Get Guardian on GoogleFour oil and gas companies listed on the Nigerian Exchange Limited (NGX) recorded a combined profit after tax of N369.70 billion in their nine-month operations, representing an increase of 148.3 per cent over the N148.92 billion achieved in the corresponding period in 2025.
The companies, Seplat Energy Plc, Eterna Plc, Conoil Plc and Japaul Gold and Ventures Plc also increased their combined revenue by 17.2 per cent to N4.43 trillion, from N3.78 trillion in the previous year, as improved oil price realisations, higher production and growth in petroleum products sales supported their performance.
An analysis of their nine-month results showed that Seplat Energy recorded the highest profit after tax of N355.55 billion, compared with N146.64 billion in the corresponding period of 2025, representing an increase of 142.5 per cent.
Eterna Plc’s profit after tax rose to N7.34 billion from N325.88 million, representing growth of about 2,153 per cent, while Conoil Plc recorded N5.31 billion, compared with N1.46 billion in the previous year.
Japaul Gold and Ventures Plc also increased its profit after tax to N1.50 billion, from N496.22 million in the corresponding period of 2025, representing an increase of about 202.3 per cent.
On revenue, Seplat led the four companies with N3.78 trillion, compared with N3.36 trillion in the corresponding period of 2025, representing a 12.5 per cent increase.
Eterna recorded revenue of N365.56 billion, up 71.7 per cent from N212.84 billion, while Conoil’s revenue rose to N280.12 billion from N203.83 billion, an increase of 37.4 per cent.
Japaul Gold generated N4.22 billion in revenue, compared with N2.7 billion in the previous year.
The results also showed that the companies recorded varying levels of growth, with Seplat accounting for the largest share of the combined profit and revenue, while Eterna recorded the highest percentage increase in profit after tax.
Operators noted that the performance of the companies reflected different factors across the oil and gas value chain. Seplat’s improved earnings were supported by higher production and improved oil price realisations, while Conoil benefited from growth in its white petroleum products business.
Eterna benefited from higher sales and improved gross profit, which rose to N23.33 billion from N9.94 billion.
Japaul Gold’s revenue growth was largely driven by its dredging business, which generated N4.19 billion of the company’s N4.22 billion turnover during the period.
Commenting on the performance of listed oil and gas companies, research analysts at Zedcrest Investment Managers said stronger crude oil prices played a major role in supporting the sector’s earnings, although the improvement in production volumes had been less significant across some operators.
They also identified stable foreign exchange conditions and expectations of improved oil production as factors that could support the sector’s performance in the final quarter of the year.
The earnings trend, however, showed that the benefits of higher oil prices are not uniform across the industry. While upstream producers such as Seplat benefit directly from improved crude oil price realisations and production, downstream marketers remain exposed to the cost of petroleum products, distribution expenses, financing charges and changes in market prices.
Seplat Petroleum Development began the year with a share price of N5, 809.00 and closed its trading on November 6, 2026, at N16, 000.10, representing a 175 per cent increase on that price valuation, while Eterna began the year with a share price of N28.50 kobo and has since gained 27 per cent on that price valuation to close at N36 on Friday.
