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:
Let us break it down to find out how and why to start the company’s profiles
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.
Seplat’s landmark MPNU acquisition transformed it into one of Nigeria’s largest independent producers, adding offshore capacity and infrastructure.
Oando, meanwhile, reported a 59% jump in production to 38,121 boepd in 9M 2025 and N210 billion profit.
Oando, meanwhile, reported a 59% jump in production to 38,121 boepd in 9M 2025 and N210 billion profit.
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.
Oando Plc also increased its production in 9M 2025, though from a smaller base.
Verdict: Seplat Energy wins this round.
It’s translating reserves into tangible output and cash flow, outpacing Oando’s still-developing recovery.
Between 2021 and 2024, Seplat’s revenue grew from N294 billion to N1.65 trillion (CAGR ≈ 78 %).
Oando’s turnover climbed from N805 billion in 2021 to N4.09 trillion in 2024 (CAGR ≈ 72 %), largely from trading rather than production.
Verdict: Seplat Energy wins again.
Its revenues are production-based and sustainable; Oando’s remain trading-driven and cyclical.
Seplat’s gross profit rose to N1.36 trillion in 9M 2025 (gross margin ≈ 40 %).
For Oando, despite N2.54 trillion in revenue, Oando’s gross profit was only N113 billion (margin ≈ 4 %) in 9M 2025
Verdict: Seplat Energy won
It converts sales into real profits through efficient production, while Oando struggles with volatile, low-margin trading income.
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.
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.
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 ×.
Oando’s assets totaled N6.77 trillion, but equity was negative (N–168 billion).
Verdict: Seplat Energy
A stronger balance sheet and manageable debt make Seplat a financially safer player.
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.
Its steady, record-high dividend payouts make it the clear investor favourite.
What are they worth, and what is the market really saying?