The Oando Plc has reported a nine per cent increase in revenue to N2.78 trillion for the nine months ended Sept. 30, 2026, driven by higher crude oil liftings and increased gas and natural gas liquids sales.
The company disclosed this in its unaudited financial results for the third quarter and nine months of 2026.
It said that gross profit rose by 483 per cent to N174.5 billion, compared with N29.8 billion recorded in the corresponding period of 2025.
Operating performance also improved, with the group recording an operating profit of N159.7 billion, compared with an operating loss of N109.7 billion in the corresponding period of 2025.
The Group Chief Executive of Oando, Mr. Wale Tinubu, attributed the performance to improved operational efficiency, increased investment and higher production across its upstream assets.
Tinubu said that average daily production increased by 14 per cent year-on-year to 42,985 barrels of oil equivalent per day (boepd).
He said that facility uptime improved to 96.1 per cent from 85 per cent, while production operating costs declined by 22 per cent to 15.39 dollars 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 that 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 that 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 that two wells, Idu 6ST and Idu 15, had been completed and brought onstream.
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 that 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 that 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 that 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 that 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 that 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 that the initiatives were expected to reduce leverage, improve funding capacity and support future shareholder distributions.
GIK/APA