Energy PLC, has declared $840.7 million gross revenue in its unaudited results for the for the first quarter 2026 (January-March), representing a 4% increase from $809.3 million recorded same period last year.
The oil firm also grew its profit after tax (PAT) to $37.9 million, while declaring US 9.0 Cents total dividend per share for the period.
According to performance details made available to The Flagship News, Seplat 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).
Commenting on the results, the Chief Executive Officer, Seplat Group, Roger Brown, 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 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. 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”. He stated.
The firm said it 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.
The company’s 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).
The report revealed that, “First gas at ANOH in January 2026, contributed working interest volumes of 17.0 mmscfd, planned increase second quarter 2026 onwards.
“Offshore production contribution of 79,141 boepd, up 5% against first quarter 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,” it stated.
