‎Seplat Energy Q1 2026 revenue hits $840.7m, PAT surges

By Chioma Obinagwam
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‎Nigeria’s foremost independent energy company is printing money even as global oil markets wobble. Seplat Energy PLC has posted Q1 2026 gross revenue of $840.7 million and a profit after tax of $37.9 million, up 62.7 per cent year-on-year, signalling a company firing on all cylinders at the start of a turbulent year.
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Revenue growth
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‎Seplat Energy’s gross revenue rose 4 per cent year-on-year to $840.7 million in Q1 2026, compared to $809.3 million in Q1 2025. Gross profit for the period reached $370.5 million, while cash generated from operations climbed 10 per cent to $337.9 million. The company’s realised oil price stood at $86.16 per barrel, with its put-option hedge strategy ensuring 100 per cent exposure to price upside.
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Production results
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‎Group production averaged 129,841 barrels of oil equivalent per day (boepd) in Q1 2026, up 9 per cent from 119,200 boepd in Q4 2025. Offshore assets contributed 79,141 boepd, a 5 per cent increase year-on-year, whilst onshore production came in at 50,700 boepd, down 10 per cent year-on-year due to 38 days of unplanned downtime on the third-party Trans Forcados Pipeline. Operations on that pipeline resumed on 24 March 2026, and production has since normalised.
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‎First gas at ANOH was achieved in January 2026, contributing working interest volumes of 17.0 mmscfd, with a planned increase from Q2 2026. Natural gas liquids delivered strong growth, with working interest production reaching 9,802 bopd compared to 3,376 bopd in Q1 2025. Production in the first 26 days of April averaged approximately 153 kboepd, keeping the group within its full-year 2026 guidance of 135 to 155 kboepd.
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Financial performance
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‎Profit after tax reached $37.9 million, rising sharply from $23.3 million in Q1 2025. Adjusted EBITDA came in at $371.3 million, representing a 44 per cent margin, though this was down 7 per cent from $400.6 million in the prior year period, partly due to higher unit production operating costs of $17.1 per boe against guidance of $13.5 to $14.5 per boe. The cost overage reflects accelerated maintenance activities at Yoho and lower-than-expected volumes in the quarter, which the company says will normalise in subsequent quarters.
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‎Capital expenditure for the period was $42.6 million, up 6 per cent year-on-year. The company ended March with a cash balance of $461.7 million, up from $332.3 million at year-end 2025. Net debt declined 21 per cent to $531.6 million from $673 million, with a net debt to EBITDA ratio of 0.43x.
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‎Seplat also completed the refinancing of its revolving credit facility, upsizing it to $400 million and cutting its cost of borrowing by 76 basis points to SOFR plus 4.5 per cent.
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Dividend declared
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‎Seplat Energy declared a Q1 2026 dividend of USD 9.0 cents per share, comprising a base dividend of USD 5.0 cents and a special dividend of USD 4.0 cents per share, for a total cost of approximately $54 million. The declaration represents a 96 per cent increase year-on-year and an 8 per cent increase quarter-on-quarter.
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Safety record
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‎The group recorded more than 9.1 million man-hours without a Lost Time Injury across its operations: 3.0 million hours onshore and 6.1 million hours offshore.
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Emissions progress
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‎Carbon emissions intensity for Seplat group assets improved 13 per cent year-on-year to 41.6 kg CO2 per boe, down from 47.9 kg CO2 per boe in Q1 2025. Onshore operated emissions intensity fell 24 per cent in the same period, reflecting the impact of the company’s End of Routine Flaring programme.
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2026 Outlook
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‎Seplat Energy reaffirmed its full-year 2026 guidance, targeting production of 135 to 155 kboepd and capital expenditure of $360 to $440 million. Unit operating cost guidance remains $13.5 to $14.5 per boe. The Yoho restart is on track for Q2 2026, and the Oso-BRT 1 gas expansion project is targeted for Q3 2026.
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‎Commenting on the results, Chief Executive Officer Roger Brown said the Middle East conflict had materially shifted the outlook for the oil and gas industry in 2026 and potentially beyond. He noted that Nigeria’s geographic positioning and Seplat’s oil-rich, fully price-exposed portfolio, combined with a strong balance sheet, positioned the company well to deliver strong cash flows through the year. He described Q1 as a solid start and expressed confidence that Q2 2026 would see a meaningful step up in performance.