Seplat leads oil output but Aradel holds more cash as three majors diverge in 9M 2026

Seplat topped Nigerian oil and gas production in the first nine months of 2026 at 144,999 barrels of oil equivalent daily, narrowly ahead of Aradel's 144,700, while Oando trailed at 42,985. Yet Aradel generated far more cash—₦2.46 trillion in operating cash flow versus Seplat's ₦1.26 trillion and Oando's ₦218 billion. After investment and interest, Aradel kept ₦1.67 trillion, Seplat ₦912 billion, and Oando ₦107 billion.

The divergence stems from Aradel's enlarged group (now including ND Western and Renaissance), higher realised crude prices ($97.50 vs Seplat's $96), and a ₦1.38 trillion boost from unpaid trade payables. Aradel also paid ₦544 billion toward acquisition obligations after the cash measure. Seplat used its cash to cut debt and raise dividends to ₦240 billion (up from ₦147 billion), mostly special payouts tied to an NNPC stake sale. Oando achieved a turnaround—positive cash flow after years of burn—driven by new wells and 22% lower per-barrel costs.

Share prices tell a different story: Seplat surged 175% year-to-date (P/E ~22x), Aradel gained 93.4% (P/E ~9x), while Oando fell 17.7% (P/E ~2.9x) despite its cash improvement.

Going into 2027, Seplat bets on restarted offshore wells and ANOH gas sales via the OB3 pipeline. Aradel must sustain cash after acquisition payments and if crude prices ease. Oando needs to prove its cash surplus isn't a one-off.

For investors, the question: Will you back Seplat's high-momentum dividend story, Aradel's cash-rich but acquisition-loaded balance sheet, or Oando's deep-value turnaround play?

SOURCE: https://nairametrics.com/2026/11/09/seplat-aradel-and-oando-who-is-turning-more-oil-into-more-cash/