Seplat Energy Reports 498% Profit Surge in 2026

Seplat Energy PLC achieved a remarkable half-year performance for 2026, reporting a 498% year-on-year increase in Profit After Tax (PAT) to $164 million. Revenue rose by 30% to $1.82 billion, supported by an average realized oil price of $94.13 per barrel.

Gross profit increased by 68% to $815.9 million, with cash generated from operations reaching $985.9 million. The company averaged production of 139,509 barrels of oil equivalent per day (boepd) in the first half, with a notable increase to 149,070 boepd in the second quarter.

Seplat's idle well restoration program added 26,000 barrels per day of capacity. The company maintained safety standards, achieving 18.8 million man-hours without a Lost Time Injury and reducing carbon emissions intensity by 18%.

Seplat repaid $200 million of debt, reducing net debt by 45% to $370.7 million. A dividend of 12.0 cents per share was declared for Q2 2026, with total expected dividends for 2026 projected at 68.3 cents per share.

Engr. Effiong Okon will take over as CEO on August 1, 2026, succeeding Roger Brown.