Seplat Energy PLC released its unaudited results for the three months ended 31 March 2026, reporting a 4 % increase in gross revenue to $840.7 million versus $809.3 million in the same period last year. The uplift reflects a realised crude price of $86.16 per barrel. Gross profit for the quarter stood at $370.5 million.
Profit after tax rose to $37.9 million from $23.3 million a year earlier, while cash generated from operations reached $337.9 million, up 10 % on the prior‑year quarter. The company declared a total dividend of US 9.0 cents per share – a base dividend of 5.0 cents and a special dividend of 4.0 cents – representing a 96 % increase on the 1Q 2025 payout.
Production averaged 129,841 barrels of oil equivalent per day (boepd), a 9 % rise from the fourth quarter of 2025 (119,200 boepd). Onshore assets contributed 50,700 boepd, down 10 % year‑on‑year due to 38 days of unplanned downtime on the third‑party Trans Forcados pipeline, which was restored on 24 March. Offshore output increased 5 % to 79,141 boepd. In the first 26 days of April, average output reached approximately 153 kboepd, bringing the year‑to‑date daily working‑interest production to about 135 kboepd, within the company’s FY 2026 guidance.
The idle‑well restoration programme added 10 kilobarrels of oil‑equivalent per day (kbopd) of gross JV capacity from eight wells. Natural‑gas‑liquid (NGL) production rose sharply to 9,802 barrels per day, up from 3,376 bopd a year earlier, driven by strong performance in the Eastern Asset Package. First gas at the ANOH field was achieved in January 2026, delivering 17.0 million standard cubic feet per day (mmscfd) and is slated for further increases from the second quarter onward. The Yoho field restart and the Oso‑BRT 1 gas‑expansion project remain on track for second‑ and third‑quarter 2026 completions, respectively.
Carbon‑intensity metrics improved, with group emissions falling to 41.6 kg CO₂ per barrel of oil equivalent, a 13 % reduction year‑on‑year. Onshore operated emissions intensity declined 24 % following the End‑of‑Routine flaring programme.
Financially, the unit production operating cost rose to $17.1 per boe, above the $13.5‑$14.5 guidance, mainly because of accelerated maintenance at Yoho and lower quarterly volumes. Adjusted EBITDA fell 7 % to $371.3 million, representing a 44 % margin. The balance sheet is strong, with cash at bank of $461.7 million at the end of March and net debt reduced to $531.6 million, a 21 % quarterly decline. Net‑debt‑to‑EBITDA improved to 0.43 times.
Seplat refinanced its revolving credit facility, increasing the limit to $400 million and reducing the borrowing rate to SOFR + 4.5 %, saving 76 basis points.
The company reaffirmed its 2026 guidance: production of 135‑155 kboepd, capex of $360‑$440 million, and unit operating costs of $13.5‑$14.5 per boe. CEO Roger Brown attributed the results to favourable geographic positioning, a portfolio exposed to higher oil prices, and a robust balance sheet, while noting that ongoing geopolitical tensions could affect oil‑price dynamics. He indicated confidence in meeting the full‑year outlook, supported by expected returns from Yoho and the continued ramp‑up of the ANOH field.
