Seplat Energy Plc has reported a strong performance for the first quarter ended March 31, 2026, posting revenue of $840.7 million, a four increase from $809.3 million recorded in the same period of 2025.
The company’s gross profit stood at $370.5 million, while profit after tax rose sharply by 62.7 per cent to $37.9 million, compared to $23.3 million in the corresponding quarter of last year.
Seplat also declared a total quarterly dividend of nine per cent per share, made up of a 5-cent base dividend and a 4-cent special dividend.
Cash generation during the period remained strong, with $243.4 million recorded, while cash from operations grew 10 per cent to $337.9 million.
Adjusted EBITDA came in at $371.3 million, reflecting a 44 per cent margin, though slightly lower than the $400.6 million posted in the prior year.
Average production for the quarter stood at 129,841 barrels of oil equivalent per day (boepd), a nine per cent rise from the fourth quarter of 2025.
The company said production momentum strengthened further in April, averaging about 153,000 boepd in the first 26 days of the month, putting year-to-date output at roughly 135,000 boepd, within full-year guidance.
Onshore production averaged 50,700 boepd, down 10 per cent year-on-year due to 38 days of unplanned downtime on the Trans Forcados Pipeline, which disrupted western assets.
Operations resumed on March 24, with output normalising thereafter
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Offshore production increased by five to 79,141 boepd, compared with 75,478 boepd in the same period of 2025.
The company also began gas production at its ANOH project in January 2026, contributing 17 million standard cubic feet per day, with plans for further ramp-up in the second quarter.
Natural gas liquids production rose significantly to 9,802 barrels per day from 3,376 barrels per day a year earlier.
Seplat maintained strong safety performance, recording over 9.1 million man-hours without a lost-time injury.
Unit production costs rose to $17.1 per barrel of oil equivalent from $12.6 in 2025, exceeding guidance due to accelerated maintenance and lower production volumes.
Capital expenditure increased six per cent to $42.6 million and is expected to rise further through the year.
The company’s balance sheet remained solid, with cash at bank increasing to $461.7 million from $332.3 million at the end of 2025. Net debt fell 21 per cent to $531.6 million, improving its net debt-to-EBITDA ratio to 0.43x from 0.53x.
It also refinanced and expanded its revolving credit facility to $400 million, at improved borrowing terms.
Looking ahead, Seplat reaffirmed its 2026 production guidance of 135,000 to 155,000 boepd, supported by expected growth in gas and natural gas liquids output, alongside stable crude production.
Capital expenditure guidance remained unchanged at $360 million to $440 million.
Chief Executive Officer Roger Brown described the quarter as a solid start to the year despite operational challenges linked to third-party infrastructure disruptions.
He said improved oil prices, asset restarts, and the ramp-up of key projects such as ANOH and Yoho are expected to strengthen performance in the coming quarters, with the company targeting improved output in Q2 2026.
