…Declares US 12.0 cents dividend per share
Seplat Energy Plc has released its unaudited results for the for the six months (H1) ended June 30, 2026, declaring US 12.0 Cents total dividend per share for the period, with its Profit After Tax (PAT) for the period rising by 498 percent to $164million.
The energy company grew its revenue to $1.82billion from $1.398billion Year-on-Year (YoY) with cash generated hitting $985.9million.
Production averaged 139,509 boepd in 6 months 2026 up 4 percent from 6M’2025 (134,492 boepd), within 2026 guidance (135 – 155 kboepd). Working interest oil production of 99,518 bopd and gas of 182.9 MMscfd in 6M’2026.
Group production in 2Q 2026 averaged 149,070 boepd, up 9 per cent from 2Q 2025 (137,207 boepd) and up 15 percent from 1Q 2026 (129,841 boepd).
Gross profit for the period stood at $815.9million rising by 68 percent Year-on-Year from $484.6million. The Group operated assets delivered 18.8 million man-hours without LTI.
The agreement reached with NNPC Limited to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture (JV) is expected to further enhance shareholder returns, bringing total expected dividend for 2026 to USD 68.3 cents/share ($410 million).
On August 1, Effiong Okon will succeed Roger Brown as Chief Executive Officer of Seplat Energy. On January 1, 2027, Tony Elumelu, will succeed Senator Udoma Udo Udoma as Chairman of the Board of Seplat Energy. Emma FitzGerald, Independent Non-Executive Director, has given notice that she will retire from the Board on December 31, 2026. The Board has commenced a process to identify a suitable independent replacement.
Commenting on the results, Roger Brown, outgoing Chief Executive Officer, said: “As I hand over leadership of Seplat, the Company is stronger than ever. 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.
Our first-half performance benefited from a supportive commodity price environment, translating into strong cash generation. Given the limited visibility on how long these elevated prices may persist, we prioritised balance sheet strength during the quarter, repaying $200 million of our outstanding APF debt, equivalent to 20 per cent of gross debt. At the same time, robust cash flows enabled us to continue enhancing shareholder returns.
Our declared quarterly dividend of USD 12.0 cents per share represents a new quarterly high-water mark, up 33 per cent on 1Q 2026 and 161 percent higher than 2Q 2025. With continued strong business performance and the announced sale of a 10 per cent interest in our offshore JV to NNPC Limited, means that total dividends paid for the current financial year are expected to represent nearly 50 percent of all previous dividend paid to shareholders”.
He further said, “The performance of our offshore business over the past 18 months has reinforced our conviction in the quality and scale of the opportunity within the portfolio. As I hand over to Effiong, I do so with great confidence. He brings the experience, capability and operational focus needed to unlock the next phase of value creation, supported by an exceptional team with a proven track record that continues to deliver for our shareholders, host communities and wider stakeholders.”
Operational highlights ….
Production averaged 139,509 boepd in 6M’ 2026 up 4 percent from 6M’2025 (134,492 boepd), within 2026 guidance (135 – 155 kboepd). Working interest oil production of 99,518 bopd and gas of 182.9 MMscfd in 6M 2026. Group production in 2Q 2026 averaged 149,070 boepd, up 9 percent from 2Q 2025 (137,207 boepd) and up 15 percent from 1Q 2026 (129,841 boepd). Onshore production contribution of 60,690 boepd, up 11 percent YoY (6M 2025: 54,831 boepd). Strong production performance on West, East and Elcrest in 2Q 2026 supports YoY growth. Offshore production contribution of 78,819 boepd, down 1 percent versus 6M’2025: 79,660 boepd. Idle well restoration programme continued its strong performance, 26 kbopd gross JV production capacity added in 6M 26 from 24 wells.
NGLs delivered strong YoY growth, WI production of 8,459 bopd (6M 2025: 3,772 bopd). Carbon emissions intensity for the group: 33.5 kg CO2/boe 18 percent lower YoY (6M 2025: 41.0 kg CO2/boe). Onshore operated emissions intensity reduced 37 percent on 6M 2025, reflecting the positive impact of our End of Routine Flaring programme. 6M’2026 Lost Time Injury (LTI) free. Group operated assets delivered 18.8 million man-hours without LTI.
Financial highlights…
Positive price environment drives a material improvement in revenue, EBITDA and net income. Revenue of $1,820 million up 30 percent on prior year (6M 2025: $1,398 million), average realised oil price $94.13/bbl, a $7.47/bbl premium to Brent. Unit production operating cost of $15.8/boe (6M 2025: $12.5/boe), primarily due to Yoho restoration ($14.0/boe excluding Yoho costs). Adjusted EBITDA of $939 million, up 28 percent on prior year (6M 2025: $735.0 million). Net income increased to $164 million, up 498 percent YoY. Earnings per share USD 26.6 cents, up 565 percent YoY (6M 2025 USD 4.0 cents). Cash generated from operations of $985.9 million, up 29 percent on prior year (6M 2025: $766.2 million). Cash capital expenditure of $109.8 million (6M 2025: $96.5 million), higher run-rate expected in 2H 2026. Repaid early and cancelled $200 million under the Advanced Payment Facility, balance reduced to $100 million. Balance sheet remains strong, end-June cash at bank $433.8 million (FY 2025: $332.3 million), excluding $130.8 million restricted cash. Net Debt at end-June of $370.7 million down 45 percent since YE2025 ($673.3 million). Net Debt/EBITDA improves to 0.25x from 0.53x FY25. Credit ratings changes: S&P upgraded Seplat to B+ in May 2026
Dividend update….
2Q 2026 declared dividend of USD 12.0 cents/share ($72 million), consisting of USD 5.0 c/shr core and USD 7.0 c/shr special dividend. Planned full year dividend of USD 45.0 cents/share ($270 million), based on strength of underlying business performance and management confidence in 2026 outlook. Represents 80 percent dividend growth YoY.
In addition, and subject to completion, the company plans to distribute a Transaction dividend of USD 23.3 cents/share ($140 million). Combined with the planned dividend from the business, 2026 dividend is expected to grow to USD 68.3 cents/share ($410 million), up 173 percent YoY, and representing 41 percent of planned $1 billion dividend target 2026-2030.
Corporate update and 2026 outlook…
Agreement reached to sell a 10 percent interest in NNPCL-SEPNU JV to NNPC Ltd (further details in separate RNS).
Headline transaction value of $281.6 million, represents 25 percent of Seplat’s acquisition costs to date.
Completion expected in 2H 2026. Upon completion, proceeds will be split ~50:50 between a transaction dividend and debt repayment.
2026 guidance will be updated following completion of the transaction. Current guidance is as follows: Production guidance unchanged at 135-155 kboepd, tracking towards mid-point of the range; Capex guidance remains $360-440 million, with expenditure biased to 2H 2026; and Unit operating cost guidance revised to $14.5-$15.5/boe. Guidance range is $1.0/boe higher than plan, driven by higher Yoho costs.