In the early weeks of 2026, Seplat Energy’s stock has shown notable resilience and growth, gaining 6.2% year-to-date (YTD) and reaching a fresh 52-week share price high, a marked improvement from its performance in 2025.
Seplat’s strong start this year comes at a time when broader market momentum has been mixed. While the Nigerian Exchange All-Share Index surged by more than 50% in 2025, the Oil & Gas Sector Index actually declined by more than 1%, underscoring the particular challenge faced by energy stocks in the last year. In contrast, Seplat’s early 2026 performance stands out within its sector.
The primary catalyst behind this uplift was a high-profile deal in which Heirs Energies, a subsidiary of Heirs Holdings, agreed to acquire the entire 20.07% equity stake in Seplat previously held by French oil and gas firm Maurel & Prom S.A. for roughly $500 million, at about £3.05 per share.
Market participants interpreted this transaction not merely as a change in share ownership, but as a clear endorsement of Seplat’s long-term strategy and asset base. Because Heirs Energies is now the company’s largest shareholder, the deal is seen as bolstering investor confidence in Seplat’s growth trajectory.
At a more fundamental level, Seplat has been building strong operational and financial momentum that supports this renewed interest. Between 2020 and 2024, the company generated around ₦3.2 trillion in cumulative revenues, with a record ₦1.65 trillion achieved in 2024 even before integrating new offshore assets.
In the first nine months of 2025, revenue surged to ₦3.36 trillion, more than double the figure recorded for the same period in 2024. This sharp expansion was driven primarily by higher oil volumes following the consolidation of additional assets into Seplat’s portfolio, along with robust output from its ongoing well restoration programs.
Profitability at the operating level also saw impressive growth, although net profit figures were affected by substantial tax expenses. In the nine-month period to late 2025, profit before tax nearly doubled, even as net profit was pulled down by higher tax charges, revealing a notable divergence between pre-tax and post-tax results.
Earnings per share also climbed significantly, and dividends declared by mid-2025 were among the highest in Seplat’s history, helping to maintain strong shareholder returns despite broader sector challenges.
Operationally, Seplat’s strategy has been to leverage both oil and gas revenue streams. Crude oil remains the primary revenue driver, but gas production has provided stability and diversification. Gas revenue has grown steadily, supported by assets like the Oben and Sapele processing plants, as well as emerging LPG export lines that add incremental margins to the company’s overall portfolio.
Looking forward, management has outlined an ambitious growth plan that aims to increase combined production to 200,000 barrels of oil equivalent per day (boepd) by 2030, backed by significant capital expenditure in oil and gas development. The company also plans to deploy a disciplined capital allocation framework, including a dividend policy that can deliver solid returns while also funding future expansion.
The combination of Seplat’s operational progress, financial results, and the strategic positioning implied by the Heirs Energies stake purchase has helped reinforce optimism among investors and industry observers. While the oil sector faces headwinds like price volatility, regulatory shifts, and security challenges in the Niger Delta, Seplat’s recent performance suggests that it is better positioned than many of its peers to navigate these conditions.
Seplat’s 6.2% YTD gain reflects broader economic dynamics, including increased domestic investment in strategic energy assets and strengthened confidence in Nigeria’s indigenous energy sector. The Heirs Energies acquisition underscores a shift toward local capital mobilization and ownership, which could boost Nigeria’s energy output and foreign exchange earnings over the medium term.
