After delivering stronger-than-expected first-half earnings for its 2026 financial year, with net profit jumping to $164 million, Seplat Energy Plc is closing in on a $5 billion market capitalization once again. The dual-listed Nigerian independent energy producer, backed by Nigerian billionaire Tony Elumelu, has attracted renewed investor demand as its improved financial performance continues to support its share price.

The renewed interest followed the release of Seplat’s half-year results for the period ended June 30, 2026. Shares of the company rose nearly 2 percent in midday trading on the London Stock Exchange (LSE), lifting its market capitalization to about £3.51 billion ($4.72 billion) at the time of writing and bringing it within reach of the $5 billion milestone.

Investors have continued buying Seplat shares after the company reported one of its strongest first-half performances in recent years. Net income surged 498 percent to $164 million from $27.4 million a year earlier, driven by higher production, stronger commodity prices, and lower operating costs, according to the company’s interim financial statements.

Revenue jumps 30% on higher output

Revenue increased 30 percent to $1.82 billion in the first six months of 2026 from $1.4 billion a year earlier, reflecting stronger production and improved pricing across its operations. Gross profit climbed 68 percent to $816 million from $484.6 million, while adjusted EBITDA rose 28 percent to $938.6 million from $735 million. Seplat also realized an average oil price of $94.13 per barrel, $7.47 above Brent, providing an additional boost to earnings during the period.

Production growth also supported the stronger financial performance. Group working interest production averaged 139,509 barrels of oil equivalent per day (boepd), up 4 percent from the same period last year and in line with the company’s full-year guidance. A major contributor was Seplat’s idle well restoration program, which restored about 26,000 barrels of oil per day in gross joint venture production capacity, helping increase output from existing assets.

The performance came as Seplat also advanced one of the largest transactions in its history. The company, which operates onshore and shallow-water assets in Nigeria’s Niger Delta, agreed to sell a 10 percent interest in the NNPCL-SEPNU Joint Venture to NNPC for $281.6 million. The deal is expected to close in the second half of 2026, with the proceeds earmarked for debt reduction and a special transaction dividend. If completed, Seplat expects total dividends for 2026 to reach 68.3 cents per share, equivalent to about $410 million.

Seplat enters leadership transition phase

The first-half results also come as Seplat enters a new phase for both its ownership and leadership. In late 2025, Heirs Energies acquired a 20.07 percent stake worth $496 million from Maurel & Prom, becoming the company’s largest shareholder. The transaction also strengthened Tony Elumelu’s role at Seplat, with the Nigerian businessman joining the board as a non-executive director in January 2026.

The leadership transition is now moving ahead. Effiong Okon is set to succeed Roger Brown as chief executive officer on Aug. 1, 2026, while Tony Elumelu will become chairman on Jan. 1, 2027, replacing Senator Udoma Udo Udoma. With stronger earnings, improving production, lower debt and a major asset sale expected to close later this year, Seplat enters the second half of 2026 in a stronger financial position than it did a year ago.