Overview

Seplat vs Oando: Who is executing better?

Seplat Energy and Oando Plc both operate in the same oil and gas sector and have released their unaudited results for the nine-month period ended September 30, 2025. In October 2025, the month both companies released their results, Seplat’s share price climbed 10% month-on-month to close at N5,917.20. Since then, Seplat’s share price has remained flat in November, a sign that the market is holding onto those gains, as the strong results continue to resonate positively with investors

On the other hand, Oando’s share price rose 4.4% in October 2025.  However, after Oando released its Q3 2025 results on October 30, its stock has tumbled by 16.75% in November, pushing its year-to-date loss to 39.39%

On their financial performance, a closer look at their 9-month financial results reveals a clear picture:

Seplat’s profits are driven by solid operational performance.
Oando’s profits are largely engineered through one-off financial gains.
Let us break it down to find out how and why to start the company’s profiles

The companies 
Led by Roger Thompson Brown, Seplat has built strong production growth and energy transition.

Its core producing assets under the Seplat/NPDC joint venture OMLs 4, 38, and 41anchor its performance.

It also holds stakes in OMLs 40, 53, and 55 and is expanding offshore through its acquisition of Mobil Producing Nigeria Unlimited (MPNU).

Seplat Energy:  

In the first nine months of 2025, Seplat Energy delivered an impressive financial performance, posting a N146.6 billion post-tax profit, more than double the N52.8 billion it made in the same period of 2024.

Seplat’s gas operations, notably the Oben and Sapele plants, underpin domestic power and industry supply. With production averaging over 135,000 barrels of oil equivalent per day (boepd) in 2025

Oando – Adewale Tinubu’s Oando is one of Nigeria’s oldest integrated energy firms, operating through 14 oil and gas licenses across onshore, swamp, and offshore fields.

It also holds exploration stakes in São Tomé & Príncipe and Angola. With average output around 26,776 boepd, Oando’s ambition is to expand through asset acquisitions and production growth.

What’s new and headlines 
Seplat’s landmark MPNU acquisition transformed it into one of Nigeria’s largest independent producers, adding offshore capacity and infrastructure.

The company plans to invest up to US$3 billion over five years, targeting 200,000 boepd by 2030, while returning up to half of free cash flow to shareholders, showing confidence in long-term value creation.
Oando, meanwhile, reported a 59% jump in production to 38,121 boepd in 9M 2025 and N210 billion profit.

It secured a US$375 million reserve-based lending facility from Afreximbank to fund growth.
Yet, recurring challenges, such as pipeline sabotage in Bayelsa and high leverage, cloud its recovery.
Production 
In the first nine months of 2025, Seplat Energy produced an average of 135,636 barrels of oil equivalent per day (boepd) more than double its 2024 output of 52,393 boepd.

This surge came largely from the ramp-up in offshore operations and improved uptime at its key fields, particularly in OMLs 4, 38, 41, 40, 53, and 55.
Seplat’s oil output rose strongly, but its gas business was the standout performer. Gas volumes grew steadily through its Oben and Sapele processing plants, cementing Seplat’s position as one of Nigeria’s leading domestic gas suppliers
Oando Plc also increased its production in 9M 2025, though from a smaller base.

The company averaged 38,121 boepd, up 59% year-on-year from 24,000 boepd in 9M 2024.
This growth came mainly from its NAOC joint venture assets (OMLs 60–63) and the Ebendo and Qua Iboe fields, where output improved following operational upgrades and fewer shutdowns
Verdict: Seplat Energy wins this round.
It’s translating reserves into tangible output and cash flow, outpacing Oando’s still-developing recovery.

Revenue and drivers 
Between 2021 and 2024, Seplat’s revenue grew from N294 billion to N1.65 trillion (CAGR ≈ 78 %).

In 9M 2025 alone, revenue hit N3.36 trillion, driven by surging production and MPNU’s offshore assets.
About 94% came from crude sales, with gas providing a steady domestic cushion.
The revenue mix: 80% exports and 20% domestic gas offers both scale and resilience.
Oando’s turnover climbed from N805 billion in 2021 to N4.09 trillion in 2024 (CAGR ≈ 72 %), largely from trading rather than production.

