Seplat Energy's H1 2026 Profit Soars 498% to $164M

Seplat Energy announced a remarkable 498% increase in profit after tax, reaching $164 million for the first half of 2026. Revenue grew to $1.82 billion from $1.398 billion year-on-year, with cash generated hitting $985.9 million.

Average production was 139,509 boepd, a 4% increase from the same period in 2025, and within the 2026 guidance of 135 – 155 kboepd. The group’s production in the second quarter of 2026 averaged 149,070 boepd, up 9% from Q2 2025.

Gross profit rose by 68% year-on-year to $815.9 million. Seplat's agreement with NNPC Limited to sell a 10% interest in the NNPCL-SEPNU Joint Venture is expected to enhance shareholder returns, with total expected dividends for 2026 projected at $68.3 cents per share, totaling $410 million.

Roger Brown, the Chief Executive Officer, stated that the company is stronger than ever as he prepares to hand over leadership to Effiong, emphasizing the company's robust cash flows and commitment to balance sheet strength.