.Achieves over 9.1 million hours without Lost Time Injury
Seplat Energy PLC has posted a strong start to 2026, with Q1 profit after tax surging 62.7% to $37.9 million and revenue climbing to $840.7 million, driven by higher production and oil price gains.
The Nigerian independent energy firm, dual-listed on the NGX and LSE, also declared a total dividend of US 9.0 cents per share for Q1 — up 96% year-on-year — rewarding shareholders with a $54 million payout.
The dividend includes a 5.0 cent base and 4.0 cent special dividend.Group production averaged 129,841 boepd in Q1, up 9% from Q4 2025.
Output has since risen, averaging 153,000 boepd in the first 26 days of April, keeping the company within its 135,000–155,000 boepd full-year guidance.
Offshore assets led the growth, contributing 79,141 boepd, while onshore output was hit by 38 days of downtime on the Trans Forcados Pipeline before normalizing in late March.
Gross profit stood at $370.5 million with $243.4 million in cash generated from operations, up 10% YoY. Seplat’s balance sheet strengthened further, with net debt down 21% to $531.6 million and cash at bank rising to $461.7 million.
The company also refinanced its $400 million revolving credit facility at a lower cost.Operationally, Seplat delivered 9.1 million man-hours without a Lost Time Injury and cut carbon emissions intensity by 13% YoY to 41.6 kg CO2/boe.
Its ANOH gas project achieved first gas in January, while the Yoho field restart and Oso-BRT 1 gas expansion remain on track for Q2 and Q3 2026.
Commenting, CEO Roger Brown said:“The conflict in the Middle East has changed the 2026 oil and gas outlook. Nigeria’s position, our oil-rich portfolio, and strong balance sheet mean Seplat is set to deliver strong cash flows. That’s why we’ve doubled the Q1 dividend to 9.0 cents. Production missed internal targets slightly due to third-party downtime, but April’s 153,000 boepd shows our asset potential. With Yoho returning in Q2 and ANOH ramping up, we’re confident in our 2026 guidance.”2026 Outlook Reaffirmed
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”.
Seplat reiterated full-year guidance: production of 135–155 kboepd, capex of $360–440 million, and unit opex of $13.5–$14.5/boe. The company expects Q2 to mark a step-change in performance.
