Seplat Energy Plc (NGX: SEPLAT) has reported a 174% jump in nine-month profit to $260.2 million (₦355.6 billion) and raised its third-quarter dividend to 19 US cents per share, as stronger crude prices and rising onshore output offset weaker offshore performance.
According to the audited financial report filed with the Nigerian Exchange (NGX), revenue rose 27% to $2.76 billion (₦3.78 trillion), while adjusted EBITDA increased 38% to $1.53 billion. Seplat’s average realised oil price rose 34% to $96.19 per barrel, an $8.12 premium to Brent.
Revenue rose 12.5% in naira terms, compared with 27% in dollars, while profit after tax grew about 143% to ₦355.6 billion. Earnings per share were ₦580.72, up from ₦240.18.
The 19-cent payout, about $114 million, comprises a 5-cent base dividend and a 14-cent special dividend.
It is 153% above the 7.5 cents paid for the third quarter of 2025 and brings this year’s declared dividends to 40 cents.
Shareholders on the register by 12 November qualify, with payment due around 27 November in naira or dollars, depending on whether they hold a valid Certificate of Capital Importation.
Net debt fell 65% from year-end to $234.9 million. On 27 October, Seplat repaid the final $100 million of the advance payment facility, clearing all debt raised for its 2024 acquisition of Mobil Producing Nigeria (now SEPNU).
Output averaged 144,999 barrels of oil equivalent per day, up 7%. Onshore production rose 22%, driven by the ANOH gas plant, but offshore output fell 3%. The Yoho platform restart was delayed until the fourth quarter after a pipeline leak was found, and offshore gas sales were suspended during the quarter after third-party damage to the Oso–BRT pipeline.
Third-quarter net income fell 24% from the second quarter to $96.2 million, and revenue slipped 4%. Operating costs per barrel rose to $16.0 for the nine months, from $14.1, and the effective tax rate was 74%. Free cash flow of $749 million was 10% lower than a year earlier.
The results follow ownership and leadership changes: In January, Maurel & Prom sold its 20.07% stake to Heirs Holdings and Heirs Energies, and Tony O. Elumelu was appointed non-executive director replacing Olivier De Langavant, who resigned.
In September, Mr Elumelu, through Heirs Energies, increased his holding, and entities he controls now hold 21.07% of Seplat’s issued share capital. In September, APEX Global Energy also notified the company that its stake had risen to 14.16%.
The board has elected Mr Elumelu as chairman from January 2027, succeeding Senator Udoma Udo Udoma, who will retire on 31 December. Roger Brown retired as chief executive on 31 July, and Effiong Okon took over on 1 August.
Seplat disclosed a marine-related fatality on 27 September at Gbetiokun, a non-operated asset in the Elcrest joint venture. An investigation is under way.
Administrator and Writer
