Nigerian oil and gas producer Seplat Energy generated $749 million in free cash flow in the nine months ended September 30, 2026, and raised its third-quarter dividend by 58% from the previous quarter to 19 US cents per share. The company, listed in Lagos and London, released its unaudited results on Thursday, October 29.
The declared distribution totals $114 million, combining a five-cent core dividend with a 14-cent special dividend per share. It takes dividends declared since the start of the year to 40 cents per share, while Seplat retained its full-year 2026 distribution guidance of $270 million.
The higher payout follows a marked improvement in nine-month financial results. Revenue increased 27% year on year to $2.764 billion, while net income reached $260.2 million, compared with $95.1 million in the same period of 2025. Adjusted EBITDA rose 38% to $1.53 billion.
Growth in revenue was supported by working-interest production averaging 144,999 barrels of oil equivalent per day, up 7% from a year earlier. The company also realised an average oil price of $96.19 per barrel, compared with $71.93 during the first nine months of 2025, adding to earnings from its production operations.
The strong cash generation was accompanied by a reduction in borrowing. Net debt stood at $234.9 million at the end of September, down from $673.3 million at year-end 2025. On October 27, Seplat repaid the remaining $100 million on a facility linked to its 2024 acquisition of Mobil Producing Nigeria Unlimited, completing repayment of the debt originally raised for that purchase.
For 2026 as a whole, Seplat now targets average production of 145,000 to 155,000 barrels of oil equivalent per day, compared with its previous range of 135,000 to 155,000. Its capital expenditure forecast has been lowered to $280 million–$340 million, mainly because of the later arrival of an offshore drilling rig.