Seplat Energy’s Q1 2026 PAT rises by 62.7% to $37.9m
…Declares US 9.0 Cents dividend per share
Orisemeke Benjamin
Seplat Energy PLC, foremost Nigerian independent energy company has released its unaudited results for the three months ended 31 March 2026, reporting profit after tax of $37.9 million.
The profit grew by 62.7 per cent compared from $23.3 million Year-on-Year with cash generated hitting $243.4 million.
The company listed on both the Nigerian Exchange and the London Stock Exchange, declared US 9.0 Cents total dividend per share for the period, which is 96 per cent higher than the amount paid in the first quarter of 2025. The USD 9.0 Cents dividend declared by Seplat Energy consist of USD 5.0 cents share base and USD 4.0 cent share special dividend, for a total cost of approximately $54 million the dividend declared grew by 8 per cent quarter by quarter and 96 per cent year -on -,year.
The company result showed that gross revenue rose to $840.7 million, representing 4 per cent growth $809.3 per cent recorded on prior year first quarter of 2025.
Group production for the period averaged 129,841 barrels of oil equivalent per day (boepd) up by 9 per cent since fourth quarter 2025 against 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 $370.5 million.
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.
Commenting on the results, Mr. Roger Brown, Chief Executive Officer, Mr Rogers 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 cash flows 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 1Q 2026, improved Q-on-Q 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 on stream before end 2Q 2026, and full ramp-up of ANOH, as such we remain comfortable with our 2026.
