Seplat Energy Plc has delivered a strong first-half performance for 2026, with profit after tax soaring by 498 per cent to $164 million, driven by higher oil prices, improved production and stronger operational efficiency, as the company declared a 12.0 US cents dividend per share for shareholders.
The dual-listed energy company, quoted on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE), reported revenue of $1.82 billion for the six months ended June 30, 2026, representing a 30 per cent increase from $1.40 billion recorded in the corresponding period of 2025.
Gross profit climbed 68 per cent to $815.9 million, while adjusted EBITDA rose 28 per cent to $939 million. Cash generated from operations also increased by 29 per cent to $985.9 million, underscoring the company’s strong cash-generating capacity.
Seplat’s production averaged 139,509 barrels of oil equivalent per day (boepd) during the period, up four per cent year-on-year and within its full-year production guidance of 135,000–155,000 boepd. Second-quarter production rose to 149,070 boepd, reflecting stronger contributions from its onshore operations.
The company attributed the improved operational performance to sustained output from its West, East and Elcrest assets, continued success of its idle well restoration programme and robust growth in natural gas liquids production.
Despite higher operating costs linked mainly to the Yoho restoration project, Seplat strengthened its balance sheet by repaying $200 million under its Advanced Payment Facility ahead of schedule, reducing outstanding obligations to $100 million. Consequently, net debt declined by 45 per cent to $370.7 million, while cash at bank increased to $433.8 million at the end of June.
In line with its improved earnings, the board declared a second-quarter dividend of 12.0 US cents per share, comprising a core dividend of 5.0 cents and a special dividend of 7.0 cents, amounting to a total shareholder distribution of approximately $72 million.
The company also announced plans to pay a total dividend of 45.0 US cents per share for the 2026 financial year, representing an 80 per cent increase over the previous year.
Subject to the completion of the sale of a 10 per cent interest in the NNPCL-SEPNU Joint Venture to NNPC Limited, Seplat expects to pay an additional 23.3 US cents per share as a transaction dividend, bringing the total projected 2026 dividend to 68.3 US cents per share, valued at about $410 million.
The proposed transaction, valued at $281.6 million, is expected to close in the second half of the year, with proceeds to be shared between a special dividend for shareholders and further debt reduction.
Commenting on the results, Chief Executive Officer, Roger Brown, said the company’s first-half performance reflected the strength of its diversified asset base and disciplined financial management.
According to him, stronger commodity prices, improved production and prudent capital allocation enabled Seplat to reduce debt significantly while enhancing shareholder returns.
Brown, who will hand over as Chief Executive Officer on August 1 to Effiong Okon, expressed confidence in the company’s future, noting that Seplat remains on course to achieve its production targets and unlock further value from its offshore assets.
The company also announced board changes, with Tony O. Elumelu set to succeed Senator Udoma Udo Udoma as Chairman from January 2027, while Independent Non-Executive Director Dr. Emma FitzGerald will retire at the end of the year.
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