Get Guardian on GoogleOando Plc has returned to operating profitability, recording an operating profit of N159.7 billion in the nine months ended September 30, 2026, against an operating loss of N109.7 billion in the corresponding period of 2025, as higher production and improved operational efficiency boosted its financial performance.
The indigenous energy company disclosed this in its unaudited nine-month financial results, which showed a 9 per cent increase in revenue to N2.78 trillion, driven by higher crude oil liftings, increased gas and natural gas liquids (NGL) sales volumes, and improved average realised prices.
Gross profit also rose by 483 per cent to N174.5 billion, compared with N29.8 billion in the corresponding period of 2025, reflecting improved production efficiency and facility uptime, which increased to 96.1 per cent from 85 per cent.
Speaking on the performance, Group Chief Executive of Oando, Wale Tinubu, said their performance in the first nine months of 2026 demonstrated diligent execution under their leadership.
The company’s upstream production averaged 42,985 barrels of oil equivalent per day (boepd), up from 37,614 boepd in the corresponding period of 2025, supported by growth across crude oil, gas and NGL production.
Crude oil output increased by 12 per cent to 12,193 barrels per day, while gas production rose by 13 per cent to 28,689 boepd. NGL production recorded the strongest growth, increasing by 53 per cent to 2,103 barrels per day.
The company also reported zero fatalities and lost-time injuries across approximately 14.9 million hours worked, representing a 55 per cent increase in total hours worked from the corresponding period of 2025.
On its financial position, total borrowings declined to N2.16 trillion, 22 per cent below the peak recorded at the end of 2024, while cash generated from operations stood at N285 billion.
