Seplat’s Half-Year Profit Surges Sixfold on Iran War Fallout
Seplat Energy’s profit after tax jumped nearly six-fold to $164 million in the first half of 2026, buoyed by higher oil prices following the US-Iran war.
The profit represents a 498 percent increase compared with the same period last year, the energy company said in its earnings report released on Thursday.
Revenue climbed 30 percent to $1.82 billion from $1.40 billion in the first half of 2025, reflecting higher commodity prices and improved production.
Seplat achieved an average realised oil price of $94.13 per barrel during the period, a premium of $7.47 per barrel to Brent crude. The favourable pricing environment also delivered material improvements in earnings before interest, taxes, depreciation and amortisation, as well as net income and cash generation.
Roger Brown, Seplat’s outgoing chief executive officer, said production improved from the first quarter and was expected to rise further in the second half as temporary restrictions are removed and planned activities are completed.
“Our first-half performance benefited from a supportive commodity price environment, translating into strong cash generation,” he said.
He noted, however, that uncertainty over how long elevated oil prices would last prompted the company to prioritise strengthening its balance sheet. Seplat repaid $200 million of its outstanding acquisition finance debt during the period, equivalent to 20 percent of its gross debt.
Strong cash flows also allowed the company to increase shareholder returns. Seplat declared a quarterly dividend of 12 US cents per share, its highest on record and 33 percent above the dividend for the first quarter of 2026. It was also 161 percent higher than the payout for the second quarter of 2025.
Brown said the company’s performance, alongside the announced sale of a 10 percent stake in its offshore joint venture to the Nigerian National Petroleum Company Limited, meant dividends expected to be paid for the current financial year would amount to nearly half of all dividends previously distributed by Seplat.
He added that the performance of the offshore business over the past 18 months had strengthened management’s confidence in the quality and scale of opportunities within the company’s portfolio.
Brown is set to hand over leadership to Effiong Okon, whom he described as having the experience, operational focus and capability required to drive Seplat’s next phase of growth.
