Seplat Energy Plc posted revenue of $840.7 million for the first quarter ended March 31, 2026, up from $809.3 million in the same period last year.
Revenue rose 4% year-on-year, reflecting stronger output and pricing support across its oil and gas portfolio.
The company disclosed the results on Thursday in Lagos via a statement to investors.
Gross profit stood at $370.5 million, while profit after tax surged 62.7% to $37.9 million from $23.3 million in Q1 2025.
It declared a dividend of 9 US cents per share, up 96% from the prior year.
Average production reached 129,841 barrels of oil equivalent per day (boepd), up 9% from Q4 2025, supported by crude liftings and a hedging strategy that improved price exposure and free cash generation.
Operations recorded over 9.1 million man-hours without Lost Time Injury across onshore and offshore assets. April production averaged 153,000 boepd, with year-to-date levels at 135,000 boepd, in line with 2026 guidance.
Onshore output fell 10% to 50,700 boepd due to 38 days of downtime on the Trans Forcados Pipeline, while offshore production rose 5% to 79,141 boepd from 75,478 boepd. Natural gas liquids output increased to 9,802 barrels per day, and the ANOH gas project began first gas in January 2026.
Adjusted EBITDA declined 7% to $371.3 million due to higher operating costs and maintenance activities. Cash from operations rose 10% to $337.9 million, while capital expenditure increased 6% to $42.6 million. Cash at bank increased to $461.7 million at the end of March 2026, up from $332.3 million in 2025. Net debt fell 21% to $531.6 million, improving leverage to 0.43 times from 0.53 times.
The company also completed refinancing and upsizing of its revolving credit facility to $400 million, reducing borrowing costs. It maintained 2026 production guidance of 135,000 to 155,000 boepd and capex range of $360 million to $440 million.
Seplat CEO Roger Brown said, “The conflict in the Middle East has changed the outlook for the oil and gas industry in 2026. Nigeria’s position and asset base support cashflows,” adding that the dividend increased to 9 US cents per share.
He noted, “Production improved quarter-on-quarter but missed internal expectations due to pipeline downtime.”
