Seplat Energy Plc recorded a profit after tax of $164 million in H1 2026 and a revenue of $1.82 billion driven by increased production and the windfall caused by Middle East tensions.
The company’s oil Production averaged 139,509 barrels of oil equivalent per day (boepd), a 4% increase from the same period last year and comfortably within the company’s full-year guidance of 135,000 to 155,000 boepd.
The production growth reflects the company’s expanded asset base following the acquisition of Mobil Producing Nigeria Unlimited, now Seplat Energy Producing Nigeria Unlimited (SEPNU).
The company also generated $985.9 million in operating cash flow, up 29% year-on-year, strengthening an already healthy balance sheet. Cash holdings increased to $433.8 million, while net debt declined by 45% to $370.7 million, reducing its net debt-to-EBITDA ratio to just 0.25 times from 0.53 times at the end of 2025.
Solid Dividends Declared
Seplat rewarded shareholders with a declared second-quarter dividend of 12 US cents per share, comprising a core dividend of 5 cents and a special dividend of 7 cents. There are also plans to distribute a total of 45 cents per share during 2026, representing an 80% increase over the previous year.
The company is planning to sell a 10% stake in the NNPCL-SEPNU Joint Venture to NNPC Limited subject to regulatory approval and as a result shareholders could receive an additional transaction dividend of 23.3 cents per share.
Combined, total dividends could reach 68.3 cents per share, equivalent to approximately $410 million, representing a 173% increase from 2025 and accounting for 41% of Seplat’s five-year $1 billion dividend commitment.
The H1 results reinforce Seplat’s position as one of Africa’s strongest-performing independent energy producers.
