forcados Pipeline, impacting Western Assets. Pipeline operations resumed on March 24, 2026 and Western Assets production has normalised.
Also, the company’s first gas at ANOH in January 2026 contributed working interest volumes of 17.0 mmscfd, planned increase Q2 2026 onwards, while offshore production contribution of 79,141 boepd, rose 5 percent as against Q1 2025 75,478 boepd.
The company explained that idle well restoration programme continued its strong performance, adding 10 kbopd gross JV production capacity from 8 wells, while NGLs delivered strong growth, WI production of 9,802 bopd (Q1 2025: 3,376 bopd), as EAP continued to perform at high levels.
“Yoho restart is on track for Q2 2026, Oso-BRT 1 gas expansion project is also on track for Q3 2026 start up. Carbon emissions intensity for Seplat group assets at 41.6 kg CO2/boe improved by 13 percent YoY (1Q 2025: 47.9 kg CO2/boe), within this onshore operated emissions intensity reduced 24 percent on Q1 2025, reflecting the positive impact of our End of Routine flaring programme,” the operational statement added.
Its financial highlights authorized for publication by the Chief Financial Officer (CFO), Eleanor Adaralegbe, indicate that gross revenue $840.7 million up 4 percent on prior year (1Q 2025: $809.3 million) just as realized oil price hit $86.16/bbl.
“Onshore operated assets now reporting under PIA, group blended unit royalty rate 14.7 percent of revenue (1Q 2025 16.2 percent). Unit production operating cost of $17.1/boe (1Q 2025: $12.6/boe), above our $13.5-14.5/boe guidance due to acceleration of planned maintenance activities at Yoho and lower volumes in the quarter, also impacting EBITDA, expected to normalize in subsequent quarters.
Adjusted EBITDA of $371.3 million (44 percent margin), down 7 percent vs prior year (1Q 2025: $400.6 million).
“Cash generated from operations of $337.9 million up 10 percent from $306.5 million in Q1 2025. Cash capital expenditure of $42.6 million up 6 percent YoY (Q1 2025: $ 40.2 million). Capex run rate expected to increase Q2 2026 onwards. Balance sheet remains robust, end-March cash at bank $461.7 million (YE 2025: $332.3 million).
“Net Debt at end-March of $531.6 million down 21 percent on prior quarter (YE 2025: $673 million). ND/EBITDA improves to 0.43x (YE: 0.53x). Completed refinancing of our undrawn revolving credit facility (‘RCF’) and upsized to $400 million, cost of borrowing reduced to SOFR plus 4.5 percent (down from SOFR plus 5 percent plus CAS), an overall saving of 76 bps,” the report added.
On dividend payout, the company declared dividend of USD 9.0 cents per share for Q1 2026, comprising USD5.0 c/share base and USD 4.0 c/share special dividend, for a total cost of approximately $54 million or 8 percent rise in declared dividend QoQ and 96 percent increase YoY.
For its 2026 Outlook, the company restated its guidance, adding that production guidance stood at 135-155 kboepd (Crude & Condensate: flat at +85 percent YoY for NGL and +30 percent YoY for Gas) while the Capex guidance remains $360-440 million and unit operating cost guidance reiterated at $13.5-$14.5/boe
Commenting on the results, Chief Executive Officer of Seplat Energy, Mr. Roger Brown, said, “The conflict in the Middle East has dramatically changed the outlook for the oil and gas industry in 2026, and quite possibly beyond. Nigeria’s favourable geographic positioning, combined with our oil rich portfolio, which is fully exposed to higher oil prices, and our strong balance sheet, means we are well placed to deliver strong cashflows in 2026. As a result, we have increased our Q1 2026 dividend to 9.0 cents per share (core: 5.0 cents and special: 4.0 cents).
“Production in Q1 2026, improved QoQ but modestly missed our internal expectations, largely due to unplanned downtime on third-party infrastructure onshore. That said, April to date production has averaged c.153 kboepd, illustrating the potential of our asset base. Notably, this is before the return of Yoho, scheduled to come back onstream before end Q2 2026, and full ramp-up of ANOH, as such we remain comfortable with our 2026 guidance.
“While the firmer oil price outlook should enhance cash flows its duration is uncertain, as such, we expect to retain our current growth-focused 2026 work programme, which will deliver enhanced asset reliability and overall portfolio growth on route to our 2030 targets. Overall, we have delivered a solid start to 2026, with expectations that Q2 2026 will see a step forward in performance.”
In a related development, the NNPC Exploration and Production Limited (NEPL)/Seplat Energy Joint Venture has commissioned two Science, Technology, Engineering, Arts and Mathematics (STEAM) laboratories built at the Ogbe and Uselu Secondary Schools in Oredo and Ikpoba Okha Local Government Areas of Edo State.
