Seplat Energy’s PAT Rises by 62.7% to $37.9m In Q1

…Achieves 9.1m hours without lost time Injury

Seplat Energy PLC, Nigeria’s independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has recorded a profit after tax (PAT) of $37.9 million in its unaudited results for the three months ended 31 March 2026.

This marked a 62.7 per cent increase over the $23.3 million recorded in the corresponding period of the previous year, with cash generated hitting $243.4 million.

The company also declared total dividend per share of US9.0 Cents for the period, which is 96 per cent higher than the Q1 2025 payout.
According to the financial results released on the NGX, group production for the period averaged 129,841 barrels of oil equivalent per day (boepd) up 9 per cent since 4Q 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 said it 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.

The result showed that Operational highlights for the period was as follows: Production during the first 26 days of April has averaged approximately 153 kboepd, bringing group average daily working interest production for the year to 26 April to approximately 135 kboepd, within FY 2026 guidance; Onshore production contribution of 50,700 boepd, down 10 per cent YoY (1Q 2025: 56,267 boepd).
Also, the energy company said that year-on-year decline occurred in iits output due to 38 days unplanned downtime on third-party operated Trans Forcados Pipeline, impacting Western Assets. However, it said. pipeline operations resumed on 24 March and Western Assets production has normalised.

Seplat Energy also reported key operational advances in the first quarter of 2026. First gas from ANOH arrived in January, contributing 17.0 million standard cubic feet per day in working interest volumes, with plans for an increase starting in the second quarter. Offshore production reached 79,141 barrels of oil equivalent per day, a five per cent rise from 75,478 barrels of oil equivalent per day in the first quarter of 2025.

It said the idle well restoration programme added 10,000 barrels of oil per day gross joint venture capacity across eight wells. Natural gas liquids working interest production grew to 9,802 barrels of oil per day from 3,376 barrels of oil per day a year earlier.

The Yoho restart remained on track for the second quarter, while the Oso-BRT one gas expansion targets a third-quarter startup. Carbon emissions intensity for group assets improved to 41.6 kilograms carbon dioxide per barrel of oil equivalent, down thirteen per cent year-on-year from 47.9 kilograms carbon dioxide per barrel of oil equivalent; onshore operated assets saw a 24 per cent reduction, aided by the End of Routine Flaring programme.

Financially, gross revenue climbed four per cent to 840.7 million dollars from 809.3 million dollars in the prior-year quarter, with a realised oil price of 86.16 dollars per barrel.

The group blended unit royalty rate fell to 14.7 per cent of revenue from 16.2 per cent, reflecting onshore operated assets now under the Petroleum Industry Act. Unit production operating costs rose to 17.1 dollars per barrel of oil equivalent from 12.6 dollars per barrel of oil equivalent, exceeding the 13.5 to 14.5 dollars per barrel of oil equivalent guidance due to accelerated Yoho maintenance and lower volumes—expected to normalise later.

Adjusted earnings before interest, taxes, depreciation, and amortisation stood at 371.3 million dollars (44 per cent margin), down seven per cent from 400.6 million dollars. Cash from operations increased ten per cent to 337.9 million dollars, while cash capital expenditure grew six per cent to 42.6 million dollars, with a higher run rate anticipated from the second quarter.

The balance sheet strengthened, with end-March cash at 461.7 million dollars (up from 332.3 million dollars year-end 2025) and net debt at 531.6 million dollars (down twenty-one per cent from 673 million dollars), improving the net debt to earnings before interest, taxes, depreciation, and amortisation ratio to 0.43 times from 0.53 times.

The company refinanced its undrawn revolving credit facility, upsizing it to 400 million dollars at Secured Overnight Financing Rate plus 4.5 per cent, a seventy-six basis-point saving.

A first-quarter dividend of United States dollars nine cents per share was declared—comprising a United States dollars five cents base and United States dollars four cents special—for a total cost of about 54 million dollars, up eight per cent quarter-on-quarter and ninety-six per cent year-on-year.

For 2026, guidance remains unchanged: production of 135 to 155 thousand barrels of oil equivalent per day (crude and condensate flat; natural gas liquids up eighty-five per cent year-on-year; gas up thirty per cent); capital expenditure of 360 to 440 million dollars; and unit operating costs of 13.5 to 14.5 dollars per barrel of oil equivalent.

Commenting on the results, the chief executive officer, Roger Brown stated that the Middle East conflict has altered the 2026 oil and gas outlook, potentially longer-term.
Nigeria’s positioning and Seplat’s oil-exposed portfolio, backed by a strong balance sheet, support robust cash flows.

He said the first-quarter production improved quarter-on-quarter but missed internal targets due to unplanned onshore third-party downtime;

April averages hit about 153 thousand barrels of oil equivalent per day ahead of Yoho and ANOH ramps, aligning with guidance. With oil price firmness uncertain, the company will maintain its growth-focused programme for asset reliability en route to 2030 targets, delivering a solid quarterly start with second-quarter gains expected.