Seplat records $840.7 million revenue, declares 9 cents dividend

Seplat Energy Plc has posted $840.7 million revenue for the first quarter (Q1) ending on March 31 alongside a profit after tax (PAT) of $37.9 million, as the company declared a total dividend of nine cents per share, representing a 96 per cent increase year-on-year.

The dual-listed independent energy company also reported strong cash generation of $243.4 million during the period, supported by improved production and favourable oil price dynamics.

Details of its unaudited results showed that its gross profit stood at $370.5 million, while group production averaged 129,841 barrels of oil equivalent per day (boepd), up nine per cent compared to 119,200 boepd recorded in the fourth quarter of 2025.

The company attributed the production performance to stronger crude and condensate lifts, supported by its put-option hedge strategy, which enabled it to benefit fully from oil price upside, thereby strengthening free cash flow.

Seplat recorded over 9.1 million man-hours without lost time injury, comprising three million hours onshore and 6.1 million hours offshore, reflecting sustained focus on safety across its assets.

A breakdown of production showed that onshore operations contributed 50,700 boepd, representing a 10 per cent decline from 56,267 boepd recorded in the same period of 2025.

The decline was largely due to 38 days of unplanned downtime on the third-party operated Trans Forcados Pipeline, which impacted output from western assets before operations resumed on March 24.

Offshore production rose by five per cent to 79,141 boepd from 75,478 boepd in the corresponding period, supported by improved asset performance.

The company’s idle well restoration programme also continued to deliver gains, adding 10,000 barrels per day of gross joint venture production capacity from eight wells.

Gas production recorded early momentum, with first gas achieved at the ANOH project in January 2026, contributing 17 million standard cubic feet per day, with further ramp-up expected from the second quarter.