Seplat Shares Soar 6.2% YTD in 2026 on Heirs Energies Acquisition and Strong Growth Outlook
Seplat Energy has started 2026 on a high note, with its shares gaining 6.2% year-to-date within the first trading week, reaching a new 52-week high of N6,171. The early-year surge surpasses the company’s full-year 2025 return of 1.94%, signaling renewed investor confidence in Nigeria’s midstream and upstream energy giant. Analysts attribute the jump to a major transaction that highlights Seplat’s long-term growth potential.
The catalyst behind the surge was Heirs Energies’ acquisition of Maurel & Prom S.A.’s 20.07% stake in Seplat, worth approximately $500 million at £3.05 per share. Led by Tony Elumelu, the deal sent a strong message to the market about Seplat’s strategic value and operational resilience. Investors interpreted the move as a long-term endorsement of the company’s asset base, boosting market sentiment at the start of the year.
Seplat’s recent financial performance provides a solid foundation for optimism. The company recorded cumulative revenues of N3.2 trillion between 2020 and 2024 and posted N3.36 trillion in the first nine months of 2025 alone, more than double the previous year. Operating profit rose sharply to N879 billion, driven by increased crude oil volumes from the integration of Mobil Producing Nigeria Unlimited’s offshore assets, while gas operations and LPG sales added diversification and stability to revenue streams.
Despite rising tax liabilities that impacted post-tax profit, Seplat delivered strong returns to shareholders. Earnings per share increased 144% to N240.18, and dividends declared by the third quarter of 2025 amounted to N157 billion. The company’s revised dividend policy now allows for up to two special dividends annually, underscoring its commitment to consistent shareholder rewards amid growth and expansion plans.
Seplat’s medium-term strategy focuses on increasing production to 200,000 barrels of oil equivalent per day by 2030, with projected capital expenditure of $2.5–$3 billion and $5–$6 billion in free cash flow. Management aims to maintain net leverage between 0.5x and 1.5x while delivering up to $1 billion in cumulative dividends. The Heirs Energies deal, combined with operational expansion and disciplined cost management, positions Seplat for a structurally stronger valuation and sustainable growth in the coming years.
source: nairametrics