Seplat Energy earns $164 million in the first half of 2026 after reporting a 498 per cent increase in profit for the six months ended 30 June 2026, driven by higher realised crude oil prices, stronger production and improved operational performance.
The company said profit after tax rose from $27.4 million in the corresponding period of 2025, while revenue increased 30 per cent to $1.82 billion, compared with $1.40 billion recorded a year earlier.
Adjusted EBITDA climbed 28 per cent to $938.6 million, while operating cash flow rose 29 per cent to $985.9 million, reflecting improved earnings and cash generation during the period.
The company also benefited from stronger crude pricing, with its average realised oil price reaching $94.13 per barrel, representing a premium of $7.47 per barrel above Brent crude.
Average working interest production increased 4 per cent year-on-year to 139,509 barrels of oil equivalent per day (boepd), supported by improved output from onshore assets and contributions from the ANOH gas project.
Second-quarter production rose further to 149,070 boepd, while the company restored 24 previously idle wells, adding approximately 26,000 barrels per day of gross production capacity.
Seplat maintained its full-year production guidance of 135,000–155,000 boepd.
The company’s financial position also improved significantly during the period. Net debt declined 45 per cent to $370.7 million from $673.3 million at the end of 2025 after repaying $200 million under its Advanced Payment Facility. Cash at bank increased to $433.8 million, reducing its net leverage ratio to 0.25x.
The board declared a second-quarter dividend of 12.0 US cents per share, comprising a core dividend of 5.0 cents and a special dividend of 7.0 cents per share.
Subject to the completion of the sale of a 10 per cent interest in the NNPCL-SEPNU joint venture to Nigerian National Petroleum Company Limited, Seplat expects total dividends for 2026 to reach 68.3 US cents per share, equivalent to approximately $410 million.
Chief Executive Officer Roger Brown said the company’s first-half performance reflected disciplined execution and favourable market conditions.
“Our first-half performance benefited from a supportive commodity price environment, translating into strong cash generation. Given the limited visibility on how long these elevated prices may persist, we prioritised balance sheet strength during the quarter,” Brown said.
He added that stronger cash flows enabled the company to reduce debt, increase shareholder returns and continue investing in production growth while maintaining financial discipline.
