Seplat Energy Plc has reported a record-breaking financial performance for the first half of 2026, with Profit After Tax, PAT, surging by 498 per cent to $164 million, as the indigenous energy giant declared an interim dividend of 12.0 US cents per share and posted revenue of $1.82 billion.
The unaudited results for the six months ended June 30, 2026, also showed strong operational performance, with production averaging 139,509 barrels of oil equivalent per day, boepd, a four per cent increase over the corresponding period in 2025.
Gross profit climbed by 68 per cent to $815.9 million, while cash generated from operations rose to $985.9 million, underscoring the company’s robust financial position.
In a statement issued on Thursday by Mr. Stanley Opara, Manager, Corporate Communications and Media Relations, Seplat Energy, the company said the strong earnings reflected improved production, a favourable commodity price environment and disciplined operational execution.
The statement added that Seplat’s operated assets achieved 18.8 million man-hours without a Lost Time Injury during the review period, reinforcing its commitment to safety and operational excellence.
The company disclosed that second-quarter production averaged 149,070 boepd, representing a nine per cent increase over the same period last year and a 15 per cent rise from the first quarter of 2026.
Onshore production grew by 11 per cent year-on-year, while natural gas liquids output more than doubled to 8,459 barrels per day.
Seplat also reported significant improvements in environmental performance, reducing its carbon emissions intensity by 18 per cent to 33.5kg CO₂ per barrel of oil equivalent, while emissions from its onshore operated assets fell by 37 per cent, largely driven by its End of Routine Flaring programme.
Financially, adjusted EBITDA rose by 28 per cent to $939 million, while earnings per share jumped by 565 per cent to 26.6 US cents.
Net debt declined by 45 per cent to $370.7 million, with the company strengthening its balance sheet through the early repayment of $200 million under its Advanced Payment Facility.
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 approximately $72 million.
Seplat further announced plans for 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 planned sale of a 10 per cent interest in the NNPCL-Seplat Energy Producing Nigeria Unlimited Joint Venture to NNPC Limited, shareholders are also expected to receive a transaction dividend of 23.3 US cents per share, bringing total expected dividends for 2026 to 68.3 US cents per share, valued at about $410 million.
Commenting on the results, Seplat Energy’s Chief Executive Officer, Roger Brown, said the company had emerged stronger than ever as it prepared for a leadership transition.
According to him, improved production, strong commodity prices and prudent financial management enabled Seplat to deliver record cash generation while simultaneously reducing debt and rewarding shareholders with its highest-ever quarterly dividend.
Brown also expressed confidence in the company’s future, noting that incoming Chief Executive Officer, Effiong Okon, possesses the experience and operational expertise required to drive the next phase of growth and value creation.
The company maintained its 2026 production guidance of 135,000 to 155,000 boepd and capital expenditure guidance of $360 million to $440 million, while indicating that updated guidance would be provided after the completion of the proposed transaction with NNPC Limited.
