Stronger earnings, higher production and a healthier balance sheet have pushed the oil producer’s shares higher as Tony Elumelu’s investment in Seplat Energy Plc has more than doubled in market value since Heirs Holdings acquired a 20.07 percent stake in December 2025
Heirs Holdings paid about $500 million for 120.4 million Seplat shares acquired from French energy company Maurel & Prom. The holding is now worth more than $1 billion based on Seplat’s current market value.
The sharp improvement in Seplat’s financial performance has coincided with the increase in its market value.
Revenue reached N2.50 trillion in the first half of 2026, up 53 percent from the same period a year earlier, while profit before tax rose 74 percent to N790.4 billion. Profit after tax increased to N225.5 billion from N42.5 billion.
Production has also increased. Average output rose to 139,509 barrels of oil equivalent per day in the first half of 2026, from 134,492 boepd a year earlier, following the integration of the Mobil Producing Nigeria Unlimited assets acquired from ExxonMobil.
Higher oil prices provided an additional boost. Seplat’s average realised oil price rose to $94.13 per barrel from $72.58 a year earlier, increasing the revenue generated from each barrel produced.
The company has also strengthened its balance sheet alongside the improvement in earnings.
Interest-bearing borrowings fell from about N1.44 trillion at the end of 2025 to N1.11 trillion by June 2026, while cash increased to N598.3 billion.
The combination of stronger…
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Read Full Article by Muhammed Lawal at businessday.ng
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