‎𝗦𝗲𝗽𝗹𝗮𝘁 𝗘𝗻𝗲𝗿𝗴𝘆 𝗽𝗿𝗼𝗳𝗶𝘁 𝗷𝘂𝗺𝗽𝘀 𝟭𝟳𝟰 𝗽𝗲𝗿𝗰𝗲𝗻𝘁, 𝗱𝗶𝘃𝗶𝗱𝗲𝗻𝗱 𝗿𝗶𝘀𝗲𝘀 𝟱8%

𝗛𝗶𝗴𝗵𝗲𝗿 𝗼𝗶𝗹 𝗽𝗿𝗶𝗰𝗲𝘀, 𝗿𝗲𝗰𝗼𝗿𝗱 𝗴𝗮𝘀 𝗼𝘂𝘁𝗽𝘂𝘁 𝗮𝗻𝗱 𝗹𝗼𝘄𝗲𝗿 𝗱𝗲𝗯𝘁 𝗹𝗶𝗳𝘁 𝗦𝗲𝗽𝗹𝗮𝘁’𝘀 𝗻𝗶𝗻𝗲-𝗺𝗼𝗻𝘁𝗵 𝗿𝗲𝘀𝘂𝗹𝘁𝘀
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‎• Seplat Energy’s nine-month net income surges 174 percent to $260.2 million as crude prices stay high.
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‎• Net debt drops 65 percent to $234.9 million, while the 3Q dividend jumps 58 percent to 19.0 cents per share.
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‎• A fresh Aku-01 oil and gas discovery and a $100 million debt repayment sharpen the growth story.
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‎Seplat Energy Plc has closed the first nine months of 2026 with a sharp rise in profit, stronger cash flow and a much lighter debt load, according to its unaudited results sighted by Confiance News.
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‎The company, which is listed on both the Nigerian Exchange Group and the London Stock Exchange, reported free cash flow of $749 million for the period. Consequently, it raised its third-quarter dividend to support shareholder payouts.
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‎𝗣𝗿𝗼𝗳𝗶𝘁 𝗮𝗻𝗱 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝘀𝘂𝗿𝗴𝗲
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‎Revenue rose 27 percent to $2,764 million, up from $2,177 million in the same period of 2025. Furthermore, adjusted EBITDA climbed 38 percent to $1,530 million, compared with $1,111.9 million a year earlier.
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‎Net income, as obtained by Confiance News, rose 174 percent to $260.2 million. Earnings per share followed suit, increasing 172 percent to 42 cents from 16 cents. Meanwhile, cash generated from operations edged up 6 percent to $1,478.7 million.
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‎Prices helped. The company realised an average of $96.19 per barrel over the nine months, which is $8.12 above the average Brent price. In the third quarter alone, it realised $100.44 per barrel, a $10.21 premium.
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‎𝗗𝗲𝗯𝘁 𝗳𝗮𝗹𝗹𝘀 𝘀𝗵𝗮𝗿𝗽𝗹𝘆
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‎The balance sheet tells an equally strong story. Net debt fell 65 percent to $234.9 million at the end of September, from $673.3 million at the end of 2025. As a result, the net debt to EBITDA ratio improved to 0.14x from 0.53x.
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‎Cash at bank also grew to $556.9 million, up from $332.3 million at the end of last year. In addition, Confiance News learned that Seplat repaid the $100 million balance on its APF on 27 October. With that payment, all debt raised to acquire MPNU in 2024 has now been cleared.
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‎𝗗𝗶𝘃𝗶𝗱𝗲𝗻𝗱 𝗴𝗲𝘁𝘀 𝗮 𝗹𝗶𝗳𝘁
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‎Shareholders stand to gain. The board declared a 3Q 2026 dividend of 19.0 cents per share, or $114 million, up 58 percent from the previous quarter. It is made up of a 5.0 cent core dividend and a 14.0 cent special dividend.
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‎Total dividends declared so far this year stand at 40.0 cents per share. Notably, the company retained its full-year dividend guidance of $270 million, or 45.0 cents per share.
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‎There is more to come. Seplat expects to complete the sale of a 10 percent interest in the NNPCL-SEPNU JV to NNPC Ltd in 4Q 2026. Once that closes, it plans a transaction dividend of about half the consideration, which is 23.3 cents per share or $140 million, documents reviewed by Confiance News show.
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‎𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀
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‎Output kept climbing. Working interest production averaged 144,999 barrels of oil equivalent per day (boepd) over nine months, up 7 percent from 135,636 boepd, with onshore output up 22 percent. In the third quarter, production averaged 155,801 boepd, which is 13 percent higher than a year earlier and 5 percent above the previous quarter.
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‎Offshore, the idle well restoration programme added 33.7 kbopd of oil and 176 MMscf/d of gross JV gas capacity from 41 wells so far this year. Four of those are gas wells. On the gas front, ANOH completed its initial debt principal repayments in the third quarter, and first commercial gas flowed through the OB3 pipeline in September.
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‎On the environmental side, group carbon emissions intensity fell 14 percent to 37.4 kg CO2/boe. Onshore operated intensity dropped 34 percent, which the company credits to its End of Routine Flaring programme.
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‎𝗔𝗸𝘂-𝟬𝟭 𝗱𝗶𝘀𝗰𝗼𝘃𝗲𝗿𝘆
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‎After the period ended, Seplat announced a discovery of oil and gas across five reservoir intervals in the Aku-01 exploration well in PPL 2A25. The find de-risks four prospects on the licence. One of them will be tested in a second exploration well planned for 2027.
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‎𝗥𝗲𝘃𝗶𝘀𝗲𝗱 𝟮𝟬𝟮𝟲 𝗴𝘂𝗶𝗱𝗮𝗻𝗰𝗲
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‎Seplat also updated its full-year outlook. It narrowed production guidance to 145 to 155 kboepd, from 135 to 155 kboepd. However, capex guidance was cut to $280 million to $340 million, from $360 million to $440 million, mainly because the offshore rig arrived late.
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‎On the other hand, unit operating cost guidance rose to $15.5 to $16.5 per barrel, from $14.5 to $15.5, because of ongoing costs tied to Yoho. The restoration project was completed during the quarter, but start-up was delayed by pipeline damage now being repaired. Production is expected in 4Q 2026.
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‎𝗡𝗲𝘄 𝗖𝗘𝗢’𝘀 𝗼𝘂𝘁𝗹𝗼𝗼𝗸
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‎Commenting on the results, Chief Executive Officer Engr. Effiong Okon, in his first update in the role, said the company is “firmly on track” to meet the upper half of its full-year guidance. He added that onshore gas production hit record levels in the quarter.
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‎Okon said the 3Q dividend will lift cumulative dividends declared since the IPO to over $1.0 billion. He also said Seplat is on track to return a second $1.0 billion to shareholders under its five-year plan.
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‎”I am inspired by the quality of our people,” he said, adding that the company is well positioned to deliver substantial growth.
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