Lagos, Nigeria | 30 October 2026 – Oando PLC (“Oando” or the “Group”), Africa’s leading indigenous energy group listed on both the Nigerian Exchange and Johannesburg Stock Exchange, today announces its unaudited results for the nine months ended 30 September 2026.
Operational delivery drives operating profit, cash and deleveraging
Group Highlights
- Average production of 42,985 boepd, up 14% year-on-year and within guidance, driven by new wells and higher uptime.
- Production Opex down 22% to $15.39/boe (9M 2025: $19.67/boe), driven by sustained delivery of the Group’s cost optimisation initiatives across the enlarged asset base.
- Facility uptime of 96.1% (9M 2025: 85%), with zero fatalities and zero lost-time injuries across 14.9 million hours worked.
- Traded crude volumes of 17.5 MMbbl across 32 cargoes (9M 2025: 19.8 MMbbl across 21 cargoes), with increased sourcing from marginal field producers.
- NGL delivery of 9.5 kbpd (gross), the highest in five years, and an 80% increase in gas supply to the JV-owned Okpai IPP, supporting higher power generation for the national grid.
- Revenue up 9% to ₦2,776.1 billion (9M 2025: ₦2,541.5 billion), led by E&P growth on higher crude oil liftings and gas and NGL sales, alongside improved average realised prices.
- Operating profit of ₦159.7 billion (9M 2025: operating loss of ₦109.7 billion), on higher production and the absence of a prior-period fair value loss.
- Adjusted EBITDA of ₦181.8 billion (9M 2025: negative ₦194.1 billion), driven by higher E&P sales volumes and realised prices.
- Profit after tax of ₦106.5 billion (9M 2025: ₦201.3 billion), held back by ₦244.2 billion of finance costs on acquisition debt.
- Cash generated from operations of ₦285.0 billion (9M 2025: ₦339.2 billion used).
- Capex of ₦110.7 billion (9M 2025: ₦85.1 billion), mainly for drilling across OMLs 60–63.
- Closing cash of ₦175.9 billion (9M 2025: ₦143.8 billion); total borrowings down 22% from the FY 2024 peak to ₦2.16 trillion, with the Corporate Facility and Medium-Term Loan restructured and in good standing.
Commenting on the results, Wale Tinubu CON, Group Chief Executive, Oando PLC, said:
“Our performance in the first nine months of 2026 demonstrates how diligent execution under our operatorship, supported by our renewed investment drive, is delivering greater efficiency, improved reliability, lower unit costs and ultimately higher production across our expanded upstream portfolio. Production averaged 42,985 boepd, up 14% year-on-year, while facility uptime improved to 96.1% and production operating costs declined by 22% to US$15.39 per boe. These gains were achieved with zero fatalities and zero lost-time injuries across approximately 14.9 million hours worked.
Our drilling and workover programmes, alongside the restoration of previously constrained facilities, improved production uptime and drove volume growth, while enhanced gas processing strengthened NGL recovery and deliveries to customers. Completion of the Ob/Ob–Kwale reverse flow project also increased gas supply to the Okpai power plant by 80%, demonstrating the broader value of our assets in supporting domestic industry and electricity generation.
These operational gains supported revenue of ₦2.78 trillion, operating profit of ₦159.7 billion and cash generated from operations of ₦285.0 billion. We continued to invest in growth while strengthening the balance sheet, deploying ₦110.7 billion in capital expenditure as total borrowings declined by 20% from year-end 2025 to ₦2.16 trillion.
For the remainder of 2026, our priorities are to progress the seven-well development programme, sustain operational reliability and strengthen shareholders' funds through our impending equity raise. These initiatives are intended to reduce leverage, enhance our capacity to fund growth and support future shareholder distributions.
We have demonstrated what we can achieve across our strategic assets and are confident in the opportunities ahead. Our commitment remains to realise the full potential of our substantial resource base and deliver lasting value for our shareholders.”
2026 Outlook
- FY2026 production guidance narrowed to 40,000–45,000 boepd.
- Deliver the seven-well development programme in OMLs 60–63, with the final well scheduled to spud in December 2026.
- FY2026 capex of approximately $90–100 million, focused on high-impact, short-cycle upstream activities.
- FY2026 traded crude oil volume guidance of 22–26 MMbbl following changes to one of the Company's crude oil marketing programmes.
- Advance the capital management programme, with a focus on reducing acquisition debt, lowering financing costs and strengthening liquidity and balance sheet flexibility.
Responsibility for Publication
This announcement has been authorised for publication on behalf of Oando PLC by:
Adeola Ogunsemi
Group Chief Financial Officer
