Seplat Energy Plc reported a 74.1% year-on-year rise in profit before tax to N790.4 billion for the six months ended June 30, 2026, up from N454.1 billion in the same period of 2025. The board declared a quarterly dividend of US$0.12 per share, comprising a US$0.05 core dividend and a US$0.07 special dividend.
Unaudited results showed second-quarter profit before tax reaching N561.3 billion, a 145.0% increase from N229.1 billion in the first quarter of 2026 and 302.1% higher than the N139.5 billion recorded in the second quarter of 2025. The company attributed the performance to stronger revenue, lower cost of sales, improved production, supportive commodity prices and reduced finance costs.
Record Dividend Against Strong Earnings
The US$0.12 dividend was declared against second-quarter earnings per share of US$0.21. Chief Executive Officer Roger Brown said the company entered the second half from a position of strength.
“Production improved from the first quarter and remains on track to grow further in the second half of 2026 as temporary restrictions are lifted and planned activities are completed,” Brown said. He noted that first-half results benefited from “a supportive commodity price environment, translating into strong cash generation.”
Brown added that the company prioritised balance-sheet strength by repaying $200 million of outstanding APF debt and described the quarterly dividend as “a new quarterly high-water mark.”
Half-Year Results Overview
Revenue increased 15.5% to N2.50 trillion from N2.17 trillion a year earlier. Gross profit rose 49.3% to N1.12 trillion, while operating profit climbed 50.0% to N901.7 billion.
Profit after tax surged 430.3% to N225.5 billion from N42.5 billion. Earnings per share jumped 487.6% to N365.43, with dollar earnings per share rising 563% to US$0.27.
Total production grew 3.7% to 139,509 barrels of oil equivalent per day. Crude and condensate output dipped 0.8% to 99,518 barrels of oil per day, gas production increased 3.7% to 182.9 million standard cubic feet per day, and natural gas liquids production rose 124.1% to 8,459 barrels of oil per day.
Crude oil sales generated N2.25 trillion, up 12.1%. Gas sales declined 4.3% to N140.3 billion, while NGL sales surged 647.9% to N114.7 billion.
Cost Control and Balance Sheet Strength
Cost of sales fell 2.5% to N1.38 trillion from N1.42 trillion. Depletion, depreciation and amortisation costs declined 21.1% to N388.2 billion, while operational and maintenance expenses rose 19.4% to N468.4 billion.
Net finance cost dropped 24.8% to N107.0 billion from N142.3 billion, helped by lower interest on loans and the $200 million APF debt repayment. Gas profit after tax increased to N111.6 billion from N27.0 billion.
Cash and cash equivalents rose 25.5% to N598.3 billion. Total assets declined 5.6% to N8.24 trillion, driven mainly by lower non-current assets, which fell 8.5% to N6.21 trillion. Oil and gas properties dropped 7.2% to N4.15 trillion, while intangible assets declined 11.8% to N716.6 billion. Interest-bearing debt was reduced by 23.1%.
Market Performance and Outlook
Seplat’s share price stood at N11,363.90 as of July 29, 2026, delivering a year-to-date gain of 95.63%. Month-to-date performance was flat.
The record dividend and strong profit growth signal improved cash generation in the energy sector, even as the company reduces debt and manages a lower asset base. For investors, the combination of higher production, lower finance costs and a new quarterly dividend high points to strengthened cash returns alongside balance-sheet discipline.
