Oando PLC H1 2026 Results: Revenue Up 20%, Production Grows 16%
Oando PLC released its unaudited results for the six months ended 30 June 2026 on 4 August 2026. The filing covers financial and operational performance including revenue, profit after tax, production figures, cash position, and a 2026 full-year outlook.
Oando PLC reported revenue of ₦2.1 trillion for the first half of 2026, representing a 20% increase from ₦1.7 trillion in H1 2025. Profit after tax rose 8% to ₦68.6 billion, compared with ₦63.3 billion in the same period last year.
The Group recorded average production of 42,789 barrels of oil equivalent per day (boepd), a 16% year-on-year increase, driven by new wells, restored shut-in wells, and improved facility uptime of 92%. Production operating costs fell 18% to $16.83 per boe from $20.62 per boe in H1 2025.
Cash generated from operations was ₦179.5 billion, a significant turnaround from ₦287.9 billion used in H1 2025, while closing cash and cash equivalents stood at ₦544.9 billion. Capital expenditure totalled ₦81.4 billion, directed at upstream drilling across OMLs 60–63.
The Group also executed a Production Sharing Contract for Block KON 13 in Angola, holding a 45% participating interest as operator. For full-year 2026, Oando maintained production guidance of 40,000–50,000 boepd and guided for capital expenditure of approximately $90–100 million.
The Group also referenced plans to complete a Rights Issue and a US$1.5 billion multi-instrument issuance programme.
