Seplat Energy Reports 174% Profit Surge, Raises Q3 Dividend

Seplat Energy Plc announced a 174% increase in profit for the nine months ending September 30, 2026, achieving a net income of $260.2 million, up from the previous year. This growth was attributed to strong production growth and premium crude pricing.

The company, listed on the Nigerian Exchange Limited and London Stock Exchange, reported an average working interest production of 144,999 barrels per day (bpd) in 9M 2026, a 7% increase from 135,636 bpd in 9M 2025, with onshore production rising by 22%. In Q3 2026, production averaged 155,801 bpd, a 13% year-on-year increase.

Revenue reached $2.764 billion, up 27% from $2.177 billion, driven by an average realized oil price of $96.19 per barrel. The Board declared a Q3 2026 dividend of 19.0 cents per share, totaling $114 million, which is a 58% sequential increase.

Seplat retained its full-year 2026 dividend guidance of $270 million. Engr. Effiong Okon, CEO, stated that the results reflect robust production and financial delivery during a period of high crude prices.