Seplat Energy Reports $840.7 Million Revenue and Doubles Dividend Following Significant Production Growth

Seplat Energy doubles Q1 dividends to 9.0 cents as revenue hits $840.7 million, driven by production gains and the ANOH gas project launch.

By: AXL Media

Published: Apr 30, 2026, 7:20 AM EDT

Source: Information for this report was sourced from Seplat Energy PLC

Surging Profits Amidst Global Market Volatility

Seplat Energy PLC has reported a robust financial opening for 2026, with revenue reaching $840.7 million during the first quarter. This performance was underpinned by a significant rise in profit after tax, which jumped to $37.9 million, representing a 62.7% increase compared to the previous year. According to the company, this financial momentum was driven by a combination of heightened production volumes and a firmer global oil price outlook, largely influenced by ongoing geopolitical tensions in the Middle East.

Aggressive Dividend Policy Reflects Cash Strength

In a move that highlights the company's strong liquidity position, the board declared a total dividend of 9.0 cents per share for the quarter, marking a 96% increase year on year. This payout consists of a 5.0 cent base dividend complemented by a 4.0 cent special dividend, totaling $54 million for shareholders. Chief Executive Officer Roger Brown noted that the decision to double the dividend was made possible by Nigeria’s strategic position and Seplat’s oil rich portfolio, which have combined to deliver reliable and strong cash flows.

Production Resilience Despite Infrastructure Challenges

The firm recorded an average group production of 129,841 barrels of oil equivalent per day during the first quarter, representing a 9% rise from the final quarter of 2025. This growth occurred despite significant operational hurdles, including 38 days of downtime on the Trans Forcados Pipeline which impacted onshore output. However, offshore assets provided a vital offset, contributing over 79,000 barrels per day. Data from the first 26 days of April shows a further climb to 153,000 barrels per day, signaling that the company is effectively utilizing its asset potential.