Nigeria’s three largest listed upstream and integrated oil companies generated a combined N7.05 trillion in revenue during the first half of 2026, benefiting from higher crude oil prices, improved production and stronger export volumes.
The figures, compiled from the unaudited H1 2026 financial statements of Seplat Energy Plc, Aradel Holdings Plc and Oando Plc, show that the oil price rally triggered by the military conflict involving the United States, Israel and Iran provided a significant boost to revenues, profitability, cash generation and balance sheets across the listed oil and gas sector.
However, the favourable market conditions did not translate into stronger earnings for NNPC Limited, whose first-half profit declined sharply despite improved monthly earnings towards the end of the first quarter.
What the data shows
The conflict between the United States, Israel and Iran pushed international crude oil prices sharply higher during the first half of 2026, with Brent crude briefly reaching about $118 per barrel in late March before easing to around $85 per barrel by the end of June.
The stronger pricing environment coincided with improved production, higher export volumes and better operational performance among Nigeria’s listed oil producers.
Collectively, Seplat Energy, Aradel Holdings and Oando recorded:
- Revenue: N7.05 trillion
- Pre-tax profit: N1.51 trillion
- Profit after tax: N485.1 billion
Seplat Energy led the group by revenue with N2.50 trillion, closely followed by Aradel Holdings with N2.49 trillion, while Oando Plc recorded N2.06 trillion.
The results highlight the sensitivity of Nigeria’s upstream oil producers to international crude prices, with higher benchmark prices quickly translating into stronger revenues and earnings when supported by improved production and export volumes.
The performance also underscores the contrasting fortunes within Nigeria’s oil industry during the period, as listed producers benefited significantly from the favourable price environment while the state-owned NNPC Limited recorded a decline in first-half profitability.
