Seplat Energy PLC, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its audited financial results for the first quarter ended 31 March 2025.
The company posted exceptional performance, driven by increased production, improved operational efficiency, and strategic financial management.
According to the CEO, Roger Brown, “2025 has started positively for Seplat. As we scale up operations, the integration of our onshore and offshore teams is progressing well, unlocking greater efficiencies. Strong production, asset integrity, and flexible evacuation options supported our performance. Our solid financial results enabled us to proactively reduce debt and maintain low leverage as global economic conditions evolve.
We remain conservative in our planning but confident in our trajectory. Our increased dividend reflects this strength. With high-quality assets and resilient gas revenues decoupled from oil prices, Seplat is well-positioned for long-term stability and value creation.”
Financial Performance
For the period, Seplat Energy recorded revenue of N1.228 trillion, a significant leap from N268.6 billion in Q1 2024. Gross profit surged to N535.4 billion, up from N63.8 billion year-on-year.
Cash generated from operations climbed to N464.9 billion, a substantial increase from N25.2 billion recorded in the same quarter last year. Profit before tax rose sharply to N314.6 billion, compared to N103.5 billion in Q1 2024.
Revenue in dollar terms stood at $809 million, up approximately 350% from $180 million in Q1 2024. Adjusted EBITDA rose 226% year-on-year to $401 million, while cash generated from operations hit $306.5 million, up from $16.8 million. The company reported unit operating costs of $12.6/boe, better than the guidance range of $14–$15/boe.
Operational Highlights
Seplat delivered strong production and operational performance, averaging 131,561 barrels of oil equivalent per day (boepd) in Q1 2025—an increase of 167% from 49,258 boepd in Q1 2024. This figure exceeds the midpoint of its full-year 2025 production guidance of 120–140 kboepd.
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Onshore operations contributed 56,196 boepd, up 14% from Q1 2024. Liquids production rose by 10% and gas by 21%, supported by performance at the Oben Gas Plant and initial production from the Sapele Gas Plant.
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Seplat Energy Producing Nigeria Unlimited (SEPNU)—formerly Mobil Producing Nigeria Unlimited—contributed 75,365 boepd, comprising 88% crude and condensates, 4% NGLs, and 8% gas.
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SEPNU’s idle well restoration programme added approximately 11 kbopd of gross JV production from the first 10 wells brought back online.
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The Sapele Integrated Gas Plant (SIGP) was commissioned and commenced commercial gas sales in February 2025, yielding about 2 kbopd of condensate.
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Carbon emissions intensity for onshore assets reduced to 30.6 kg CO₂/boe (from a revised 31.1 kg CO₂/boe in Q1 2024), with flaring set to end in H2 2025.
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The company achieved over 7.3 million man hours without a Lost Time Injury (LTI): 2.5 million from onshore operations (vs. 2.3 million in Q1 2024) and 4.8 million from SEPNU assets.
Capital Management and Debt Reduction
Seplat Energy made significant progress in strengthening its balance sheet:
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Early repayment of $250 million on its Revolving Credit Facility (RCF) reduced the outstanding to $100 million.
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Repaid an additional $19.3 million on the Eland RBL facility.
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Completed refinancing of $650 million senior notes, now due in 2030, at a 9.125% coupon. Notably, the notes priced inside Nigerian sovereign yields—a first for Seplat, highlighting investor confidence.
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End-March cash at bank stood at $334.6 million (excluding $128.9 million in restricted cash), down from $469.9 million at year-end 2024.
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Net debt fell 17% to $747 million from $898 million at YE 2024, with pro-forma net debt/EBITDA at 0.56x.
Capital expenditure for the quarter was $40.2 million, slightly lower than $47 million in Q1 2024, with onshore drilling activities expected to ramp up from Q2 2025.
Dividend and Board Updates
Reflecting strong financial performance and positive outlook, Seplat declared a Q1 2025 dividend of US$4.6 cents per share, up from US$3.6 cents in the previous quarter—a 28% increase.
Board changes included the resignation of Mr. Bello Rabiu and Mr. Babs Omotowa, following their appointments to the NNPC Ltd board. Mrs. Bashirat Odunewu has been appointed as the new Senior Independent Non-Executive Director.
Outlook for 2025
The company reaffirmed its 2025 guidance:
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Production: 120–140 kboepd (Seplat Onshore: 48–56 kboepd; SEPNU: 72–84 kboepd).
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Capital Expenditure: $260–320 million (Onshore: $180–220 million; SEPNU: $80–100 million).
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Unit operating costs: $14.0–15.0/boe.
Seplat will present its updated capital allocation policy and medium- to long-term growth strategy at its Capital Markets Day in September 2025.
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