Over 90% of the revenue came from exports, mostly crude trading.
By 9M 2025, revenue fell to N2.54 trillion as oil prices normalised, revealing volatility tied to trading volumes.
Verdict: Seplat Energy wins again. 
Its revenues are production-based and sustainable; Oando’s remain trading-driven and cyclical.

Cost management and margins 
Seplat’s gross profit rose to N1.36 trillion in 9M 2025 (gross margin ≈ 40 %).

Operating profit stood at N1.1 trillion (margin ≈ 33 %), showing strong cost control even amid expansion.
Finance costs doubled to N223.5 billion.
For Oando, despite N2.54 trillion in revenue, Oando’s gross profit was only N113 billion (margin ≈ 4 %) in 9M 2025

It posted an operating loss of N109.7 billion after a N311.6 billion fair-value loss on assets.
Earnings are thin and unstable, driven by trading swings and accounting revaluations.
Verdict: Seplat Energy won

It converts sales into real profits through efficient production, while Oando struggles with volatile, low-margin trading income.

Who has been more profitable and what’s driving it? 
Over the last five years, Seplat Energy and Oando Plc have both made money from oil, but how they’ve done it is another thing.

Over the last five years, Seplat’s growth story has been consistent.

Profit before tax rose from N28.9 billion loss in 2020 to N561.4 billion in 2024, and further to N879 billion in the first nine months of 2025 beating the five-year cumulative pre-tax profit of N816 billion.
Pre-tax margins exceed 25%, supported by higher output and disciplined costs.
Oando Plc – Revenue expanded massively, but profits stemmed from non-operational items: interest income, impairment reversals (N151 billion), and tax credits (N186 billion). Real operational profits remain inconsistent.

Verdict: Seplat Energy
It earns from production, not one-off gains, demonstrating reliable, cash-backed profitability.

How strong are their balance sheet,s and who is carrying more debt?

As of 9M 2025, Seplat’s assets stood at N6.18 trillion, equity at N1.84 trillion, and borrowings at N1.41 trillion, yielding a healthy debt-to-equity ratio of 0.77 ×.

In simple terms, Seplat is funded more by what it owns than what it owes.
With strong cash flow from operations of over N1.56 trillion generated in nine months, Seplat doesn’t need to rush into any equity raise.
Oando Plc
Oando’s assets totaled N6.77 trillion, but equity was negative (N–168 billion).

Borrowings reached N2.47 trillion, reflecting over-leveraging and liquidity strain.
At some point, it will likely need to raise new equity or sell assets to rebalance its finances
Verdict: Seplat Energy

A stronger balance sheet and manageable debt make Seplat a financially safer player.

Dividend history: Who rewards investors? 
Seplat has maintained a steady dividend policy, paying shareholders every quarter of the year.

For the 2025 financial year, Seplat has gone a step further, paying a total of 167 US cents per share (about N152 billion) in dividends so far, making it Nigeria’s highest dividend-paying company for the 2025 financial year as of Q3.

For Oando, dividends remain a distant memory.

The company hasn’t paid a dividend in almost a decade, held back by high debt levels, thin operating profits, and negative equity.
Verdict: Seplat Energy
Its steady, record-high dividend payouts make it the clear investor favourite.

What are they worth, and what is the market really saying?

Seplat’s market cap is N3.55 trillion, with shares trading at N5,917.20, up 3.8% YTD.

It has an EBITDA multiple of about 2.6x.  This means investors are paying N2.60 for every N1 Seplat earns from its core business.
P/E ratio (price-to-earnings) stands at 11.66, which is healthy — it shows that investors believe its profits are sustainable and worth paying a premium.
Oando’s market cap sits at N497 billion; its shares have fallen nearly 40 % YTD. A low P/E of 1.55 and negative net assets (N–168 billion) show weak sentiment and fundamental strain.

Verdict: Seplat Energy
A premium valuation backed by fundamentals, versus Oando’s discount driven by risk and uncertainty.

Bottom line

Across production, revenue quality, profitability, debt profile, and investor returns, Seplat Energy emerges as the clear winner.

Credit: Nairametrics