Seplat Energy’s 2026 Q1 PAT Rises by 62.7% to $37.9m
… Declares US 9.0 Cents Dividend Per Share, up by 96% YoY
The foremost energy company grew its profit after tax (PAT) to $37.9m from $23.3m Year-on-Year with cash generated hitting $243.4m.
Group production for the period averaged 129,841 barrels of oil equivalent per day (boepd) up 9 per cent since 4Q 2025 (119,200 boepd). Crude and condensate liftings benefitted from the company’s put-option hedge strategy that exposed it to a 100 per cent of price upside, resulting in strong free cash. Gross profit for the period stood at $370.5m.
The Group delivered more than 9.1 million man-hours without Lost Time Injury – 3.0 million hours onshore-operated assets and 6.1 million hours offshore.
Operational highlights
* 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.
* Onshore production contribution of 50,700 boepd, down 10% YoY (1Q 2025: 56,267 boepd).
* 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.
* First gas at ANOH in January 2026, contributed working interest volumes of 17.0 mmscfd, planned increase 2Q 2026 onwards.
* Offshore production contribution of 79,141 boepd, up 5% vs. 1Q 2025: 75,478 boepd.
* Idle well restoration programme continued its strong performance, adding 10 kbopd gross JV production capacity from 8 wells.
* NGLs delivered strong growth, WI production of 9,802 bopd (1Q 2025: 3,376 bopd), as EAP continued to perform at high levels.
* Yoho restart on track for 2Q 2026, Oso-BRT 1 gas expansion project on track for 3Q 2026 start up.
* Carbon emissions intensity for Seplat group assets: 41.6 kg CO2/boe improved by 13% YoY (1Q 2025: 47.9 kg CO2/boe), within this onshore operated emissions intensity reduced 24% on 1Q 2025, reflecting the positive impact of our End of Routine flaring programme.
Financial highlights
* Gross revenue $840.7 million up 4% on prior year (1Q 2025: $809.3 million). Realised oil price of $86.16/bbl.
* Onshore operated assets now reporting under PIA, group blended unit royalty rate 14.7% of revenue (1Q 2025 16.2%).
* Unit production operating cost of $17.1/boe (1Q 2025: $12.6/boe), above our $13.5-14.5/boe guidance due to acceleration of planned maintenance activities at Yoho and lower volumes in the quarter, also impacting EBITDA, expected to normalise in subsequent quarters.
* Adjusted EBITDA of $371.3 million (44% margin), down 7% vs prior year (1Q 2025: $400.6 million).
* Cash generated from operations of $337.9 million up 10% from $306.5 million in 1Q 2025.
* Cash capital expenditure of $42.6 million up 6% YoY (1Q 2025: $ 40.2 million). Capex run rate expected to increase 2Q 2026 onwards.
* Balance sheet remains robust, end-March cash at bank $461.7 million (YE 2025: $332.3 million).
* Net Debt at end-March of $531.6 million down 21% on prior quarter (YE 2025: $673 million). ND/EBITDA improves to 0.43x (YE: 0.53x).
* Completed refinancing of our undrawn revolving credit facility (‘RCF’) and upsized to $400 million, cost of borrowing reduced to SOFR plus 4.5% (down from SOFR plus 5% plus CAS), an overall saving of 76 bps.
Dividend
* 1Q 2026 declared dividend of USD 9.0 cents per share, consisting of USD 5.0 c/share base and USD 4.0 c/share special dividend, for a total cost of approximately $54 million. The declared dividend is up 8% QoQ and up 96% YoY.
2026 Outlook
* 2026 guidance reiterated
* Production guidance of 135-155 kboepd (Crude & Condensate: flat, NGL: +85% YoY & Gas: +30% YoY)
* Capex guidance remains $360-440 million, unit operating cost guidance reiterated at $13.5-$14.5/boe
Commenting on the results, Mr. Roger Brown, Chief Executive Officer, said: “The conflict in the Middle East has dramatically changed the outlook for the oil and gas industry in 2026, and quite possibly beyond. Nigeria’s favourable geographic positioning, combined with our oil rich portfolio, which isfully exposed to higher oil prices, and our strong balance sheet, means we are well placed to deliver strong cashflows in 2026. As a result, we have increased our 1Q 2026 dividend to 9.0 cents per share (core: 5.0 cents and special: 4.0 cents).
Production in 1Q 2026, improved QoQ but modestly missed our internal expectations, largely due to unplanned downtime on third-party infrastructure onshore. That said, April to date production has averaged c.153 kboepd, illustrating the potential of our asset base. Notably, this is before the return of Yoho, scheduled to come back onstream before end 2Q 2026, and full ramp-up of ANOH, as such we remain comfortable with our 2026
guidance.
While the firmer oil price outlook should enhance cash flows its duration is uncertain, as such, we expect to retain our current growth-focused 2026 work programme, which will deliver enhanced asset reliability and overall portfolio growth on route to our 2030 targets. Overall, we have delivered a solid start to 2026, with expectations that 2Q 2026 will see a step forward in performance”.
How Continental Hotels Is Keeping Workers Financially Secure Amid Nigeria’s Rising Cost of Living
In an era of economic pressure and rising living costs, Continental Hotels Group is taking proactive steps to safeguard employee financial security through a market-responsive compensation and benefits strategy.
Cluster Director,Human Resources , Continental Hotels , Niyi Agoro who disclosed this in a message to mark Workers Day across the Group’s hotels in Abuja & Lagos said the Group’s philosophy is anchored on competitiveness, equity, and sustainability.
He pointed out that the Group conducts periodic industry benchmarking and internal equity analyses to ensure its pay structure remains aligned with market realities.
