Oando Plc has reported revenue of ₦2.78 trillion for the nine months ended September 30, 2026, representing growth of nine per cent, as higher production, crude oil liftings and natural gas sales supported its performance.
According to the company’s unaudited results, average daily output rose by 14 per cent to 42,985 barrels of oil equivalent from 37,614 in the corresponding period of 2025. Crude oil production increased to 12,193 barrels per day, while gas output reached 28,689 barrels of oil equivalent per day. Natural gas liquids production rose to 2,103 barrels per day.
The group reported operating profit of ₦159.7 billion, compared with an operating loss of ₦109.7 billion a year earlier. Gross profit increased to ₦174.5 billion from ₦29.8 billion, reflecting the effects of stronger volumes and lower production costs.
Chief Executive Wale Tinubu attributed the improvement to higher operational reliability and more disciplined spending. The company said facility uptime improved to 96.1 per cent from 85 per cent, while production operating costs declined by 22 per cent to $15.39 per barrel of oil equivalent.
Oando reported crude oil liftings of 3.97 million barrels, gas sales of 34.01 billion standard cubic feet and natural gas liquids sales of 570,000 barrels. It also said its operations recorded no fatalities or lost time injuries across approximately 14.9 million working hours during the period.
The company committed ₦110.7 billion to capital expenditure, with significant investment in its seven well development programme across Oil Mining Leases 60 to 63. It said some wells and workovers had been completed, while further drilling was underway or scheduled for later in the year.
Oando expects the programme to add between 16,000 and 20,000 barrels of oil equivalent per day on a gross basis when completed. The company maintained full year production guidance of 40,000 to 45,000 barrels of oil equivalent per day and said it was considering an equity raise to strengthen its balance sheet.
Total borrowings were reported at ₦2.16 trillion, while cash generated from operations reached ₦285 billion. Beyond oil and gas, the company highlighted its electric bus partnership with the Lagos Metropolitan Area Transport Authority, reporting more than 212,000 passenger journeys in the first nine months.
The figures are company reported and unaudited. Investors should distinguish operating improvements from audited earnings and assess the proposed capital raise, debt obligations and execution risks alongside the reported growth.
