Seplat Energy PLC has reported a record financial performance for the year ended December 31, 2025, with revenue rising 144.2 percent year-on-year to $2.726 billion, up from $1.116 billion in 2024.
The strong results were driven largely by the first full-year contribution from the company’s offshore assets, reinforcing its position as one of Nigeria’s leading independent energy producers listed on both the Nigerian Exchange (NGX) and the London Stock Exchange (LSE).
Adjusted EBITDA surged 137 percent to $1.275 billion, compared with $539 million in 2024, while cash generated from operations climbed 276 percent to $1.166 billion, reflecting the expanded scale and improved operational efficiency of its asset portfolio.
Seplat Energy Strengthens Profitability and Balance Sheet in 2025
Seplat reduced net debt by 25 percent year-on-year to $673.3 million, down from $897.8 million in 2024. The company’s Net Debt-to-EBITDA ratio improved significantly to 0.53x, underscoring stronger earnings and disciplined financial management.
Unit production operating costs declined by 5 percent to $15.7 per barrel of oil equivalent (boe), compared with $16.5/boe in 2024. Management projects further cost reductions to between $13.5 and $14.5/boe in 2026, supported by higher production volumes and operational efficiencies.
Capital expenditure (capex) rose to $266.8 million in 2025, up from $208.1 million in 2024. The company also made $326.2 million in completion payments to ExxonMobil. Seplat confirmed that no contingent consideration was payable to ExxonMobil for the 2025 financial year.
Production Growth Drives Seplat’s Revenue Expansion
Group production averaged 131,506 barrels of oil equivalent per day (boepd) in 2025, representing a 148 percent increase from 52,947 boepd recorded in 2024.
Onshore operations grew 14 percent year-on-year, supported by the completion of the Sapele Gas Plant and an expanded well inventory. Offshore production increased 9 percent on a pro-forma basis despite a temporary outage at the Yoho platform, which is expected to restart in the second quarter of 2026.
A successful idle well restoration programme added 48.6 thousand boepd of gross production capacity from 49 wells, exceeding internal projections.
The ANOH Gas Plant achieved first gas in January 2026, with output stabilising at 50–70 million standard cubic feet per day (MMscfd). Meanwhile, the EAP IGE offshore project recorded peak gross natural gas liquids recovery of approximately 33,000 barrels per day in February 2026.
Seplat Energy Increases Dividend by 52%
Reflecting improved earnings and free cash flow generation, Seplat declared a fourth-quarter 2025 dividend of 8.3 US cents per share, comprising a 5.0 cents base dividend and a 3.3 cents special dividend.
Total dividend declared for 2025 reached 25 US cents per share, equivalent to $150 million, representing a 52 percent increase compared with 2024.
The company attributed the dividend growth to strong cash flow performance and a resilient balance sheet, reinforcing its commitment to shareholder returns.
Seplat Energy 2026 Production Guidance and Capex Outlook
For 2026, Seplat has issued production guidance of 135,000–155,000 boepd, with the midpoint suggesting approximately 10 percent growth over 2025 levels.
Gas production is projected to grow 30 percent year-on-year, supported by contributions from ANOH, further growth at Sapele, and completion of Phase 1 of the Oso-BRT project expected in the third quarter of 2026. Natural gas liquids output is forecast to rise 85 percent, while crude oil and condensate volumes are expected to remain broadly stable.
Initial 2026 capital expenditure guidance is set between $360 million and $440 million, with plans to drill 17 new wells, including 15 onshore and two offshore wells.
CEO Commentary on Seplat Energy’s 2025 Results
Chief Executive Officer Roger Brown said the company demonstrated its ability to operate at scale in 2025, successfully integrating offshore operations while sustaining strong onshore performance.
He reiterated Seplat’s long-term ambition to build a leading African energy company, targeting working interest production of 200,000 boepd by 2030. Brown added that robust cash generation and improved debt positioning place the company on track to deliver its planned $1 billion cumulative return of capital to shareholders by 2030.
What Seplat’s 2025 Performance Means for Nigeria’s Oil and Gas Sector
Seplat Energy’s 2025 results highlight sustained growth in Nigeria’s upstream oil and gas industry, driven by asset consolidation, cost discipline, and gas infrastructure expansion.
With record revenue, strengthened profitability, improved leverage metrics, and higher shareholder returns, Seplat’s performance marks a significant milestone in its growth trajectory and positions the company as a key player in Nigeria’s evolving energy landscape.
