Nigeria

Seplat: Crude oil theft erodes earnings

  • Crude oil thefts and force majeure drove the Q3 loss, the first since oil price crash in 2020

  • We have revised our target prices lower to reflect lower volumes, but our recommendations are unchanged

  • Updates: Seplat is converting OMLs to the new Petroleum Act; management is still positive on Mobil asset acquisition

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November 3rd, 2022
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