Seplat Energy, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, announces its unaudited results for the three months ended 31 March 2026.

Summary

Crude and condensate liftings benefitting from our put-option hedge strategy that exposes Seplat to 100% of price upside. Strong free cash flows and further deleveraging supports an increase in dividend for 1Q 2026 to USD 9.0 cents/share, 96% higher than 1Q 2025 payout.

Operational highlights

• Group production averaged 129,841 boepd down 1% from 1Q 2025 (131,745 boepd), but up 9% since 4Q 2025 (119,200 boepd).
• Production during the first 26 days of April has averaged approximately 153 kboepd, bringing group average daily working interest production for the year to 26 April to approximately 135 kboepd, within FY 2026 guidance.
• Onshore production contribution of 50,700 boepd, down 10% YoY (1Q 2025: 56,267 boepd).
• YoY decline principally due to 38 days unplanned downtime on third-party operated Trans Forcados Pipeline, impacting Western Assets. Pipeline operations resumed on 24 March and Western Assets production has normalised.
• First gas at ANOH in January 2026, contributed working interest volumes of 17.0 mmscfd, planned increase 2Q 2026 onwards. 
• Offshore production contribution of 79,141 boepd, up 5% vs. 1Q 2025: 75,478 boepd.
• Idle well restoration programme continued its strong performance, adding 10 kbopd gross JV production capacity from 8 wells.
• NGLs delivered strong growth, WI production of 9,802 bopd (1Q 2025: 3,376 bopd), as EAP continued to perform at high levels.
• Yoho restart on track for 2Q 2026, Oso-BRT 1 gas expansion project on track for 3Q 2026 start up.
• Carbon emissions intensity for Seplat group assets: 41.6 kg CO2/boe improved by 13% YoY (1Q 2025: 47.9 kg CO2/boe), within this onshore operated emissions intensity reduced 24% on 1Q 2025, reflecting the positive impact of our End of Routine flaring programme. 
• 1Q 2026 Lost Time Injury ('LTI') free. Group delivered more than 9.1 million man-hours without LTI. 3.0 million hours onshore-operated assets and 6.1 million hours offshore.

Financial highlights

• Gross revenue $840.7 million up 4% on prior year (1Q 2025: $809.3 million). Realised oil price of $86.16/bbl.
• Onshore operated assets now reporting under PIA, group blended unit royalty rate 14.7% of revenue (1Q 2025 16.2%).
• Unit production operating cost of $17.1/boe (1Q 2025: $12.6/boe), above our $13.5-14.5/boe guidance due to acceleration of planned maintenance activities at Yoho and lower volumes in the quarter, also impacting EBITDA, expected to normalise in subsequent quarters.
• Adjusted EBITDA of $371.3 million (44% margin), down 7% vs prior year (1Q 2025: $400.6 million).
• Cash generated from operations of $337.9 million up 10% from $306.5 million in 1Q 2025.
• Cash capital expenditure of $42.6 million up 6% YoY (1Q 2025: $ 40.2 million). Capex run rate expected to increase 2Q 2026 onwards.
• Balance sheet remains robust, end-March cash at bank $461.7 million (YE 2025: $332.3 million).
• Net Debt at end-March of $531.6 million down 21% on prior quarter (YE 2025: $673 million). ND/EBITDA improves to  0.43x (YE: 0.53x).
• Completed refinancing of our undrawn revolving credit facility ('RCF') and upsized to $400 million, cost of borrowing reduced to SOFR plus 4.5% (down from SOFR plus 5% plus CAS), an overall saving of 76 bps.

Dividend  

• 1Q 2026 declared dividend of USD 9.0 cents per share, consisting of USD 5.0 c/share base and USD 4.0 c/share special dividend, for a total cost of approximately $54 million. The declared dividend is up 8% QoQ and up 96% YoY.

2026 Outlook

• 2026 guidance reiterated
• Production guidance of 135-155 kboepd (Crude & Condensate: flat, NGL: +85% YoY & Gas: +30% YoY)
• Capex guidance remains $360-440 million, unit operating cost guidance reiterated at $13.5-$14.5/boe

Roger Brown, Chief Executive Officer, said:
"The conflict in the Middle East has dramatically changed the outlook for the oil and gas industry in 2026, and quite possibly beyond. Nigeria's favourable geographic positioning, combined with our oil rich portfolio, which is fully exposed to higher oil prices, and our strong balance sheet, means we are well placed to deliver strong cash flows in 2026. As a result, we have increased our 1Q 2026 dividend to 9.0 cents per share (core: 5.0 cents and special: 4.0 cents).

Production in 1Q 2026, improved QoQ but modestly missed our internal expectations, largely due to unplanned downtime on third-party infrastructure onshore. That said, April to date production has averaged c.153 kboepd, illustrating the potential of our asset base. Notably, this is before the return of Yoho, scheduled to come back onstream before end 2Q 2026, and full ramp-up of ANOH, as such we remain comfortable with our 2026 guidance.

While the firmer oil price outlook should enhance cash flows its duration is uncertain, as such, we expect to retain our current growth-focused 2026 work programme, which will deliver enhanced asset reliability and overall portfolio growth on route to our 2030 targets. Overall, we have delivered a solid start to 2026, with expectations that 2Q 2026 will see a step forward in performance".

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