Seplat Energy’s Q1 2026 profit rises to $37.9 million on higher oil prices

Seplat Energy reported a stronger first quarter in 2026, with profit rising to $37.9 million from $23.3 million a year earlier, as the company benefited from firmer oil prices and improved operational performance. The company, Nigeria’s largest listed energy producer, counts Nigerian billionaire Tony Elumelu as its biggest shareholder through Seplat Energy.

Revenue increases 4 percent to $840.7 million

Revenue for the three months ended March 31, 2026, rose 4 percent to $840.7 million, compared with $809.3 million in the same period of 2025. The increase was supported by higher natural gas liquids output and stronger realized pricing, even as crude production volumes came under pressure. After adjusting for overlift positions, revenue stood at $748.7 million, slightly below the prior year due to timing differences in cargo deliveries.

Crude and condensate sales declined 2 percent to $745.7 million, reflecting a 13 percent drop in lifting volumes to 8.7 million barrels. This was partly offset by a 13 percent increase in realized oil prices to $86.2 per barrel. Gas revenue eased 1 percent to $44.2 million, as lower volumes outweighed modest price gains. In contrast, natural gas liquids revenue jumped to $50.9 million from a smaller base a year earlier, supported by upgraded processing capacity at key facilities.

CEO Roger Brown sees steadier Q2 performance

Seplat’s Chief Executive Officer Roger Brown said the quarter reflected both external pressure points and underlying strength in the business. He pointed to supply disruptions tied to third-party infrastructure but noted that production improved compared with the previous quarter. He also said output in April averaged about 153,000 barrels of oil equivalent per day, suggesting steadier performance heading into the second quarter.

Brown added that the company remains on track with its 2026 plan, supported by expected restarts of key assets and the ramp-up of new projects. He said the recent oil price environment has supported cash flow, though he noted uncertainty over how long higher prices will last.

Balance sheet strengthens as assets, equity, retained earnings increase

Seplat’s balance sheet also strengthened modestly, with total assets rising to $6.16 billion from $6.08 billion at the end of 2025. Shareholders’ equity increased to $1.86 billion, while retained earnings climbed to $1.282 billion. The company has also begun a five-year capital return plan targeting at least $1 billion in shareholder distributions between 2026 and 2030.

The company maintained its quarterly base dividend of $0.05 per share and added a special dividend of $0.04 per share for the first quarter, bringing the total payout to $0.09 per share, or about $54 million. That represents an 8 percent increase from the previous quarter and nearly double the level paid a year earlier.

Seplat, listed in Lagos and London, boasts a market capitalization of $5.01 billion. In late 2025, Seplat Energy saw a major shift in ownership when Tony Elumelu’s Heirs Energies acquired a 20.07 percent stake for $496 million from French operator Maurel et Prom. As the largest shareholder, Elumelu joined Seplat’s board as a non-executive director on Jan. 22, following the resignation of Maurel & Prom nominee Olivier Cleret de Langavant, who had served since 2020.