Seplat Energy’s Revenue Rises To N1.228 Trillion In Q1 2025
Declares $4.6 Cents Dividend Per Share
By Edu Abade
Nigeria’s leading independent energy Company listed on the Nigerian Exchange and the London Stock Exchange, Seplat Energy PLC has announced its audited results for the three months ended 31 March 2025, growing its revenue to N1.228 trillion for the period from N268.6 billion reported in the same quarter of last year.
Its gross profit soared to N535.4 billion from N63.8 billion Year-on-Year. Cash generated from its operations for the period grew to N464.9 billion from N25.2 billion Year-on-Year while profit before tax rose to N314.6 billion from N103.5 billion Year-on-Year.
The company delivered robust production and cost performance during Q1 2025, at a new scale and firmly on track to deliver FY 2025 guidance. Strong cash position supports early repayment of $250 million reducing the Revolving Credit Facility (RCF) to $100 million and an increase in our quarterly dividend to $4.6 cents per share.
For the period, production averaged 131,561 barrels of oil equivalent per day (boepd), up 167% from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120-140 kboepd).
Seplat Energy also achieved over 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets (1Q 2024: 2.3 million man hours) and 4.8 million hours without LTI for Seplat Energy Producing Nigeria Unlimited (SEPNU)–formerly Mobil Producing Nigeria Unlimited (MPNU).
The company’s operational highlights showed that production averaged 131,561 boepd, up 167% from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd).
Onshore production contribution of 56,196 boepd, was 14% higher than 1Q 2024, and above 2025 guidance. Within this, lit achieved iquids+10% and gas+21% vs 1Q 2024, following strong performance at the Oben Gas Plant and first contribution from Sapele Gas Plant.
SEPNU production contribution of 75,365 boepd, within guidance, of which 88% crude and condensate, 4% NGL and 8% gas, while SEPNU idle well restoration programme added c.11 kbopd gross JV production from the first 10 wells restored to production.
Also the Sapele Integrated Gas Plant (‘SIGP’) was commissioned and achieved first commercial gas sales in February 2025. Plant is delivering high quality processed gas, and condensate yields of c.2 kbopd.
It also reported that carbon emissions intensity for Seplat onshore assets averaged 30.6 kg CO2/boe (revised 1Q 2024: 31.1 kg CO2/boe), a reduction driven by lower emissions at Sapele post start-up of SIGP. End of routine flaring for onshore assets on track for H2 2025.
It achieved over 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets (1Q 2024: 2.3 million man hours) and 4.8 million hours without LTI for SEPNU.
Details of the financial highlights indicate that revenue surged to $809 million up c.350% on prior year (1Q 2024: $180 million), while unit production operating cost of $12.6/boe (1Q 2024: $9.5/boe), just as adjusted EBITDA of $401 million, up 226% on prior year (1Q 2024: $123 million), among other indices.
Responding to the financial report, Chief Executive Officer, Roger Brown, said: “2025 has started positively for Seplat. As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making goodprogress. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.
“Production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes. Financial performance was also strong, allowing us to be proactive in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable.
“We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend to $ 4.6c/share, a 28% increase in our quarterly dividend versus 4Q 2024.
“Our assets are high quality, and while we will remain agile to the prevailing oil price environment, our business plan is designed to be robust at lower oil prices and our gas revenues, which are largely delinked to oil prices, provide long-term stability for the business. We are committed to our plan of growth and maximising value for our stakeholders.”
