• Paid $1.0bn cumulative dividends since IPO
• Set to return second $1.0bn to shareholders on 5-year plan
Seplat Energy, a leading Nigerian independent energy company listed on both the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE), witnessed strong production and price realisations, delivering free cash flow of $749 million, the company announced in its nine months unaudited results ended 30 September 2026.
According to the energy company, the results further improved its net leverage to Net Debt/ EBITDA, underpinning increased distributions, with third quarter 2026 dividend raised by 58 percent sequentially to USD19.0 cents/share, reflecting a strong operational and financial performance.
The operational highlights indicate that the leading energy company’s nine-month 2026 (9M 2026) working interest production averaged 144,999 boepd up seven percent from 9M 2025 of 135,636 boepd, with onshore up 22 percent. Also, 3Q 2026 working interest production averaged 155,801 boepd, up 13% YoY from 3Q 2025: 137,888 boepd and up five percent sequentially.
The company completed initial debt principal repayments for its ANOH in the third quarter (3Q 2026), with its first commercial gas sold via OB3 pipeline in September. Offshore, idle well restoration programme continued its strong performance, adding 33.7 kbopd and 176 MMscf/d gross JV production capacity YTD from 41 wells. Of the 41 wells restored YTD, four are gas wells. Post period end, discovery of oil and gas across five reservoir intervals in the Aku-01 exploration well, in PPL 2A25. Discovery de-risks four prospects on the license, one of which will be tested in a second exploration well that is now being planned for 2027.
Also, Seplat Energy said in the 9M 2026 operation, it recorded 14 percent lower carbon emissions intensity for the group: 37.4 kg CO2/boe YoY compared to 2025: 43.6 kg CO2/boe). Onshore operated emissions intensity reduced 34 percent YoY, reflecting the continued positive impact of our end of routine flaring (ERF) programme.
On financial highlights, the energy company’s revenue went up 27 percent to $2,764 million prior to 2025 figure of $2,177 million. In the nine-month 2026 report, average realised oil price was $96.19/bbl, which was $8.12/bbl premium to average Brent price, third quarter 2026 average realised oil price of $100.44/bbl, was $10.21/bbl premium to average Brent price.
In addition, the Nigerian independent energy company reported nine-month 2026 adjusted EBITDA of $1,530 million, up 38 percent to nine-month 2025’s $1,111.9 million. Net income also increased to $260.2 million, up 174% YoY. Earnings per share went up 172% YoY to USD 42 cents, compared to 2025: USD 16 cents. Cash generated from operations of $1,478.7 million was up six percent on prior year 9M 2025: $1,395.4 million.
Arising from these strong operations and cashflow, Seplat Energy says its balance sheet remains strong, with end-Sept (2026) cash at bank of $556.9 million, stronger than FY 2025: $332.3 million. Also, the company’s net debt at end-Sept (2026) of $234.9 million was down 65 percent versus YE 2025’s $673.3 million. However, net debt per EBITDA improved to 0.14x from 0.53x at YE 2025.
Seplat Energy said it repaid $100 million balance on the APF on 27 October (this year). As such, all debt raised to acquire MPNU in 2024 has been repaid.
On corporate update and 2026 outlook, the energy company will witness the sale of a 10% interest in NNPCL-SEPNU JV to NNPC Ltd expected to complete during 4Q 2026. As previously disclosed, following completion, the company intends to pay a transaction dividend of approximately half the consideration of USD 23.3 cents/share, amounting to $140 million.
It declared dividend of USD19.0 cents/share totalling $114 million, consisting of USD5.0 c/shr core and USD14.0 c/shr special dividend. Total dividend declared year-to-date (YTD) amounts to USD40.0 cents/share. Full year (FY 2026) dividend guidance of $270 million (USD45.0 cents/share), is retained.
The 2026 guidance was updated to reflect progress year to date: production guidance narrowed to the upper end at 145-155 kboepd (from 135-155 kboepd), reflecting strong YTD performance. Capex guidance lowered to $280-$340 million (from $360-440 million), primarily due to phasing, given the late arrival of the offshore rig, and unit operating cost guidance increased to $15.5-$16.5/boe (from $14.5-$15.5/boe), due to ongoing costs related to Yoho.
Commenting on the nine-month 2026 results, Effiong Okon, Seplat Energy’s chief executive officer, said: “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. This was delivered in a period of continued high crude prices, we realized $100.4/bbl in the quarter, a full $10.2/bbl higher than the average Brent price in the period, further enhancing our results.
Effiong added: “operationally, in our onshore business, we achieved record gas production levels in the quarter, supported by continued solid ANOH ramp-up alongside strong performance on our Western assets, and we have clear line of sight to continued growth that will be underpinned by operational excellence as offshore gas production comes back online. Yoho restoration project was completed during the quarter, although start-up has been delayed due to pipeline damage that was identified and is being repaired, production is expected online in 4Q 2026. I’m pleased to announce exploration success at Aku-01, a strong reminder of our rich portfolio of prospects and the quality of the subsurface in Nigeria.
“Our strong financial performance supports the interim dividend payment of USD 19.0 cents per share. When paid, the 3Q 2026 dividend will lift cumulative dividends declared since our IPO to over $1.0 billion, and we are firmly on track to return our second $1.0 billion to shareholders as we deliver on our 5 year plan. A clear demonstration of the financial robustness of our business”.
On the company’s next phase of growth, the CEO said, “based on my engagements in the first three months on the job, I am inspired by the quality of our people, excited with the depth of portfolio growth opportunities and encouraged by the strength of our balance sheet. We are making significant progress on integration, and multiple initiatives are underway to further enhance our operational capabilities. With these foundations in place, I believe that we are well positioned to deliver substantial growth, further reinforcing our position as a leading energy provider in Nigeria, a region of increasing strategic importance to global energy markets.”
