Nigeria’s leading indigenous energy company Seplat Energy Plc reported a sharp increase in third-quarter 2026 earnings on Thursday, supported by higher realised prices, increased production, and continued cost discipline.
The indigenous oil and gas giant posted net income of N355.53 billion in the first nine months of 2026, up 142.48 percent from N146.64 billion in the same period last year. Diluted earnings per share climbed to N580.72 from N240.18, while total revenue increased 12.53 percent to N3.77 trillion.
A breakdown of total revenue figures shows crude & condensate revenue rose by 23.14 percent to N3.37 trillion, from N2.73 trillion the previous year.
Gas revenue grew by 18.89 percent to N225.19 billion, supported by contributions from ANOH following continued production ramp-up contributing additional N47.74 billion of wet gas sales.
NGLs revenue surged by 276.15 percent to N169.27 billion, underpinned by the successful replacement of the Inlet Gas Exchanger (IGE) at EAP, which enhanced NGL recovery, improved product yields and supported more frequent cargo liftings.
Adjusted earnings before interest taxation depreciation and amortization (EBITDA) increased by N2.08 trillion, which is 37.74 percent higher than 2025’s N1.51 trillion. Adjusted free cash flow was down 10.15 percent to N1.02 trillion in the period under review from N1.13 trillion the previous year, while operating cash flow reached N1.25 trillion.
In the third quarter (3Q) 2026, the oil and gas major completed four additional wells, Sibiri-3, Sibiri-4, OHS 1PAS-01 and Oben-60, bringing the total number of wells completed under the 2026 onshore drilling programme to eight. It is important to note the company successfully discovered hydrocarbons in the Aku-01 well.
“We continue to actively manage well-specific execution challenges, with six rigs currently operating across our onshore portfolio to support delivery of the remaining planned wells by year-end and sustain production growth,” said the company.
Oil majors benefited from higher crude oil prices due to the war in the Middle East, and there appears the warring parties are not ready to sheath their swords.
Brent crude averaged $88.07/bbl in the first nine months of the year, up 26 percent from $69.73/bbl the equivalent period in 2025.
“Nigerian crude continued to attract strong demand, benefiting from its high quality and lower exposure to key global shipping and supply chain bottlenecks, on top of which our simple hedge strategy and lifting timing meant that our average realised crude oil price increased by 34 percent to $96.19/bbl (9M 2025: $71.93/bbl), an average premium of $8.12/bbl to Brent ($2.20/bbl in 9M 2025), representing an 11 percent premium to the average Brent price year to date,” said the company.
Seplat said it benefited from positive pricing momentum across our gas business, with average realised NGL prices increasing by 4 percent to $48.48/bbl supported by a more favourable product mix and a higher contribution from pentane, while average realised dry gas prices increased by 8 percent to $3.18/mscf.
“Overall, the combination of higher realised prices, increased production, and continued cost discipline provided a strong foundation for financial performance during the period. Together with a more favourable fiscal profile, these factors supported robust growth in earnings and cash generation,” summed the company.
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