Seplat Energy Plc has posted revenue of $840.7 million for Q1 ended March 31, 2026, up from $809.3 million last year.
Revenue rose 4 per cent year-on-year, reflecting stronger output and pricing support across its oil and gas portfolio.
The company disclosed the results on Thursday in Lagos through a statement issued to investors.
Gross profit stood at $370.5 million for the period under review.
Profit after tax surged 62.7 per cent to $37.9 million from $23.3 million in Q1 2025.
It declared a dividend of 9.0 US cents per share, up 96 per cent from the prior year period.
Average production reached 129,841 barrels of oil equivalent per day (boepd), up 9 per cent from Q4 2025.
Crude liftings were supported by a hedging strategy, improving 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 about 153 kboepd, with year-to-date levels at 135 kboepd, in line with 2026 guidance.
Onshore output fell 10 per cent to 50,700 boepd due to 38 days downtime on Trans Forcados Pipeline.
Offshore production rose 5 per cent to 79,141 boepd from 75,478 boepd in the prior year period.
Natural gas liquids output increased to 9,802 barrels per day, while ANOH gas project began first gas in January 2026.
Adjusted EBITDA declined 7 per cent to $371.3 million, driven by higher operating costs and maintenance activities.
Cash from operations rose 10 per cent to $337.9 million, while capital expenditure increased 6 per cent to $42.6 million.
Cash at bank increased to $461.7 million at March 2026 end, up from $332.3 million in 2025.
Net debt fell 21 per cent to $531.6 million, improving leverage to 0.43 times from 0.53 times.
The company 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.
Roger Brown, Seplat CEO, said, “The conflict in the Middle East has changed outlook for oil and gas industry in 2026.”
He said Nigeria’s position and asset base support cashflows, adding dividend increased to 9.0 cents per share.
“Production improved quarter-on-quarter but missed internal expectations due to pipeline downtime,” he said.
