Yemisi Izuora
Seplat Energy Plc, has announced its unaudited results for the for the three months ended 31 March 2026, declaring US 9.0 Cents total dividend per share for the period, which is 96 per cent higher than 1Q 2025 payout.
The company grew its profit after tax (PAT) to $37.9m from $23.3m Year-on-Year with cash generated hitting $243.4m.
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 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, 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 isfully exposed to higher oil prices, and our strong balance sheet, means we are well placed to deliver strong cashflows in 2026. As a result, we have increased our 1Q 2026 dividend to 9.0 cents per share (core: 5.0 cents and special: 4.0 cents).
Production in 1Q 2026, improved 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 end 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”.