This data-driven approach ,he noted informed a comprehensive salary review in 2025, following earlier adjustments in 2023 and 2024 to address cost-of-living pressures and new minimum wage legislation.
” Beyond basic salary, Continental offers a robust total rewards package designed to ease financial burden and enhance quality of life.
“Employees receive two free meals daily with two menu options, plus a monthly guest-style lunch buffet. Transportation is provided free via a fleet of eleven buses, including two new Toyota Coaster vehicles added recently,” he informed
Healthcare , Agoro explained is delivered through a four-tier system: mandatory HMO coverage, an on-site staff clinic, retainership with accredited tertiary hospitals, and access to the Nigeria Social Insurance Trust Fund with staff clinic operating night shifts to serve employees working non-day schedules
The HR Cluster director highlighted additional lifestyle benefits that set Continental apart in Nigeria’s hospitality sector team include include a 50 percent discount on food and beverage purchases, paid exam leave, group life insurance, annual staff hampers, and year-end bonuses.
According to him, the Group also supports long-term financial well-being through annual salary reviews tied to business performance and performance-based adjustments for exceptional contributors.
“Our compensation philosophy is responsive, compliant, and market-aligned, ensuring employees feel financially secure and motivated,” Agoro said.
For workers on long shifts, he said , the newly constructed 80-bed staff layover facility provides a safe and comfortable rest environment, reducing commuting stress and enhancing work-life balance.
Agoro noted that benefits are intentionally aligned with real employee needs rather than offered as symbolic gestures. “We ensure our value proposition drives both immediate impact and long-term value realization,” he said.
He noted that the strategy has strengthened retention and motivation, with staff reporting greater confidence in their financial stability.
As inflation continues to challenge household incomes, Continental’s approach offers a model for how hospitality employers can protect their workforce.
Ultimately, Agoro said, financial security is not just about pay. “It’s about creating an ecosystem where employees feel supported in every aspect of their lives, from health to transport to career growth
- NNPC Limited Records Major Breakthrough with Successful River Niger Crossing on OB3 Gas Pipeline
The NNPC Gas Infrastructure Company (NGIC), a wholly owned subsidiary of NNPC Limited, has successfully completed the River Niger Crossing of the 130-kilometre Obiafu-Obrikom-Oben (OB3) Gas Pipeline, marking a major milestone in the expansion of Nigeria’s national gas transmission network.
The successful crossing unlocks the full potential of the OB3 Pipeline, a strategic infrastructure designed to transport up to 2 billion standard cubic feet of gas per day, significantly strengthening energy availability, enhancing supply reliability, and accelerating national economic development. Executed approximately two kilometres beneath the River Niger riverbed, the technically complex crossing was delivered by the NNPC project team working with PCE Nig. Limited, using advanced horizontal directional drilling (HDD) technology.
Commending the achievement, the Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, described the milestone as a testament to disciplined execution and technical excellence.
According to him, “The completion of the OB3 River Niger Crossing is a defining milestone for Nigeria’s gas infrastructure and a clear demonstration of what disciplined execution and sustained commitment to excellence can deliver. By successfully traversing one of the most technically challenging sections of the project, we have unlocked a critical link that will enhance gas supply reliability, deepen domestic utilisation, and support power generation and industrial growth across the country.”
Engr. Ojulari noted that the achievement builds on NNPC Limited’s growing engineering and execution capability, drawing from the successful AKK River Niger Crossing in June 2025, to deliver an even more complex crossing in the Niger Delta environment.
“This achievement is not incidental. It is the result of deliberately leveraging and upscaling our AKK engineering and execution excellence through rigorous project governance, innovative engineering solutions, adaptive problem-solving, and the unwavering commitment of our teams and PCE Nig. Limited. The OB3 Pipeline is central to our ambition of building an integrated and resilient gas network that underpins Nigeria’s energy security and economic development. I commend everyone involved for their doggedness and for staying the course to deliver this strategic national asset.”
The GCEO further acknowledged the critical support of key stakeholders, stating: “We sincerely appreciate the continued support of the Federal Government under the leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, whose Gas-to-Prosperity agenda and commitment to a conducive business environment have been instrumental in making this achievement possible. NNPC Limited could also not have achieved this feat without the trust and guidance of its Board of Directors, under the leadership of our Chairman, Engr. Ahmadu Musa Kida.”
Reaffirming NNPC Limited’s national mandate, Engr. Ojulari added:
“At NNPC Limited, we remain fully committed to translating Nigeria’s oil and gas resources into a better standard of living for all citizens. We will continue to collaborate with our partners to deliver projects that expand energy availability, stimulate industrialisation, and improve the overall wellbeing of Nigerians.”
He expressed his sincere appreciation to the host community for its consistent support towards the project; the management and staff of NGIC for their doggedness in achieving the milestone; and PCE Nig. Limited for its professionalism, noting that the contractor’s innovative approach and disciplined workforce were pivotal to the project’s success.
The GCEO further highlighted the strategic significance of the milestone against the backdrop of the Federal Government’s oil and gas production growth targets of 3 million barrels of crude oil per day and 12 billion standard cubic feet of gas per day by 2030. The successful River Niger Crossing ensures that Nigeria’s gas-producing regions are now physically interconnected with the rest of the country.
The OB3 Pipeline, with a capacity of 2 billion standard cubic feet per day, serves as a backbone gas infrastructure linking the Eastern gas network to the Western network and extending connectivity to the Northern corridor through the AKK Pipeline. In the near term, the successful crossing is expected to unlock over 500 million standard cubic feet of incremental gas supply for the domestic market, supporting power generation, industrial growth, and gas supply to the West African market.
