Seplat Energy Grows Revenue To $840.7m, Gross Profit Hits $370.5m In Q1

Seplat Energy Plc has declared a revenue of $840.7 million and gross profit of $3.370.5 million in the first quarter (Q1) of 2026.

The Company, listed on both the Nigerian Exchange and the London Stock Exchange, also declared a total dividend of US 9.0 cents per share for the period, which is 96 per cent higher than the Q1 2025 payout.

The energy company grew its profit after tax to $37.9 million from $23.3 million year-on-year, with cash generated hitting $243.4 million.

Gross revenue grew by four per cent to $840.7 million from $809.3 million in 2025, while gross profit for the period stood at $370.5 million.

Speaking about the results, the 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 cash flows in 2026. As a result, we have increased our Q1 2026 dividend to 9.0 cents per share.”

He stated, “production in Q1 2026 improved quarter-on-quarter (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 the end of 2Q 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 2Q 2026 will see a step forward in performance.”