Seplat Energy PLC, one of Nigeria’s independent energy companies, has reported unaudited results for the six months ended 30 June 2026, showing Profit After Tax (PAT) surging by 498 per cent to $164 million on the back of stronger oil prices and improved production.
The company declared a total dividend 12.0 US Cents per share for the second quarter, made up of a 5.0-cent core dividend and a 7.0-cent special dividend, making a new quarterly high for shareholders.
Revenue rose 30% year-on-year to $1.82billion, up from $1.398billion in the same period last year, driven by an average realised oil price of $94.13 per barrel, a $7.47 premium to Brent crude. Gross profit climbed 68% to $815.9 million from $484.6 million, while adjusted EBITDA grew 28% to $939 million.
Earnings per share rose to 26.6 US cents, up from 565 % from 4.0 cents in the first half of 2025. Cash generated from operations increased 29% to $985.9 million.
Group production averaged 139,509 boepd in half year 2026, up 4 per cent from 6M 2025 (134,492 boepd), within 2026 guidance (135 – 155 kboepd). Working interest oil production of 99,518 bopd and gas of 182.9 MMscfd in 6M 2026.
Group production in 2Q 2026 averaged 149,070 boepd, up 9 per cent from 2Q 2025 (137,207 boepd) and up 15 per cent from 1Q 2026 (129,841 boepd).
Gross profit for the period stood at $815.9m rising by 68 per cent Year-on-Year from $484.6m.
The Group operated assets delivered 18.8 million man-hours without LTI.
The agreement reached with NNPC Limited to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture (JV) is expected to further enhance shareholder returns, bringing the total expected dividend for 2026 to USD 68.3 cents/share ($410 million).
Commenting on the results, Mr. Roger Brown, Chief Executive Officer, said: “As I hand over leadership of Seplat, the Company is stronger than ever. Production improved from the first quarter and remains on track to grow further in the second half of 2026 as temporary restrictions are lifted and planned activities are completed.
Our first-half performance benefited from a supportive commodity price environment, translating into strong cash generation. Given the limited visibility on how long these elevated prices may persist, we prioritised balance sheet strength during the quarter, repaying $200 million of our outstanding APF debt, equivalent to 20 per cent of gross debt. At the same time, robust cash flows enabled us to continue enhancing shareholder returns.
Our declared quarterly dividend of USD 12.0 cents per share represents a new quarterly high-water mark, up 33 per cent on 1Q 2026 and 161% higher than 2Q 2025. With continued strong business performance and the announced sale of a 10 per cent interest in our offshore JV to NNPC Limited, means that total dividends paid for the current financial year are expected to represent nearly 50% of all previous dividends paid to shareholders.
The performance of our offshore business over the past 18 months has reinforced our conviction in the quality and scale of the opportunity within the portfolio. As I hand over to Effiong, I do so with great confidence. He brings the experience, capability and operational focus needed to unlock the next phase of value creation, supported by an exceptional team with a proven track record that continues to deliver for our shareholders, host communities and wider stakeholders.”
