Seplat Energy Plc has announced a revenue of $840.7 million for the first quarter ending March 31, alongside a profit after tax of $37.9 million. The company declared a total dividend of nine cents per share, representing a 96 percent increase compared to the same period last year.
Strong Cash Generation and Production Growth
The dual-listed independent energy company reported robust cash generation of $243.4 million during the quarter, supported by improved production and favorable oil price dynamics. According to its unaudited results, gross profit stood at $370.5 million, while group production averaged 129,841 barrels of oil equivalent per day, up nine percent from 119,200 boepd recorded in the fourth quarter of 2025.
Production Performance Drivers
The company attributed the production increase to stronger crude and condensate lifts, enhanced by its put-option hedge strategy. This approach allowed Seplat to fully benefit from oil price upside, thereby strengthening free cash flow. Additionally, the company recorded over 9.1 million man-hours without lost time injury, comprising three million hours onshore and 6.1 million hours offshore, reflecting its sustained focus on safety across all assets.
Onshore and Offshore Production Breakdown
A breakdown of production showed that onshore operations contributed 50,700 boepd, a 10 percent decline from 56,267 boepd recorded in the same period of 2025. The decline was largely due to 38 days of unplanned downtime on the third-party operated Trans Forcados Pipeline, which impacted output from western assets before operations resumed on March 24. Conversely, offshore production rose by five percent to 79,141 boepd from 75,478 boepd in the corresponding period, supported by improved asset performance.
Idle Well Restoration and Gas Production
The company’s idle well restoration program continued to deliver gains, adding 10,000 barrels per day of gross joint venture production capacity from eight wells. Gas production also recorded early momentum, with first gas achieved at the ANOH project in January 2026, contributing 17 million standard cubic feet per day. Further ramp-up is expected from the second quarter.
