Oando Plc grew its income by 9 per cent to ₦2.78 trillion within the first 9 months of 2026, as larger crude oil liftings, elevated gasoline and pure gasoline liquids (NGL) gross sales and improved realised costs boosted earnings.
Stronger operational effectivity additionally helped restore the group to working profitability.
The indigenous vitality firm, in its unaudited outcomes for the 9 months ended September 30, 2026, reported a mean day by day manufacturing of 42,985 barrels of oil equal per day (boepd), up 14 per cent from 37,614 boepd within the corresponding interval of 2025.
Its working efficiency recorded a major turnaround, with working revenue reaching ₦159.7 billion, in contrast with an working lack of ₦109.7 billion a 12 months earlier.
Gross revenue additionally rose sharply by 483 per cent to ₦174.5 billion from ₦29.8 billion, reflecting larger manufacturing volumes, improved facility reliability and decrease working prices.
The outcomes level to a stronger earnings place for the group because it expands output from its upstream belongings and pursues a drilling programme supposed to increase manufacturing capability over the medium time period.
Higher crude liftings, gasoline gross sales drive income
Oando’s manufacturing progress was supported by improved output throughout its crude oil, gasoline and NGL operations.
Crude oil manufacturing elevated 12 per cent to 12,193 barrels per day, whereas gasoline manufacturing rose 13 per cent to 28,689 boepd.
NGL manufacturing recorded the strongest progress, climbing 53 per cent to 2,103 barrels per day.
The improve in output translated into larger gross sales volumes throughout the group’s exploration and manufacturing portfolio.
Crude oil liftings rose 43 per cent to 3.97 million barrels, whereas pure gasoline gross sales grew 5 per cent to 34.01 billion normal cubic toes. NGL gross sales surged 90 per cent to 570,000 barrels.
Combined exploration and manufacturing gross sales volumes elevated 21 per cent to 10.21 million barrels of oil equal.
Commenting on the efficiency, Group Chief Executive, Wale Tinubu, stated the outcomes mirrored improved execution beneath the group’s operatorship, supported by renewed funding throughout its expanded upstream portfolio.
He stated common manufacturing rose 14 per cent year-on-year, whereas facility uptime improved to 96.1 per cent from 85 per cent within the corresponding interval of 2025.
He stated, “He stated, “Our efficiency within the first 9 months of 2026 demonstrates how diligent execution beneath our operatorship, supported by our renewed funding drive, is delivering higher effectivity, improved reliability, decrease unit prices and in the end larger manufacturing throughout our expanded upstream portfolio.
“Production averaged 42,985 boepd, up 14% year-on-year, while facility uptime improved to 96.1 per cent and production operating costs declined by 22 per to $15.39 per boe. These gains were achieved with zero fatalities and zero lost-time injuries across approximately 14.9 million hours worked.”
The enchancment in operational reliability, alongside elevated output, helped cut back manufacturing working prices by 22 per cent to $15.39 per barrel of oil equal.
The decrease price base was attributed to optimisation throughout transportation, logistics, providers and data and communications expertise, in addition to larger manufacturing unfold throughout a largely mounted subject price base.
Oando additionally reported zero fatalities and 0 lost-time accidents over roughly 14.9 million hours labored throughout the interval, representing a 55 per cent improve in whole hours labored in contrast with the identical interval final 12 months.
Drilling programme targets larger output
Accorsing to the report, the corporate dedicated ₦110.7 billion to capital expenditure throughout the nine-month interval, with the majority directed in direction of drilling actions throughout Oil Mining Leases (OMLs) 60–63.
Its seven-well growth programme for 2026 has recorded progress, with Idu 6ST and Idu 15 accomplished and introduced on stream. Workovers at Samabri 4T and Samabri 7T have additionally been accomplished.
Drilling is continuous at Idu T and Samabri A50, whereas the ultimate effectively within the programme, Ogbainbiri, is scheduled to start drilling in December.
The marketing campaign is anticipated to contribute an extra 16,000 to 20,000 boepd on a gross foundation when accomplished, serving to to maintain manufacturing and offset pure declines from current fields.
The enlargement can be anticipated to assist Oando’s medium-term ambition of manufacturing roughly 100,000 boepd throughout the subsequent 4 to 5 years.
For the rest of 2026, the corporate has narrowed its full-year manufacturing steering to between 40,000 and 45,000 boepd. It expects capital expenditure for the 12 months to vary from $90 million to $100 million, primarily targeted on upstream tasks with shorter growth cycles.
Tinubu stated the group’s priorities for the ultimate quarter included finishing the drilling programme, sustaining operational reliability and strengthening shareholders’ funds by means of a deliberate fairness increase.
The proposed capital elevating, he stated, was supposed to cut back leverage, enhance the corporate’s capability to finance progress and assist future shareholder distributions.
Borrowings fall as working money move strengthens
Oando’s working enhancements have been accompanied by a discount in its debt place and stronger money era.
Total borrowings declined to ₦2.16 trillion, 22 per cent under the height recorded on the finish of 2024, whereas money generated from operations reached ₦285 billion.
The mixture of decrease manufacturing prices, elevated gross sales volumes and improved money era might present further assist for the corporate’s funding programme, though the deliberate fairness increase stays a key element of its capital administration technique.
The group is getting into the ultimate quarter targeted on sustaining manufacturing beneficial properties whereas finishing its growth actions and strengthening its steadiness sheet.
However, the oil agency can be increasing its presence in electrical mobility by means of its partnership with the Lagos Metropolitan Area Transport Authority (LAMATA).
The electrical buses deployed beneath the partnership recorded greater than 212,000 passenger journeys within the first 9 months of 2026, with common capability utilisation of 73 per cent.
An further 11 electrical buses, representing the primary batch of a deliberate 50, arrived in Lagos throughout the interval, bringing the fleet to 13. The expanded fleet is anticipated to enter service within the fourth quarter, with LAMATA working the buses on behalf of the Lagos State Government.
Tinubu stated the corporate remained targeted on realising the potential of its upstream useful resource base whereas strengthening its monetary place and creating long-term worth for shareholders.
According to him, “For the rest of 2026, our priorities are to progress the seven-well growth programme, maintain operational reliability and strengthen shareholders’ funds by means of our impending fairness increase.
“These initiatives are supposed to cut back leverage, improve our capability to fund progress and assist future shareholder distributions. We have demonstrated what we will obtain throughout our strategic belongings and are assured within the alternatives forward.
“Our commitment remains to realise the full potential of our substantial resource base and deliver lasting value for our shareholders.”
James Emejo
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