Seplat Energy Reports 498% Profit Growth, Sells Stake

Seplat Energy Plc announced its financial performance for the first half of 2026, revealing a remarkable 498% year-on-year increase in Profit After Tax (PAT), amounting to $164 million. This surge is attributed to stronger crude oil prices, enhanced production, and robust operational performance.

Additionally, Seplat has reached an agreement to sell a 10% interest in the NNPCL-SEPNU Joint Venture to the Nigerian National Petroleum Company Limited (NNPC) for $281.6 million. The transaction is expected to close in the second half of 2026 and is anticipated to significantly improve shareholder returns, with total planned dividends for 2026 projected to rise to 68.3 cents per share, equivalent to approximately $410 million, marking a 173% increase year-on-year.

Outgoing Chief Executive Officer Roger Brown stated that the company is entering the second half of the year from a position of considerable strength, with improved production and a focus on balance sheet strength, having repaid $200 million of outstanding debt.