Lagos: Seplat Energy Plc recorded $840.7 million in first-quarter revenue, a new high that fueled a 96% surge in dividend payouts.
This 4 per cent annual increase was driven by higher output and prices across its oil and gas portfolio.
The company shared the results on Thursday in Lagos via a statement to investors.
As a result, gross profit stood at $370.5 million for the period under review.
Consequently, profit after tax surged 62.7 per cent to $37.9 million from $23.3 million in Q1 2025.
Reflecting this strong performance, the company declared a dividend of 9.0 US cents per share, up 96 per cent from the prior year period.
Supporting these financial results, average production reached 129,841 barrels of oil equivalent per day (boepd), up 9 per cent from Q4 2025.
Crude liftings also benefited from a hedging strategy that improved price exposure and free cash generation.
Operationally, the company recorded over 9.1 million man-hours without Lost Time Injury across onshore and offshore assets, underscoring its safety track record.
Looking ahead, April production averaged about 153 kboepd, bringing year-to-date levels to 135 kboepd, consistent with 2026 guidance.
Onshore output fell 10 per cent to 50,700 boepd due to 38 days of downtime on the Trans Forcados Pipeline.
Offshore production rose 5 per cent to 79,141 boepd from 75,478 boepd in the prior year period, benefiting from fewer disruptions and optimised operations compared to the onshore segment.
Natural gas liquids output increased to 9,802 barrels per day, while the ANOH gas project began producing its first gas in January 2026.
Adjusted EBITDA dropped 7 per cent to $371.3 million, due to higher costs and maintenance.
Cash from operations rose 10 per cent to $337.9 million; capex increased 6 per cent to $42.6 million.
Cash at bank increased to $461.7 million at the end of March 2026, up from $332.3 million in 2025.
Net debt fell 21 per cent to $531.6 million, lowering leverage to 0.43 from 0.53 times.
The company refinanced and increased its revolving credit facility to $400 million, reducing borrowing costs.
It maintained 2026 production guidance of 135,000 to 155,000 boepd and a capex range of $360 million to $440 million.
Roger Brown, Seplat CEO, said, “The conflict in the Middle East has changed the outlook for the oil and gas industry in 2026.”
He said Nigeria’s position and asset base support cashflows, adding that the dividend increased to 9.0 cents per share.
“Production improved quarter-on-quarter, but fell short of expectations due to pipeline downtime,” he said.
