Nigeria’s largest listed oil and gas companies recorded a stellar first half in 2026, driven by a surge in global crude prices linked to the US-Israel-Iran conflict. Seplat Energy, Aradel Holdings, and Oando reported a combined revenue of N7.05 trillion. While private upstream operators benefited from improved production and high prices, the sector faced mixed profitability due to varying finance costs and operational structures. In contrast, domestic palm oil producers Okomu Oil and Presco saw their weakest H1 revenue performance in years, as increased imports of cheaper palm oil eroded domestic pricing power.