LAGOS – Seplat Energy Plc has reported a 74.1% year-on-year surge in profit before tax to N790.4 billion for the six months ended June 30, 2026, driven by higher production and strong realized crude oil prices.
According to the company’s un-audited financial results released on the Nigerian Exchange, revenue rose 30 percent to N2.50 trillion ($1.82 billion) from N1.92 trillion in the corresponding period of 2025.
The indigenous energy producer recorded an average working interest production of 139,509 barrels of oil equivalent per day (boepd), up four percent compared to 134,143 boepd recorded in H1 2025.
Growth was accelerated by second-quarter output averaging 149,070 boepd following successful idle-well restoration initiatives across its onshore operating assets and improved pipeline availability.
Profit after tax expanded by 498% to N225.5 billion ($164 million), compared with N42.5 billion ($27.4 million) achieved in the previous year.
The stellar H1 performance comes on the heels of Seplat completing its landmark acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, solidifying its position as Nigeria’s leading independent energy company.
The company declared a total 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.
Strong operating cash flow enabled Seplat to reduce its net debt by 45% to $370.7 million, lowering its leverage ratio to 0.25x net debt to EBITDA.
Chief Executive Officer Roger Brown noted that operational resilience and disciplined capital allocation continue to drive value creation while supporting Nigeria’s energy transition goals.
