Geopolitical Oil Surge Lifts Seplat To 62.7% Profit Growth

Seplat Energy Plc has announced its unaudited results for the three months ended 31 March 2026, declaring US 9.0 Cents total dividend per share for the period, which is 96 per cent higher than first quarter 2025 payout.

The energy company grew its profit after tax (PAT) to $37.9m from $23.3m Year-on-Year with cash generated hitting $243.4m.

Group production for the period averaged 129,841 barrels of oil equivalent per day (boepd) up 9 per cent since Q4 2025 (119,200 boepd). Crude and condensate liftings benefitted from the company’s put-option hedge strategy that exposed it to a 100 per cent of price upside, resulting in strong free cash. Gross profit for the period stood at $370.5m.

The Group delivered more than 9.1 million man-hours without Lost Time Injury – 3.0 million hours onshore-operated assets and 6.1 million hours offshore.

Production during the first 26 days of April has averaged approximately 153 kboepd, bringing group average daily working interest production for the year to 26 April to approximately 135 kboepd, within FY 2026 guidance.

Commenting on the results, Chief Executive Officer, Mr. Roger Brown said: “The conflict in the Middle East has dramatically changed the outlook for the oil and gas industry in 2026, and quite possibly beyond. Nigeria’s favourable geographic positioning, combined with our oil rich portfolio, which isfully exposed to higher oil prices, and our strong balance sheet, means we are well placed to deliver strong cashflows in 2026. As a result, we have increased our 1Q 2026 dividend to 9.0 cents per share (core: 5.0 cents and special: 4.0 cents).”