Production and Prices Did the Heavy Lifting
Seplat's nine-month numbers are, above all, a production story. Average output of 155,821 barrels of oil equivalent per day puts the company at the top end of its full-year guidance range, and the third quarter alone averaged over 155,000 boepd. Chief Executive Effiong Okon, in his first update as CEO, pointed to another quarter of robust production growth and noted that Seplat realised $100.4 per barrel in the quarter — a full $10.2 above the average Brent price for the period. The company also recorded its highest-ever onshore gas production, helped by the ramp-up of the ANOH gas processing plant and stronger performance from its western assets.
That combination of volume and price flowed through the income statement. Gross profit rose 19.8% to ₦1.62 trillion as cost of sales grew more slowly than revenue, expanding the gross margin to about 43% from 40.4% a year earlier. Operating profit climbed 33.1% to ₦1.46 trillion, and profit before tax rose 52.8% to ₦1.34 trillion, helped by lower net finance costs. The third quarter on its own contributed net income of $95 million on revenue of $1,049 million.
A Bigger Cheque for Shareholders
The headline for income investors is the dividend. At 19 US cents per share — roughly ₦256 per share, or an estimated ₦153.6 billion in total at the October 28 NFEM rate of ₦1,347.526 per dollar — the third-quarter payout is more than two and a half times the 7.5 cents paid for the same quarter of 2025. Shareholders on the register at the close of business on November 12, 2026 qualify; the register closes on November 13, and payment is expected on or around November 27.
