Business
Unaudited 1st Quarter Results: 31 March 2026
Seplat Energy PLC announced its unaudited results for the first quarter of 2026, reporting gross revenue of $840.7 million, a 4% increase year-on-year, with a realised oil price of $86.16 per barrel. Despite a 1% decrease in group production to 129,841 boepd, primarily due to unplanned downtime on third-party infrastructure, NGL production saw significant growth. Adjusted EBITDA was $371.3 million, down 7% from the prior year, but cash generated from operations increased by 10% to $337.9 million. The company declared a dividend of USD 9.0 cents per share, a 96% increase year-on-year, reflecting strong free cash flows and deleveraging, with net debt decreasing by 21% to $531.6 million. Disclaimer*
About this update from Seplat Energy Plc
[{"type":"text","content":"\n\n\n \n \nPlease see the Full Audited Results in attached PDF\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/4821C_1-2026-4-29.pdf\n \n \nUnaudited results for the three months ended 31 March 2026\n30 April 2026\n \nOverview\nLagos and London, 30 Apr 2026: Seplat Energy PLC (\"Seplat Energy\" or \"the Company\"), a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, announces its unaudited results for the three months ended 31 March 2026.\nSummary\nCrude and condensate liftings benefitting from our put-option hedge strategy that exposes Seplat to 100% of price upside. Strong free cash flows and further deleveraging supports an increase in dividend for 1Q 2026 to USD 9.0 cents/share, 96% higher than 1Q 2025 payout.\nOperational highlights\n\n\n\n\n·\n\n\nGroup production averaged 129,841 boepd down 1% from 1Q 2025 (131,745 boepd), but up 9% since 4Q 2025 (119,200 boepd).\n\n\n\n\n\n\n\n· Production during the first 26 days of April has averaged approximately 153 kboepd, bringing group average daily working interest production for the year to 26 April to approximately 135 kboepd, within FY 2026 guidance.\n\n\n\n\n·\n\n\nOnshore production contribution of 50,700 boepd, down 10% YoY (1Q 2025: 56,267 boepd).\n\n\n\n\n\n\n\n· YoY decline principally due to 38 days unplanned downtime on third-party operated Trans Forcados Pipeline, impacting Western Assets. Pipeline operations resumed on 24 March and Western Assets production has normalised.\n\n\n\n\n\n\n\n· First gas at ANOH in January 2026, contributed working interest volumes of 17.0 mmscfd, planned increase 2Q 2026 onwards. \n\n\n\n\n·\n\n\nOffshore production contribution of 79,141 boepd, up 5% vs. 1Q 2025: 75,478 boepd.\n\n\n\n\n\n\n\n· Idle well restoration programme continued its strong performance, adding 10 kbopd gross JV production capacity from 8 wells.\n\n\n\n\n\n\n\n· NGLs delivered strong growth, WI production of 9,802 bopd (1Q 2025: 3,376 bopd), as EAP continued to perform at high levels.\n\n\n\n\n\n\n\n· Yoho restart on track for 2Q 2026, Oso-BRT 1 gas expansion project on track for 3Q 2026 start up.\n\n\n\n\n·\n\n\nCarbon emissions intensity for Seplat group assets: 41.6 kg CO2/boe improved by 13% YoY (1Q 2025: 47.9 kg CO2/...