Seplat Energy Posts N1.23 Trillion Revenue, N465 Billion Cash Flow in Q1 2025

…Delivers 167% Surge in Production, Raises Dividend to US 4.6 Cents, Records 7.3 Million Safe Manhours

Seplat Energy Plc, Nigeria’s foremost indigenous energy company listed on the Nigerian and London Stock Exchanges, has kicked off 2025 with a stellar first-quarter performance, reporting record-breaking figures across revenue, profit, and production. The company announced a 357% increase in revenue to N1.228 trillion, up from N268.6 billion in Q1 2024, with cash generated from operations soaring to N464.9 billion, compared to N25.2 billion a year earlier.

The Q1 report also revealed a profit before tax of N314.6 billion, tripling the N103.5 billion recorded in the same period last year. These strong results have empowered the company to declare a higher dividend of US 4.6 cents per share, up 28% from the previous quarter, underlining Seplat’s strengthened financial position and market confidence.

Operationally, Seplat achieved a 167% increase in production, averaging 131,561 barrels of oil equivalent per day (boepd)—well above the midpoint of its 2025 guidance. Notably, this includes a significant contribution of 75,365 boepd from Seplat Energy Producing Nigeria Unlimited (SEPNU), formerly known as Mobil Producing Nigeria Unlimited.

Seplat’s operational excellence was further reinforced by a remarkable safety milestone of over 7.3 million man-hours without Lost Time Injury (LTI). This includes 2.5 million safe hours from its onshore operations and 4.8 million from SEPNU, demonstrating the company’s unyielding commitment to safety.

Key Operational Highlights:

• Onshore production rose 14% to 56,196 boepd, driven by liquids (+10%) and gas (+21%) output boosts.
• The Sapele Integrated Gas Plant commenced operations in February, delivering processed gas and approximately 2 kbopd of condensates.
• Carbon emissions for onshore assets improved to 30.6 kg CO2/boe, as Seplat progresses toward its goal of ending routine flaring by H2 2025.
• SEPNU’s idle well restoration programme added about 11 kbopd in gross JV production.

Financial Highlights:

• Revenue stood at $809 million, a 350% year-on-year increase.
• Adjusted EBITDA grew to $401 million (from $123 million).
• Unit operating cost was $12.6/boe, outperforming guidance.
• Net debt reduced by 17% to $747 million, with a pro-forma ND/EBITDA ratio of 0.56x.
• $250 million was used to early repay the Revolving Credit Facility, reducing it to $100 million.

The company also completed a $650 million senior notes refinancing, with a 2030 maturity and a 9.125% coupon—priced inside Nigerian sovereign levels, marking a landmark vote of confidence from global investors.

Corporate Updates: Following the appointment of Mr. Bello Rabiu and Mr. Babs Omotowa to the NNPC Ltd board, Mrs. Bashirat Odunewu was appointed as the new Senior Independent Non-Executive Director of Seplat.

2025 Outlook:

• Production guidance remains 120–140 kboepd.
• Capex spending is projected between $260–320 million.
• Unit operating costs are expected to remain between $14–15/boe.
• A Capital Markets Day is planned for September 2025 to unveil medium- and long-term growth strategies.

CEO Roger Brown remarked, “Our exceptional first quarter performance is a testament to the combined strength of our onshore and offshore operations. We are reducing debt, enhancing shareholder returns, and positioning Seplat for sustained long-term growth—even amid global uncertainties.”

With robust assets, a fortified balance sheet, and growing gas revenues that offer price stability, Seplat Energy is poised to deliver significant value to shareholders and stakeholders throughout 2025.

Stay informed, Stay ahead with The Ameh News