Prime Business Africa
Out of the six oil companies listed on the Nigerian Exchange (NGX), also known as the stock market, four companies made it to the list of the worst-performing oil producers in Nigeria by revenue decline in the third quarter (Q3) of 2025, according to an analysis by Prime Business Africa.
The six companies listed on the Nigerian Exchange are Total Energies, Seplat, Conoil, Aradel Holdings, Eterna and Oando.
Join our WhatsApp ChannelPrime Business Africa gathered that the six companies generated a combined revenue of N2.45 trillion between July and September 2025, surpassing the N2.18 trillion recorded in the corresponding period in 2024, indicating a 12.70 percent increase.
Worst-Performing Oil Companies In Q3 2025
Total Energies
Total Energies is the worst-performing oil company in the third quarter of 2024, after the producer’s revenue fell to N163.69 billion, below the N263.96 billion recorded in the previous year, indicating a 37.98 percent decline.
- The oil producer also saw a decline in its production costs, which fell by 37.61 percent to N146.40 billion between July and September 2025, against the N234.68 billion incurred in the corresponding period in 2024.
- Total’s bottom line was not spared, as the oil company suffered a N10.23 billion loss before tax in the third quarter of this year, failing to replicate the N11.27 billion pretax profit recorded in the same period last year.
Eterna
Eterna occupied the second position on the list of the worst-performing oil companies in Nigeria following a 36.02 percent decrease in its revenue, which dropped to N55.18 billion during the review period, compared to the N86.26 billion generated in 2024.
- Also, the company’s cost of sales declined to N52.15 billion in Q3 2025, below the N73,59 billion expended in the third quarter of last year, representing a 29.12 percent decline.
- Eterna’s bottom line was impacted, as the company closed the period under review with a N171.60 million loss before tax, compared to the N5.25 billion profit before tax achieved between July and September 2024.
Oando
Oando also suffered a decline in revenue, which nosedived by 29.17 percent, making the company the third-worst-performing oil producer in Nigeria, according to Prime Business Africa’s analysis.
- PBA gathered that Oando’s revenue decreased to N820.66 billion between July and September 2024, compared to the N1.15 trillion generated by the oil company in the corresponding period last year.
- The firm’s cost of sales followed the downward path, according to the financial statements for the period ended September 30, 2025, as it fell by 26.72 percent year-on-year, from N1.04 trillion to N766.83 billion.
- However, Oando managed to recover from the N14.38 billion pretax loss recorded in the third quarter of last year, as the company closed the same period this year with a N165.2 billion profit before tax.
Conoil
Conoil made it to the fourth spot on the list of the worst-performing oil companies after generating N60.17 billion revenue in Q3 2025, which represents a 12.21 percent decline when compared to the N68.55 billion turnover posted in Q3 2024.
- In the same vein, Conoil saw its cost of sales drop by 9.37 percent to N54.86 billion in the third quarter of this year, compared to the N60.54 billion production cost incurred in the same period last year.
- Also, Conoil’s profit before tax dropped to N728,27 million between July and September 2025, below the N5.02 billion pretax profit notched up in the third quarter of 2024, indicating an 85.50 percent decrease.
Best-Performing Oil Companies In Q3 2025
Seplat
Seplat was the best-performing oil company in the third quarter of 2025, following a 139.88 percent year-on-year increase in its revenue, which grew from N495.84 billion to N1.18 trillion.
- The company also saw a threefold or 176.04 percent increase in its cost of sales, as it soared past the N211,81 billion recorded in Q3 2024 to N584,71 billion expended between July and September 2024.
- Similarly, Seplat’s pretax profit grew to N424.87 billion in the third quarter of this year, from the N122.66 billion recorded in Q3 last year, indicating a 246.37 percent growth.
Aradel Holdings
Aradel Holdings was the second-best-performing company in the oil industry in Q3 2025 with a 56.25 percent growth in its revenue, as the oil producer posted N170.73 billion turnover, surpassing the N109.26 billion generated in Q3 2024.
- The company achieved the revenue growth after expending N99,16 billion on production cost, which increased by 65.43 percent when compared to the cost of sales of N59.94 billion incurred in Q3 last year.
- Aradel Holdings closed the period under review with N109,37 billion profit before tax (PBT), exceeding the N29,17 billion recorded in the third quarter of 2024, representing a 274.83 percent growth.
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