Aradel Hits 144,700 bpd Production, ₦2.1 Trillion EBITDA in 9 Months

Aradel's oil and gas operations deliver standout numbers for the first nine months of 2026. The company produced 144,700 barrels of oil equivalent daily—roughly six times last year's output and above its own revised target. Operating earnings (EBITDA) hit ₦2.1 trillion at a 53% margin, with production costs at just $7.9 per barrel. Gas sales alone brought in ₦582 billion in the third quarter.

The performance signals strong execution in Nigeria's upstream sector, especially as Aradel benefits from increased gas commercialization. However, the full financial breakdown, reserve updates, and forward guidance remain behind FTM's paywall at ftm.ng, edited by Nairametrics founder Ugodre Obi-Chukwu.

For investors tracking NGX energy names, Aradel's cost discipline and production scale warrant attention. The $7.9/barrel lift cost is notably low for the region.

Does this performance make Aradel a portfolio candidate, or are you waiting for full audited results and dividend clarity before deciding?

SOURCE: https://nairametrics.com/2026/11/09/aradel-buy-sell-or-hold/