FOUR OIL and gas companies have strengthened the sector’s position as a key driver of the capital market, posting a combined profit after tax (PAT) of more than N305 billion in the first half (H1) of 2026, an increase of 185.2 per cent from N106.97 billion recorded in the corresponding period of 2025.
An analysis of the unaudited H1 performance of Eterna Plc, Conoil Plc, Seplat Energy Plc and Oando Plc showed that their combined PAT rose by 185.2 per cent to N305.13 billion in the six months, from N106.97 billion recorded in the corresponding period of 2025.
The four companies collectively added N198.16 billion to their bottom line within one year, highlighting the improving earnings strength of listed oil firms despite continued volatility in global crude oil prices and cost pressures within the domestic economy.
Their combined revenue also increased by 21.9 per cent to N4.99 trillion, compared with N4.1 trillion in the first half of 2025, representing an additional N896.24 billion in sales during the period.
The performance was largely driven by Seplat Energy, which remained the highest profit contributor among the four companies. The company posted a PAT of N225.5 billion, compared with N42.5 billion in the corresponding period of 2025, representing a 430.6 per cent increase. Its revenue also rose to N2.5 trillion from N2.1 trillion.
Oando reported a PAT of N68.6 billion, up from N63 billion in the first half of 2025, representing an 8.9 per cent increase. Its revenue climbed to N2.1 trillion from N1.7 trillion.
Eterna achieved one of the strongest earnings improvements during the period as its PAT surged to N5.88 billion from N573.81 million, representing a 924.8 per cent increase.
The company’s revenue also rose to N217 billion from N157 billion, an increase of 38.2 per cent.
Conoil also sustained strong earnings growth during the period, with its PAT increasing to N5.15 billion from N900.42 million, representing a 471.9 per cent rise.
Its revenue grew by 25.2 per cent to N179.89 billion from N143.65 billion.
Operators attributed the improved performance to the benefits of ongoing reforms in the petroleum industry, improved production levels, stronger marketing activities and better cost management by operators.
Vice President of Highcap Securities, David Adonri, said the impressive earnings show that listed oil companies are gradually adjusting to the post-deregulation environment and are beginning to unlock greater value from their operations.
He noted that improved operational efficiency and stronger business integration have supported profitability despite lingering macroeconomic challenges.
President of the Progressive Shareholders Association of Nigeria, Boniface Okezie, described the results as an indication that the oil and gas sector is regaining strength after years of uncertainty.
Okezie said the acquisition of onshore assets by indigenous operators has continued to improve production capacity and operational efficiency, enabling many listed firms to deliver stronger financial results despite economic headwinds.
He expressed optimism that if crude oil production continues to improve and the operating environment remains stable, the sector is likely to sustain its earnings momentum in the second half of the year, creating more value for investors and supporting the growth of the Nigerian capital market.
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