- Declares record quarterly dividend of 12 US cents per share, grows revenue to $1.82 billion and delivers 18.8 million man-hours without a lost-time injury
Seplat Energy Plc has disclosed it reduced its carbon emissions intensity by 18 percent in the first half of 2026 while also posting a 498 per cent surge in profit after tax to $164 million, reflecting what the company described as a strong operational and financial performance driven by higher production, favourable commodity prices and improved operational efficiency.
The Nigerian independent energy company, listed on both the Nigerian Exchange (NGX) and the London Stock Exchange (LSE), announced its unaudited results for the six months ended June 30, 2026, reporting revenue of $1.82 billion, a 30 per cent increase from $1.398 billion recorded during the corresponding period in 2025. Gross profit also rose 68 per cent year-on-year to $815.9 million, while cash generated from operations increased 29 per cent to $985.9 million.
Beyond its financial performance, the company reported significant progress in its environmental and operational sustainability metrics. Group carbon emissions intensity declined to 33.5 kilograms of carbon dioxide equivalent per barrel of oil equivalent (kgCO₂/boe) from 41.0 kgCO₂/boe in the first half of 2025, representing an 18 per cent reduction. Onshore operated emissions intensity fell by 37 per cent, a performance Seplat attributed to the positive impact of its End of Routine Flaring programme.
The company also maintained a strong safety record, with its operated assets delivering 18.8 million man-hours without a Lost Time Injury (LTI) during the reporting period.
Operationally, Seplat recorded average production of 139,509 barrels of oil equivalent per day (boepd) during the first six months of the year, representing a 4 per cent increase over the corresponding period in 2025 and remaining within its full-year production guidance of 135,000–155,000 boepd.
Production momentum strengthened during the second quarter, when average output rose to 149,070 boepd, up 9 per cent year-on-year and 15 per cent higher than the first quarter of 2026. The improvement was supported by stronger production across its West, East and Elcrest assets, while its idle well restoration programme added 26,000 barrels of oil per day in gross joint venture production capacity from 24 restored wells.
Natural Gas Liquids (NGLs) production also recorded substantial growth, with working interest production increasing to 8,459 barrels per day, compared to 3,772 barrels per day in the corresponding period of 2025.
Financial performance remained robust across key indicators. Adjusted EBITDA increased 28 per cent to $939 million, while earnings per share climbed 565 percent to 26.6 US cents, compared with 4.0 US cents a year earlier.
The company’s balance sheet also strengthened considerably during the period. Net debt declined 45 per cent to $370.7 million from $673.3 million at the end of 2025, while cash at bank increased to $433.8 million, excluding restricted cash. Seplat also announced the early repayment and cancellation of $200 million under its Advanced Payment Facility, reducing the outstanding balance to $100 million.
Reflecting the improved financial performance, the Board declared a second-quarter dividend of 12.0 US cents per share, comprising a core dividend of 5.0 cents and a special dividend of 7.0 cents per share. The company said it expects to pay a total dividend of 68.3 US cents per share for the 2026 financial year, subject to completion of the proposed sale of a 10 per cent interest in the NNPCL–SEPNU Joint Venture to NNPC Limited.
The proposed transaction, valued at $281.6 million, is expected to close during the second half of the year, with proceeds earmarked for a combination of transaction dividends and debt reduction. Seplat said the transaction would also support its broader objective of enhancing shareholder returns while maintaining a strong balance sheet.
The company maintained its full-year production guidance of 135,000–155,000 boepd, although it revised its unit operating cost guidance upward to $14.5–$15.5 per barrel of oil equivalent, citing higher costs associated with the Yoho restoration programme. Capital expenditure guidance remains unchanged at $360–440 million, with spending expected to be weighted towards the second half of the year.
The reporting period also marked a leadership transition for the company. Seplat confirmed that Engr. Effiong Okon will assume the role of Chief Executive Officer from 1 August 2026, succeeding Roger Brown, while Tony O. Elumelu is scheduled to become Chairman of the Board on 1 January 2027, succeeding Senator Udoma Udo Udoma.
Commenting on the results, Brown said the company’s strong first-half performance reflected improved production, favourable commodity prices and disciplined financial management, noting that early debt repayment and robust cash generation had strengthened the balance sheet while supporting increased shareholder returns.
The half-year performance reinforces Seplat Energy’s strategy of balancing operational growth with financial discipline and sustainability, as the company continues to expand production, improve environmental performance and strengthen returns to shareholders amid a favourable market environment.
