Oil and gas companies listed on the Nigerian Exchange recorded a combined pre-tax profit of N1.23 trillion in 2025, a 6.7% increase from the N1.15 trillion reported in 2024.
The growth was mainly supported by stronger revenue, as total earnings rose to N9.42 trillion in 2025, up 17.7% from the N8 trillion generated the previous year.
Even though the cumulative cost of sales in the oil and gas sector spiked 12.4% to N7.6 trillion, higher revenue provided a solid base, partially offsetting the impact of operational expenses on operating profit.
However, combined operating profit fell 5.38% to N1.3 trillion, but a cumulative 374% surge in finance income, mainly interest from bank deposits, lifted the bottom-line profitability of the sector.
In this work, pre-tax profit is prioritized to rank profitability, as it reflects true operational performance before taxes, which can distort comparisons. Six of the seven companies reviewed reported profits for the year.
Seplat Energy Plc tops the list as the most profitable oil and gas company on the Nigerian Exchange, posting a pre-tax profit of N755.5 billion in 2025.
This marks a significant jump from N394.6 billion in 2024, driven by strong revenue growth.
Revenue surged to N4.1 trillion from N1.6 trillion, providing a solid foundation for record profitability.
Production expanded notably, with average output rising to 131,506 barrels of oil equivalent per day, reflecting the first full year of offshore asset consolidation.
Strong operational growth and an expanded asset base cemented Seplat’s position as the top-performing oil and gas company on the Nigerian Exchange.
Year-to-date, the stock has returned over 56% to investors so far in 2026.
