Kayode Tokede

Amid market distortion  and  significant increase in price of Premium Motor Spirit and other products, six oil & Gas companies listed on the Nigerian Exchange Limited (NGX) generated an estimated N7.44 trillion in 9 months ended September 30, 2025. This represents 26 per cent increase over the N5.9 trillion reported in the corresponding period of 2024.

The firms are: Arabel Holdings Plc, Conoil Plc, Seplat Energy Plc, Eterna Plc, Totalenergies Marketing Nigeria Plc and  Oando Plc. 

The companies saw mixed revenue growth in the period under review attributable to a challenging operating environment shaped by price distortions and increased domestic refining capacity from players like Dangote Refinery.

Analysis of unaudited results for the 9 months ended September 30, 2025 showed that Seplat Energy declared N3.36 trillion revenue, about 213 per cent increase over N1.07 trillion reported in 2024.

Seplat Energy in its report stated that, “In nine months of 2025, average daily working interest production for the group was 135,636 boepd (9M 2024: 47,525 boepd), firmly within the upper half of our original production guidance (120,000 – 140,000 boepd).

“Total crude & condensate production increased by 242per cent to 27.8 MMbbls, compared to the 8.1 MMbbls produced in nine months of 2024. Total gas produced during the period rose 68per cent to 47.7 Bscf (nine months of 2024: 28.4 Bscf), and we also produced 1.0 MMbbls of NGLs in nine months of 2025.

“As such, aggregate production for the period rose 184 per cent to 37.0 MMboe (nine months of 2024: 13.0 MMboe), reflecting the transformational impact of the offshore assets consolidation and strong performance on our onshore assets.  Production performance in our onshore operations remained strong, up 16per cent from the equivalent period in 2024 (9M 2025: 55,299 boepd; 9M 2024: 47,525 boepd).

The firm added that, “The growth was underpinned by a confluence of positive catalysts including good performance of new onstream wells, sustained gas production from the Western assets and production growth in OML 53. Production deferment in the period was 21per cent onshore (9M 2024: 24per cent) and 20per cent offshore.

“Onshore deferments improved compared to nine months of 2024, underpinned by export route availability for our Eastern assets and resumption of Trans Escravos Pipeline (TEP) operations following 2Q 2025 scheduled downtime. Offshore deferments were due to planned EAP shutdown and three-day production downtime in Yoho production platform caused by the fire incident (details in the HSE section).”

On its part, Oando Plc declared N2.54 trillion revenue, a decline of 20 per cent from N3.2 trillion in nine months of 2025, Totalenergies Marketing Nigeria posted N587.6 billion, a decline oof 26 per cent from N793.9 billion in 2024.    

Oando in a statement said the 20 per cent drop in revenue was primarily due to reduction in gasoline imports following the ramp-up of the Dangote Refinery, which has positively transformed Nigeria’s refined-product supply landscape, partly offset by stronger upstream contributions.

Aradel Holdings, the  sole company with revenue growth, declared N538.81 billion earnings, about 43 per cent increase from N377.58 billion in 2024.     

In addition, Conoil saw its revenue at N203.83 billion, representing a drop of 18 per cent from N249.13 billion in 2024, while Eterna announced N212.84 billion revenue, a decline of 9 per cent from N249.13 billion in 2024.  Analysts stated that some companies benefitted from market distortion.

The Vice President, Highcap Securities Limited, Mr. David Adnori, explained to THISDAY that the growth in the period under review was driven by increase in petroleum price, adding that the increase drove business activities in the sector.

“The growth recorded in revenue by these companies has a lot to do with improvement in business activities than the hike in price of petroleum products,” he said.

Speaking, The Chief Operating Officer of InvestData Consulting Limited, Mr Ambrose Omordion, attributed the increase in revenue of these companies to higher-margin crude oil products, stressing that the ease of movement also contributed to revenue and profit of some companies.

According to him, “These companies reported an increase in revenue due to higher margin in products they sold this year. The reforms in the oil & gas sector have impacted on revenue that translates into profit of some  key companies.”

Amid modest growth in revenue, the likes of Oando, Conoil Plc and Eterna Plc struggled to grow profit amid hike in cost of sales and finance cost in the period under review.   

Oando declared   profit  before  tax of N19.5billion during the period under review, a 38 per cent drop when compared to N31.13 billion earned in 2024;  Conoil announced profit before tax of N1.88 billion, representing 88 per cent drop from N15.2 billion in 2024 and   Eterna posted profit before tax of N1.4 billion, a 17 per cent drop from N1.68billion in 2024.

Seplat Energy and Aradel Holdings Plc were the only two companies that declared impressive profit before tax in the period under review.  Seplat announced N879 billion profit before tax, up by 140 per cent from N366.7 billion in 2024, while Aradel Holdings reported N300.68 billion profit before tax, a growth of 57 per cent from N191.46 billion in 2024. Totalenergies Marketing Nigeria Plc declared a loss of N11.92 billion from N41.85 billion profit before tax declared in 2024.