StocksMedium•30 October 2026•
1 min read
Nigeria's Oando Swings to Profit as Oil Production Rises 14%
Key Facts
1Oando reported an operating profit of ₦159.7 billion for the first nine months of 2026, reversing a previous loss.
2Average production increased by 14% year-on-year to 42,985 barrels of oil equivalent per day.
3Company revenue grew by 9% to ₦2.78 trillion during the period.
Oando reported an operating profit of ₦159.7 billion for the first nine months of 2026, reversing a previous loss. Arbiterz reported that the company's revenue grew by 9% to reach ₦2.78 trillion during the period.
Average production increased by 14% year-on-year to 42,985 barrels of oil equivalent per day. This financial turnaround was driven by production growth across the firm's upstream portfolio and a reduction in operating costs.