Seplat Energy Profit Up 174% To $260m, Raises Q3 Dividend By 58%

Seplat Energy Plc has recorded a 174 per cent jump in profit for the nine months ended September 30, 2026, posting net income of $260.2 million, up from prior year, as strong production growth and premium crude pricing boosted performance.

The company, listed on the Nigerian Exchange Limited and London Stock Exchange (LSE), disclosed this in its nine months 2026 unaudited results.

According to the results, working interest production averaged 144,999 bpd in 9M 2026, up seven per cent from 135,636 bpd in 9M 2025, with onshore production up 22 per cent. In Q3 alone, production averaged 155,801 bpd, up 13 per cent year-on-year.

The higher output, combined with an average realised oil price of $96.19 per barrel, an $8.12 premium to Brent and $100.44 in Q3, drove revenue to $2.764 billion, up 27 per cent from $2.177 billion. Adjusted EBITDA rose 38 per cent to $1.53 billion, while cash generated from operations grew six per cent to $1.48 billion.

The improved profitability underpinned increased shareholder distributions. The Board declared a Q3 2026 dividend of 19.0 cents per share ($114 million), consisting of 5.0 cents core and 14.0 cents special dividend, representing a 58 per cent sequential increase.

Total dividend declared year-to-date now stands at 40.0 cents per share. The company retained its full year 2026 dividend guidance of $270 million, or 45.0 cents per share.

The CEO of Seplat Energy , Engr. Effiong Okon said the results reflect robust production and financial delivery.

“This was delivered in a period of continued high crude prices. We realized $100.4/bbl in the quarter, a full $10.2/bbl higher than average Brent,” he said.

He noted that when paid, the Q3 dividend will lift cumulative dividends declared since IPO to over $1.0 billion, with the company on track to return its second $1.0 billion under its 5-year plan.

On the balance sheet, Seplat ended September with cash at bank of $556.9 million, up from $332.3 million at FY 2025, while net debt fell 65 per cent to $234.9 million from $673.3 million. Net Debt/EBITDA improved to 0.14x from 0.53x.

The company also announced that on October 27, it repaid the $100 million balance on the Acquisition Finance Facility, meaning all debt raised to acquire Mobil Producing Nigeria Unlimited in 2024 has now been repaid.