Oando PLC 9M 2026 Results: Profit, Output and Debt Update

Oando PLC reported average production of 42,985 boepd for the nine months ended 30 September 2026, a 14% increase year-on-year. Production operating costs declined 22% to $15.39 per boe, from $19.67 per boe in the same period of 2025. Facility uptime improved to 96.1%, compared with 85% a year earlier, with zero fatalities and zero lost-time injuries across 14.9 million hours worked.

Revenue rose 9% to ₦2,776.1 billion, up from ₦2,541.5 billion in 9M 2025. The group recorded an operating profit of ₦159.7 billion, reversing an operating loss of ₦109.7 billion in the prior period. Profit after tax was ₦106.5 billion, compared with ₦201.3 billion in 9M 2025, with ₦244.2 billion in finance costs on acquisition debt cited as a constraint. Cash generated from operations was ₦285.0 billion, while closing cash stood at ₦175.9 billion. Total borrowings fell 22% from the FY 2024 peak to ₦2.16 trillion. Capital expenditure was ₦110.7 billion, directed mainly at drilling across OMLs 60 to 63. Full-year 2026 production guidance was narrowed to 40,000 to 45,000 boepd.