{
  "id": 17710702,
  "title": "Oando Improves Revenue to ₦2.78tn as Production Jumps 14% in 9 Months",
  "url": "https://urgent.news/2026/11/02/oando-improves-revenue-to-2-78tn-as-production-jumps-14-in-9-months",
  "topic": "culture",
  "section": "Culture",
  "published": "2026-11-02T00:24:30.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/11/02/oando-improves-revenue-to-%e2%82%a62-78tn-as-production-jumps-14-in-9-months/"
  },
  "original_language": "en",
  "account": "Oando Plc reported a nine percent increase in revenue to ₦2.78 trillion in the first nine months of 2026, as production rose by 14 percent. Stronger operational efficiency and higher crude oil liftings, gas and natural gas liquids (NGL) sales contributed to the earnings boost. The indigenous energy company's average daily production reached 42,985 barrels of oil equivalent per day, up from 37,614 boepd in the same period last year. Operating profit hit ₦159.7 billion, reversing the previous year's loss of ₦109.7 billion. Gross profit surged by 483 percent to ₦174.5 billion, reflecting the improved production volumes and costs. Group Chief Executive Wale Tinubu attributed the performance to diligent execution under the operatorship, supported by renewed investment. The company's drilling programme aims to raise production capacity over the medium term, targeting an additional 16,000 to 20,000 boepd. Tinubu also mentioned a proposed equity raise to reduce leverage and support future shareholder distributions.",
  "summary": "Operating costs drop 22% as facility uptime hits 96.1% Records N159.7bn operating profit as gross profit surges 483% Wale Tinubu: performance demonstrates how diligent execution under our operatorship is delivering",
  "key_points": [
    "Oando's revenue improved to ₦2.78tn in first nine months of 2026",
    "Production increased by 14% to 42,985 boepd on average",
    "Operating profit turned positive at ₦159.7bn, reversing previous year's loss"
  ],
  "editors_take": "The shift from losses to significant gross profit demonstrates how improved operational efficiency and higher crude liftings can rapidly stabilize the financial outlook for indigenous energy operators.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}