OANDO POSTS STRONG Q3 PERFORMANCE WITH N2.78 TRILLION REVENUE AND 42,985 BOEPD
GREATRIBUNETVNEWS– Oando Plc has announced an impressive performance for the nine months ended September 30, 2026, recording a 9 per cent growth in revenue to N2.78 trillion.
According to its unaudited financial results for the third quarter and nine months of 2026, the growth was driven by higher crude oil liftings and increased sales from gas and natural gas liquids.
The energy giant also posted a massive turnaround in profitability. Gross profit surged by 483 per cent to N174.5 billion, up from N29.8 billion in the same period of 2025, while operating profit stood at N159.7 billion compared to an operating loss of N109.7 billion last year.
Commenting on the results, Group Chief Executive, Mr. Wale Tinubu, linked the performance to improved operational efficiency, sustained investment, and higher production across its upstream assets.
He disclosed that average daily production grew by 14 per cent year-on-year to 42,985 barrels of oil equivalent per day (boepd), facility uptime improved significantly to 96.1 per cent from 85 per cent, and production operating costs dropped by 22 per cent to $15.39 per barrel of oil equivalent.
According to him, the company recorded zero fatalities and zero lost-time injuries across approximately 14.9 million hours worked during the period.
The company said crude oil production increased by 12 per cent to 12,193 barrels per day, while gas production rose by 13 per cent to 28,689 boepd.
It added that natural gas liquids production grew by 53 per cent to 2,103 barrels per day.
Crude oil liftings increased by 43 per cent to 3.97 million barrels, while natural gas sales rose by five per cent to 34.01 billion standard cubic feet.
Similarly, natural gas liquids sales increased by 90 per cent to 0.57 million barrels, bringing total exploration and production sales volumes to 10.21 million barrels of oil equivalent.
Oando said production operating costs declined due to cost optimisation across transportation, logistics, services and information and communications technology.
It added that total borrowings declined to N2.16 trillion, representing a 22 per cent reduction from the peak recorded at the end of 2024.
The company generated N285 billion in cash from operations and invested N110.7 billion in capital expenditure, mainly directed at drilling activities across Oil Mining Leases (OMLs) 60 to 63.
On its 2026 drilling programme, Oando said two wells, Idu 6ST and Idu 15, had been completed and brought on stream.
It added that workovers at Samabri 4T and Samabri 7T had also been completed, while drilling continued at Idu T and Samabri A50.
The company said the final well, Ogbainbiri, was scheduled for drilling in December 2026.
It projected that the seven-well programme would add between 16,000 and 20,000 boepd of gross production when completed.
Oando said the programme would help sustain output, offset natural field decline and support its medium-term production ambition of approximately 100,000 boepd within four to five years.
In the clean energy sector, the company said electric buses deployed through its partnership with the Lagos Metropolitan Area Transport Authority (LAMATA) recorded more than 212,000 passenger journeys in the first nine months of 2026.
It said the buses achieved an average capacity utilisation of 73 per cent, while an additional 11 electric buses arrived in Lagos, bringing the fleet to 13.
The expanded fleet is expected to enter service in the fourth quarter, with LAMATA operating the buses on behalf of the Lagos State Government.
Looking ahead, Oando said it had narrowed its full-year production guidance to between 40,000 and 45,000 boepd.
It projected full-year capital expenditure of between 90 million dollars and 100 million dollars, focusing on high-impact, short-cycle upstream activities.
Tinubu said the company’s priorities for the remaining part of 2026 included completing its drilling programme, sustaining operational reliability and strengthening shareholders’ funds through a planned equity raise.
He said the initiatives were expected to reduce leverage, improve funding capacity and support future shareholder distributions.
About the Author