The laboratories which were commissioned in Benin-City, the Edo State Capital with the aim of driving educational sustainability in State and promote excellence among students.
Speaking at the commissioning, Mrs. Chioma Afe, Director, External Affairs and Social Performance, Seplat Energy Plc, said the Joint Venture has so far built and commissioned nine STEAM Laboratories in the state; thus increasing the numbers of STEAM laboratories so far established in Edo and Delta State to 14.
She said the STEAM Labs were part of the organization’s commitment to sustaining education in Edo and Delta states, while assuring that the same development would soon be extended to other states where the company operates.
According to her, the Joint Venture had successfully executed various educational programs in the States, which include the Seplat Teachers Empowerment Programme, the Pearls Quiz competition, inclusive of the STEAM Labs and Access to Energy Projects.
In the same vein, the Managing Director of NEPL, Mr. Nicolas Foucart, said the laboratories are designed to promote practical learning, creativity, critical thinking, and innovation in Science, Technology, Engineering, Arts, and Mathematics.
Foucart, who was represented by Lead Community Relations Western Assets, NEPL, Mr. Reginald Duke, noted that the expectation of the management is that the laboratories would help equip students with relevant skills to succeed in a fast-changing world.
He also added that the facilities in the schools reflected the NEPL/Seplat JV shared commitment to quality education and sustainable community development.
“We believe that investing in education is one of the most meaningful ways to shape the future of our young people and our nation,” he stated.
Also, a former Commissioner for Education in Edo State, Dr. Paddy Iyamu, described the STEAM Labs as one of the best investments any investor can make in the life of the Nigerian children
He urged other corporate organizations in the state to emulate Seplat in fulfilling their Corporate Social Responsibilities.
He said, “Please, let’s celebrate and appreciate the leadership of Seplat Energy. Together, you have also helped us in training our teachers. The list is endless. We have other companies that drill oil in the state, but when it comes to corporate social responsibility they fail. The NEPL/Seplat JV has always responded positively and responsibly in the environment where you operate. We are grateful. On behalf of my Governor, we thank you.”
On her part, Mrs. Edith Ebomoyi, Permanent Secretary, Edo State Ministry of Education, described the Labs commissioning as a milestone in the collective and committed efforts to the future of education in the State.
In their separate remarks, the Principal of Ogbe Secondary School, Mrs. Itohanmwen Augustina and Mrs. Obaretin Osayanmo of Uselu Secondary School, who commended the State Government, Seplat Energy and NEPL for the investment, pledged to take ownership of the facilities and resist any act of vandalism. They also promised to make judicious use of the facilities to achieve the purpose for which they were established.
Meanwhile, Seplat Energy has secured regulatory, market and industry recognitions that underscore its rising investor confidence in the company’s governance standards, financial prudence and execution of its growth strategies. This follows as Seplat became the first company on the Nigerian Exchange to cross the N10,000 per share level on April 14, 2026, with the stock rising to about N10, 450, a move analysts say reflects robust institutional demand and confidence in its expanded asset base and earnings outlook.
The company also won the Platinum Award at the ICAN-NGX Regulation Limited’s Corporate Regulation Awards on April 21, 2026, ranking first overall among leading listed companies. The award assesses firms on financial reporting quality, corporate governance and sustainability disclosures, with emphasis on transparency, compliance with international standards and integration of environmental, social and governance (ESG) factors.
Market players view such recognition as a signal of reduced reporting and governance risks, particularly important for companies assessing both domestic and international capital markets. Seplat also entered the top 10 Most Valuable Brands in Nigeria for the first time, ranking ninth in the 2026 Brand Finance Nigeria 25 report.
Brand Finance said Seplat recorded the fastest brand value growth among ranked companies with brand value rising 97 percent to N194.5 billion, driven by higher production, improved cash generation and consolidation of offshore assets. In the report, Managing Director of Brand Finance Nigeria, Babatunde Odumeru, said, “Standout growth from Seplat Energy shows that the market continues to reward operational discipline and strong strategic positioning.”
In addition, Seplat won the Energy Company Corporate Social Responsibility (CSR) Excellence Award at the Energy Times Awards 2026 and was named Outstanding Energy Company of the Year 2025 at the Industry Newspaper Awards, further reflecting its community investment and sustainability initiatives.
Chief Executive Officer of Seplat Energy, Roger Brown, said earlier this year that the company’s expansion into offshore operations alongside strong onshore output had strengthened cash flow and lowered its cost of debt. He maintained that Seplat remains on track to deliver a planned $1 billion cumulative return of capital to shareholders by 2030, as it seeks to balance growth, shareholder returns and Nigeria’s energy transition goals. Seplat Energy is listed on the Premium Board of the Nigerian Exchange and the Main Market of the London Stock Exchange.
