Aradel Holdings Plc reported ₦3.95 trillion in revenue for the nine months through Sept. 30, 2026, 633% above the same period a year earlier, as average output reached 144,700 barrels of oil equivalent per day. Its unaudited results include ND Western and Renaissance on a consolidated basis for the first time; the two businesses were treated as associates in the 2025 comparison.
Higher realized commodity prices also contributed to sales. Aradel’s average crude realization was $97.50 a barrel, compared with $75.60, while gas averaged $2.64 per thousand standard cubic feet, up from $1.64. Crude made up 69% of revenue, gas 26% and refined products 5%, the company said.
EBITDA came to ₦2,098.4 billion, versus ₦261.5 billion in the prior-year period, and its margin increased to 53% from 49%. Cash generated by operations was ₦2,458.9 billion, compared with ₦205.4 billion a year earlier. Aradel set a higher production range for 2026 at 140,000–150,000 barrels of oil equivalent per day, up from its previous range of 110,000–140,000.
