Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Group and the London Stock Exchange, announces its unaudited results for the nine months ended 30 September 2026.
Seplat noted that strong production and price realisations delivered 9M 2026 free cash flow of $749 million, further improving net leverage to Net Debt/ EBITDA, and underpinning increased distributions. 3Q 2026 dividend raised by 58% sequentially to USD 19.0 cents/share, reflects the strong operational and financial performance.
Operational highlights
9M 2026 working interest production averaged 144,999 boepd up 7% from 9M 2025 (135,636 boepd) with Onshore up 22%.
While third quarter (3Q) 2026 shows a working interest production averaged 155,801 boepd, up 13% YoY from 3Q 2025 (137,888 boepd) and up 5% sequentially.
ANOH initial debt principal repayments completed during 3Q. First commercial gas sold via OB3 pipeline in September.
Offshore, idle well restoration programme continued its strong performance, adding 33.7 kbopd and 176 MMscf/d gross JV production capacity YTD from 41 wells. Of the 41 wells restored YTD, 4 are gas wells.
Post period end, discovery of oil and gas across five reservoir intervals in the Aku-01 exploration well, in PPL 2A25. Discovery de-risks four prospects on the license, one of which will be tested in a second exploration well that is now being planned for 2027.
Carbon emissions intensity for the group: 37.4 kg CO2/boe 14% lower YoY (9M 2025: 43.6 kg CO2/boe). Onshore operated emissions intensity reduced 34% YoY, reflecting the continued positive impact of our End of Routine Flaring programme.
Financial highlights
- Revenue $2,764 million up 27% on prior year (9M 2025: $2,177 million). 9M 2026 average realised oil price $96.19/bbl, an $8.12/bbl premium to average Brent price, 3Q 2026 average realised oil price of $100.44/bbl, a $10.21/bbl premium to average Brent price.
- Adjusted EBITDA of $1,530 million, up 38% on prior year (9M 2025: $1,111.9 million).
- Net income increased to $260.2 million, up 174% YoY. Earnings per share USD 42 cents, up 172% YoY (9M 2025: USD 16 cents).
- Cash generated from operations of $1,478.7 million, up 6% on prior year (9M 2025: $1,395.4 million).
- Balance sheet remains strong, end-Sept cash at bank $556.9 million (FY 2025: $332.3 million).
- Net Debt at end-Sept of $234.9 million down 65% since YE 2025 ($673.3 million). Net Debt/EBITDA improves to 0.14x from 0.53x at YE 2025.
- On 27 October, the Company repaid the $100 million balance on the APF. As such, all debt raised to acquire MPNU in 2024 has been repaid.
Corporate Update & 2026 Outlook
Sale of a 10% interest in NNPCL-SEPNU JV to NNPC Ltd expected to complete during 4Q 2026. As previously disclosed, following completion, the Company intends to pay a Transaction dividend of approximately half the consideration (USD 23.3 cents/share, $140 million).
3Q 2026 declared dividend of USD 19.0 cents/share ($114 million), consisting of USD 5.0 c/shr core and USD 14.0 c/shr special dividend. Total dividend declared YTD USD 40.0 cents/share. FY 2026 dividend guidance of $270 million (USD 45.0 cents/share), is retained.
2026 guidance updated to reflect progress year to date:
- Production guidance narrowed to the upper end at 145-155 kboepd (from 135-155 kboepd), reflecting strong YTD performance.
- Capex guidance lowered to $280-$340 million (from $360-440 million), primarily due to phasing, given the late arrival of the offshore rig.
- Unit operating cost guidance increased to $15.5-$16.5/boe (from $14.5-$15.5/boe), due to ongoing costs related to Yoho.
Commenting on the results, Engr. Effiong Okon, Chief Executive Officer, said: “In my first update as CEO, I am delighted to report another quarter of robust production growth, averaging over 155 kboepd in 3Q 2026, which puts us firmly on track to meet the upper half of our full year guidance. This was delivered in a period of continued high crude prices, we realized $100.4/bbl in the quarter, a full $10.2/bbl higher than the average Brent price in the period, further enhancing our results.
“Operationally, in our Onshore business, we achieved record gas production levels in the quarter, supported by continued solid ANOH ramp-up alongside strong performance on our Western assets, and we have clear line of sight to continued growth that will be underpinned by operational excellence as offshore gas production comes back online. Yoho restoration project was completed during the quarter, although start-up has been delayed due to pipeline damage that was identified and is being repaired, production is expected online in 4Q 2026. I’m pleased to announce exploration success at Aku-01, a strong reminder of our rich portfolio of prospects and the quality of the subsurface in Nigeria.
“Our strong financial performance supports the interim dividend payment of USD 19.0 cents per share. When paid, the 3Q 2026 dividend will lift cumulative dividends declared since our IPO to over $1.0 billion, and we are firmly on track to return our second $1.0 billion to shareholders as we deliver on our 5 year plan. A clear demonstration of the financial robustness of our business.
“As I take on the responsibilities of leading Seplat into its next phase of growth, based on my engagements in the first three months on the job, I am inspired by the quality of our people, excited with the depth of portfolio growthopportunities and encouraged by the strength of our balance sheet. We are making significant progress on integration, and multiple initiatives are underway to further enhance our operational capabilities. With these foundations in place, I believe that we are well positioned to deliver substantial growth, further reinforcing our position as a leading energy provider in Nigeria, a region of increasing strategic importance to global energy markets.”
