Seplat Energy grows 2026 Q1 Revenue to $840.7m, Gross Profit hits $370.5m

Seplat Energy PLC, foremost Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its unaudited results for the for the three months ended 31 March 2026, declaring US 9.0 Cents total dividend per share for the period, which is 96 per cent higher than 1Q 2025 payout.

The foremost energy company grew its profit after tax (PAT) to $37.9m from $23.3m Year-on-Year with cash generated hitting $243.4m.

Group production for the period averaged 129,841 barrels of oil equivalent per day (boepd) up 9 per cent since 4Q 2025 (119,200 boepd). Crude and condensate liftings benefitted from the company’s put-option hedge strategy that exposed it to a 100 per cent of price upside, resulting in strong free cash. Gross profit for the period stood at $370.5m.

The Group delivered more than 9.1 million man-hours without Lost Time Injury - 3.0 million hours onshore-operated assets and 6.1 million hours offshore.

 Operational Highlights

• 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.

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

Commenting on the results, 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 isfully exposed to higher oil prices, and our strong balance sheet, means we are well placed to deliver strong cashflows 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”. 

Credit Seplat Energy PR

Dangote Refinery pardons, recalls Redeployed Engineers

Dangote Petroleum Refinery has approved the recall of engineers previously redeployed across its business units, following what management described as a conditional pardon after internal disciplinary actions linked to operational disruptions.

In an internal communication to staff, the company said the decision followed an extensive review process and numerous appeals from respected individuals, stakeholders, and the engineers. The refinery noted that while earlier actions were taken to protect operations and uphold organisational standards, it has now opted to offer a second opportunity to the staff.

Under the directive, according to a memo signed by the Group Vice President, Oil & Gas, Devakumar Edwin, all affected personnel will be invited for a meeting and subsequently reassigned to resume duties at the refinery. The recall also covers those who did not take up earlier redeployment options offered by the company.

Management emphasised that the move reflects both a commitment to fairness and a belief in second chances, while reiterating that discipline, professionalism and adherence to corporate values remain non-negotiable.

“This decision was not an easy one. It reflects not only our belief in second chances but also serves as a clear reminder that loyalty, professionalism and adherence to organisational standards are non‑negotiable,” it said. “Effective immediately, all engineers previously redeployed to other business units, will be invited for a meeting and, subsequently, will be provided with an opportunity to render their services at our Petroleum Refinery. This would include those who did not avail the opportunity provided earlier for redeployment”.

The company, however, issued a firm warning that any recurrence of misconduct would attract immediate and decisive sanctions, underscoring its zero-tolerance stance on actions capable of undermining operations.

Dangote Refinery added that it expects the returning engineers to demonstrate renewed dedication as it continues efforts to strengthen operational efficiency and maintain its position as a key player in Nigeria’s oil and gas sector.

“We welcome our colleagues back, with the expectation of renewed dedication, and we look forward to working together to strengthen our operations and deliver excellence in the oil and gas sector,” it added.

Recall that the Dangote Group, in October 2025, redeployed some refinery engineers to other companies within the Group as part of measures to stabilise operations at the time.

Credit Dangote Group PR

Access Holdings delivers over ₦1trn PBT, signals strategic shift from Scale to Value

Access Holdings Plc has reported audited results for the financial year ended December 31, 2025, which marks a significant turning point in its corporate journey as it shifts from a growth model defined by scale to one increasingly anchored on value creation, efficiency, and earnings quality.

The Group delivered a resilient performance during the year, navigating a transitional operating environment while demonstrating the strength of its franchise and the robustness of the governance structures it has built over time. Profit before tax crossed the ₦1 trillion mark for the first time, rising to ₦1.01 trillion, a 16.2 per cent increase compared to the previous year. This milestone underscores the Group’s steady progression toward becoming a high-performing and resilient financial institution.

Net interest income rose to ₦1.36 trillion, while net fees and commission income recorded a particularly strong growth of 40.9 per cent to ₦585.1 billion, reflecting increasing diversification in revenue streams. Overall operating income after impairment grew by 23.9 per cent to ₦3.17 trillion. At the same time, the Group improved its cost discipline, with its cost-to-income ratio declining to 51.7 per cent from 56.7 per cent in 2024. Returns also remained solid, with return on average equity at 18.4 per cent and return on average assets at 1.6 per cent, reinforcing the quality of earnings delivered during the year.

Commenting on the results, Group Managing Director/Chief Executive Officer, Innocent C. Ike, said: “Our 2025 performance reflects both the resilience of the Access franchise and the strength of the institution we have built over time. Despite a dynamic operating environment, we delivered strong earnings supported by diversified income streams, disciplined execution, and a continued focus on balance sheet optimisation.”

“We have now entered a more deliberate optimisation phase, with a stronger emphasis on returns on capital, earnings quality, and long-term value creation,” he added.

The balance sheet also recorded significant expansion, driven by strong deposit mobilisation and sustained customer confidence. Total assets increased by 24.3 per cent to ₦51.57 trillion, while customer deposits grew by 53.4 per cent to ₦34.56 trillion. Shareholders’ funds rose by 15 per cent to ₦4.33 trillion, reflecting both retained earnings and continued investor confidence in the institution. This growth highlights not only the scale of the Group’s operations but also the deepening trust of customers, counterparties, and investors.

The operating environment during the year showed signs of gradual improvement, which supported performance. Nigeria’s economic growth strengthened to about 3.9 per cent, inflation moderated from elevated 2024 levels, and foreign exchange reserves rose above $45 billion. The NGX All Share Index gained over 51 per cent during the year, reflecting renewed investor confidence and stronger capital market activity. These developments contributed to improved capital flows and a more supportive backdrop for financial institutions.

While banking remains the core earnings driver, contributing about 97 per cent of total revenue, the Group continues to make measured progress in diversifying its income base. Its investment management and insurance businesses, including Access ARM Pensions and Access Insurance Brokers, provide stable and recurring income streams, while technology-led platforms such as Oxygen X Finance and Hydrogen Payment Services are strengthening its position in the digital financial services landscape.

The Group’s strategic direction is now increasingly defined by a shift from scale  to value. Having built scale across markets and segments, management is focusing more deliberately on improving returns on capital, enhancing earnings quality and deepening cost discipline. This transition reflects a clear objective to build a more valuable institution capable of delivering consistent and resilient returns over the long term.

Looking ahead, Access Holdings expects macroeconomic conditions to continue stabilising, creating opportunities for credit expansion, increased transaction volumes, and higher levels of activity across the financial system. The Group intends to maintain its focus on disciplined execution, improved capital efficiency, and sustainable growth across its diversified platform.

Ike noted: “Africa remains one of the most compelling long-term growth frontiers globally. Our role is not only to participate in that growth, but to help shape and finance it.

“At Access Holdings, we have built an institution designed to endure, anchored on strong governance, disciplined execution, and a clear strategic direction. Our focus remains on delivering consistent, high-quality, risk-adjusted returns while building a financial institution that will stand the test of time.”

Credit Access Holdings PR