Seplat Energy’s H1 2025 Revenue Rises To N2.167 Trillion
· Declares $4.6 Cents Dividend Per Share
By Edu Abade
Leading Nigerian independent energy company listed on the Nigerian Exchange and the London Stock Exchange, Seplat Energy PLC, has announced its unaudited results for the six months ended June 30, 2025, recording a revenue increase of N2.167 trillion from N575.1 billion reported in the same period last year.
While its gross profit soared to N751.2 billion from N247.5 billion Year-on-Year, cash generated from its operations for the period surged to N1.188 trillion from N308.2 billion Year-on-Year just as operating profit rose to N601.2 billion from N285.2 billion Year-on-Year.
The energy company delivered strong production, which firmly underpins FY2025 guidance; with earnings before interest, taxes, depreciation and amortization (EBITDA) for half-year hitting N1.139 trillion for the period, representing a rise from N364.5 billion recorded in 2024 H1.
Production for the period averaged 134,492 boepd up 178 percent from 6M 2024 (48,407 boepd), above the midpoint of 2025 guidance (120-140 kboepd), and approximately 10 percent higher than pro-forma production in 6M 2024. Working interest oil production reached 100,327 bopd in 6M 2025.
The company achieved more than 15.3 million man hours without Lost Time Injury (‘LTI’) on its operated assets.
The company’s operational highlights indicate that production averaged 134,492 boepd up 178 percent from 6M 2024 (48,407 boepd), above the midpoint of 2025 guidance (120-140 kboepd), and approximately 10 percent higher than pro-forma production in 6M 2024, as working interest oil production reached 100,327 bopd in 6M 2025.
Onshore production contribution of 54,831 boepd was 13 percent higher than 6M 2024. Liquids +7 percent and gas +24 percent vs 6M 2024
Offshore production contribution was strong in the first half of the year at 79,660 boepd, which was made up of 86 percent crude and condensate, 5 percent NGL and 9 percent gas. Second quarter (2Q) 2025 production increased 11 percent QoQ, aided by improved uptime.
Offshore, the idle well restoration programme added c.25.9kbopd gross production capacity from the first 29 wells restored to production, while carbon emissions intensity for Seplat onshore assets: 26.7kg CO2/boe (revised 6M 2024: 31.4 kg CO2/boe), while end of routine flaring for onshore assets is on track for completion by end of 2025.
The company also achieved over 15.3 million man hours without Lost Time Injury (‘LTI’) on its operated assets and in July, ANOH gas plant received dry gas to commence live hydrocarbon commissioning.
Details of the financial highlights show increased revenue of $1,398 million, up c.231 percent on prior year (6M 2024: $422 million), while unit production operating cost of $12.5/boe (6M 2024: $9.7/boe), below guidance of $14-$15/boe, due to timing of planned maintenance.
Its adjusted EBITDA of $735 million, up 175 percent on prior year (6M 2024: $267.3 million), cash generated from operations of $766.2 million, up 239 percent on prior year (6M 2024: $226.0 million) with cash capital expenditure reaching $96.5 million (6M 2024: $102.4 million).
Seplat Energy’s balance sheet remains strong, end-June cash at bank $419.4 million (3M 2025: $334.6 million), excluding $133.0 million restricted cash with net debt at end-June of $676 million down 9.5 percent on prior quarter (1Q 2025: $747 million), as well as an improved pro-forma ND/EBITDA by 0.53x.
Also, credit ratings upgrades indicate that as of April 2025, Fitch upgraded to B and in June 2025, Moody’s upgraded it to B2 (stable category)
At post-period end, it repaid the outstanding $100 million on its RCF and at the end of July 2025 the $350 million RCF remains undrawn and fully available.
On dividend for 2Q 2025, Seplat declared $4.6 Cents per share, in line with the prior quarter dividend, while the Company plans to set out a revised capital allocation policy in the Capital Markets Day scheduled for September 18, 2025.
For 2025 Outlook, the company looks to maintaining its 2025 guidance, comprising production guidance of 120-140 kboepd (Seplat Onshore 48-56 kboepd, Seplat Offshore 72-84 kboepd), Capex guidance $260-320 million with onshore at $180-220 million and offshore at $80-100 million).
Unit operating costs for the group are expected to reach $14.0-15.0/boe with plans to detail its medium to long-term growth ambitions on Capital Markets Day on September 18, 2025
Commenting on the results, Chief Executive Officer, Seplat Energy Plc, Roger Brown said: “Seplat has continued its positive trajectory in Q2 to deliver a strong performance for the first half of 2025. Our focus on integrity, reliability and production improvement activities are bearing fruit as evidenced by strong production in 2Q 2025, with onshore in the upper end of guidance, and offshore production growing 11 percent quarter on quarter.
“The Company delivered first half production over 10 percent higher than the pro-forma output in the same period last year, delivering on both our ambitions and supporting Nigeria’s goals of oil and gas production growth.
“We are well placed to weather the recent increase in macro volatility. Strong revenues and a focus on costs delivered significant positive cash flows, enabling us to further reduce net leverage, continue our strong quarterly dividend track record and in the past week, pay down an additional $100 million of debt.
“We have hit the ground running in 2025 building a strong foundation with which to deliver on our 2025 performance targets. Integration of the enlarged group continues at pace and we look forward to sharing our exciting plans for the Company when we set out the future of our business at the upcoming Capital Markets Day in September.”
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