Seplat Energy Plc reported strong first-quarter results for the period ending March 31, posting revenue of $840.7 million and a profit after tax of $37.9 million.
By: Bimbola Hassan
Seplat Energy Plc reported strong first-quarter results for the period ending March 31, posting revenue of $840.7 million and a profit after tax of $37.9 million.
The dual-listed energy firm also announced a total dividend of nine cents per share, marking a 96% increase compared to the same period last year. Strong operational performance and favourable oil prices contributed to cash generation of $243.4 million during the quarter.
Gross profit came in at $370.5 million, while average group production rose to 129,841 barrels of oil equivalent per day (boepd), up 9% from 119,200 boepd recorded in the previous quarter.
The company said improved crude and condensate liftings, combined with its hedging strategy, allowed it to fully benefit from rising oil prices and boost free cash flow.
On the safety front, Seplat recorded more than 9.1 million man-hours without a lost time injury, including three million hours onshore and 6.1 million hours offshore.
However, onshore production declined by 10% to 50,700 boepd, down from 56,267 boepd in the same period last year. The drop was attributed to 38 days of unplanned downtime on the Trans Forcados Pipeline, which disrupted output from western assets until operations resumed on March 24.
In contrast, offshore production increased by 5% to 79,141 boepd, supported by improved asset performance.
The company’s idle well restoration programme also continued to deliver results, adding 10,000 barrels per day of gross joint venture production capacity from eight wells.
Gas operations showed early progress, with first gas achieved at the ANOH project in January 2026. The project contributed 17 million standard cubic feet per day, with further increases expected in the second quarter.