Who Topped the Charts in Nigeria’s Oil and Gas Sector in 2024?

The Nigerian stock market had an exciting year in 2024, with remarkable performances across various sectors. Among these, the Oil and Gas sector stood out, delivering a stunning 160% increase in its index value by the end of the year. 

This growth was unmatched by any other sector, including the Insurance sector, which followed with a 123.15% increase. But who were the key players driving this exceptional performance? Let’s dive into the details.

The Year at a Glance

Starting at 1,043.60 points, the NSE Oil and Gas Index kicked off 2024 on a high note, gaining momentum early in the year. Despite slight setbacks in March and April, the sector demonstrated resilience, closing ten out of twelve months on a positive note. 

This success was largely attributed to strong performances by several key companies, which attracted investors with their consistent growth and strategic decisions. Here’s a look at the top five oil and gas companies in Nigeria based on their share price performance in 2024.

Oando (528.57%)

Oando dominated the sector with an extraordinary year-to-date growth of 528.57%. Beginning the year at N10.50, the company’s share price skyrocketed, largely due to its groundbreaking $783 million acquisition of Nigeria Agip Oil Company.

This acquisition was a game-changer, significantly boosting Oando’s market capitalization to N1 trillion. The move not only expanded the company’s portfolio but also attracted a surge of investor interest. By December, Oando’s stock had climbed to an astounding N66, solidifying its position as the best-performing oil and gas company of 2024.

Conoil Plc (361.50%)

Conoil Plc delivered a spectacular year, with a 361.50% increase in its share price. Starting at N83.90, the company experienced steady growth throughout the first half of the year, driven by its strong FY 2023 financial results.

The report revealed a 99% increase in profit after tax, reaching N9.87 billion. This financial strength inspired investor confidence, which translated into consistent growth in its share price. By December, Conoil’s stock had reached an impressive N387.20, earning it the second spot among top-performing oil and gas companies.

Seplat Energy (146.75%)

Seplat Energy made headlines with a year-to-date performance of 146.75%. Starting the year at N2,310, the stock experienced steady growth, fueled by strategic decisions and insider confidence.

A notable development was the acquisition of 22,571 shares by Seplat’s chairman, Udo Udoma, through Tierce Investments Ltd. This move, combined with strong market sentiment, pushed the stock to new heights. October proved to be a standout month, with a 39% surge. By the end of December, Seplat Energy’s shares had climbed to an impressive N5,700, showcasing its robust market presence.

MRS Oil Nigeria Plc (107.43%)

MRS Oil Nigeria Plc recorded an outstanding year-to-date growth of 107.43%. Starting at N105, the stock showed consistent progress early in the year before hitting a plateau between March and November.

The real breakthrough came in October, following an earnings report that revealed a 108.9% increase in pre-tax profit to N6.2 billion. The company also reported a 141.90% surge in revenue, driven primarily by a boost in sales of premium motor spirit. By December, MRS Oil closed at N217.80, thanks to a strong 65% rally in the final month of the year.

Total Energies Marketing Nigeria Plc (81.30%)

Total Energies Marketing Nigeria Plc earned its spot with a year-to-date growth of 81.30%. The company began the year trading at N385 but faced challenges in the first half, with its stock dipping to a low of N321.50 in April.

However, things took a turn in June, as a bullish recovery pushed the share price back up. By August, the stock had surged 73%, driven by an impressive Q2 earnings report. The company reported a 95% increase in pre-tax profit, reaching N13.73 billion. This strong financial performance fueled further confidence among investors. By December, Total Energies closed the year at N698 per share, cementing its place among the sector’s top performers.