Seplat, Aradel and Oando: Who is turning more oil into more cash?
Seplat led oil and gas production in the first nine months of 2026, averaging 144,999 barrels of oil equivalent per day. Aradel was close behind at about 144,700, while Oando ranked third at 42,985, less than a third of either rival’s output. However, according to their financial statements, Aradel had the most cash left, but […] The post Seplat, Aradel and Oando: Who is turning more oil into…
In the first nine months of 2026, Seplat led oil and gas production among the three companies, averaging 144,999 barrels of oil equivalent per day, while Aradel followed closely at 144,700 and Oando trailed at 42,985. Aradel, however, had the most cash left after accounting for investment and interest payments, generating N2.46 trillion in operating cash compared to Seplat's N1.26 trillion and Oando's N218 billion.
Despite having more cash, Seplat's shares outperformed the others, gaining 175% for the year, whereas Aradel's gain was 93.4% and Oando's fell 17.7%. The timing of bills and payments also played a role, as Aradel had N1.38 trillion more in operating cash due to outstanding trade and other payables. Oando's turnaround was noteworthy, with its production increasing and costs falling by 22%, resulting in N107 billion left after investment and interest payments.
For shareholders, the core dividend is crucial, with Seplat's special payment and proposed payout dependent on a stake sale to NNPC, while Aradel's larger business size gives it more flexibility for cash returns if oil prices fall.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
