• PAT rises by 62.7% to $37.9m
• Declares US9.0 cents dividend per share, up by 96% YoY
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 Q1 2026 ended 31 March 2026, with gross revenue growing by $840.7 million, up from $809.3 million in Q1 2025, with a realised crude oil price of $86.16/bbl. gross profit hitting $370.5 million, according to a statement issued.
With this performance, the energy company has declared US9.0 cents total dividend per share for the period, which is 96 percent higher than Q1 2025 payout.
The foremost energy company also grew its profit after tax (PAT) to $37.9 million from $23.3 million year-on-year with cash generated hitting $243.4 million.
Group production for the period averaged 129,841 barrels of oil equivalent per day (boepd) up 9 percent 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 percent of price upside, resulting in strong free cash. Gross profit for the period stood at $370.5 million, the company said.
Also, the Group delivered more than 9.1 million man-hours without lost time injury (LTI) – 3.0 million hours onshore-operated assets and 6.1 million hours offshore.
Additionally, Seplat said the first gas production at its multi-million-dollar ANOH gas processing plant in January 2026, contributed working interest volumes of 17.0 mmscfd, with planned increase from Q2 2026 onwards. Also, it’s offshore production contribution of 79,141 boepd was up 5 percent vs. Q1 2025’s 75,478 boepd.
It continued restoration programme of idle with strong performance, adding 10 kbopd gross JV production capacity from 8 wells. Natural gas liquids (NGLs) delivered strong growth, WI production of 9,802 bopd for Q1 2025 to 3,376 bopd), as EAP continued to perform at high levels. It’s Yoho restart was on track for Q2 2026, with the Oso-BRT 1 gas expansion project on track for Q3 2026 start up.
Seplat said it’s carbon emissions intensity for the group assets amounted to 41.6kg CO2/boe improved by 13% 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 its “end of routine flaring” programme.
Onshore operated assets now reporting under PIA, group blended unit royalty rate 14.7 percent of revenue against Q1 2025 rate of 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 normalise in subsequent quarters.
Cash generated from operations of $337.9 million was up 10 percent from $306.5 million in Q1 2025. Also cash capital expenditure of $42.6 million was up 6 percent YoY against $ 40.2 million in the previous year. Capex run rate is expected to increase from Q2 2026 onwards.
Balance sheet remains robust, end-March cash at the bank $461.7 million against YE 2025 of $332.3 million. Net debt at end-March of $531.6 million was down by 21 percent on prior quarter (YE 2025: $673 million). ND/EBITDA improves to 0.43x (YE: 0.53x).
For 2026 outlook, Seplat said it will keep to it’s production guidance of 135-155 kboepd (crude and condensate: flat, NGL: +85% YoY & Gas: +30% YoY). Its capex guidance will remain at $360-440 million, unit operating cost guidance at $13.5-$14.5/boe
Commenting on the results, Roger Brown, Seplat’s chief executive officer, 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 cash flows in 2026. As a result, we have increased our 1Q 2026 dividend to 9.0 cents per share (core: 5.0 cents and special: 4.0 cents)”.
Brown announced that their production in Q1 2026 improved QoQ but modestly missed their internal expectations, largely due to unplanned downtime on third-party infrastructure onshore.
“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,” he informed.
He announced that 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 2Q 2026 will see a step forward in performance”.
