Seplat Energy PLC, reputed to be Nigeria’s leading independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, on Monday published its audited results for the three months ended 31 March 31, 2025, with its revenue rising to N1.228 trillion from N268.6 billion in the corresponding quarter last year.
Also, the company’s gross profit climbed to N535.4 billion from N63.8 billion on Year-on-Year basis.
Besides, 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 energy company said it delivered robust production and cost performances during the period under review, at a new scale, and firmly on track to deliver financial year 2025 guidance.
Strong cash position, the company said, supports early repayment of $250 million, reducing the Revolving Credit Facility (RCF) to $100 million, and an increase in its quarterly dividend to 4.6 cents per share.
For the period, Seplat Energy said its crude oil production averaged 131,561 barrels of oil equivalent per day (boepd), up 167 percent, from the volume produced in the first quarter of 2024 (49,258 boepd), above the average of 2025 guidance (120-140 kboepd).
The report recorded that Seplat Energy achieved more than 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets, compared to the performance of 2.3 million man hours during the corresponding period of first quarter 2024) and 4.8 million hours without LTI for Seplat Energy Producing Nigeria Unlimited (SEPNU) – formerly Mobil Producing Nigeria Unlimited (MPNU).
Further details of the company’s operational highlights showed that onshore production contributed about 56,196 boepd, about 14 percent higher than the volume in the first quarter of 2024, and above 2025 guidance.
The company said that within the figure, liquids +10% and gas +21% vs 1Q 2024, followed strong performance at Oben Gas Plant and first contribution from Sapele Gas Plant.
Seplat Energy Producing Nigeria Unlimited (SEPNU), formerly Mobil Producing Nigeria Unlimited (MPNU) production contribution of 75,365 boepd, within guidance, of which 88% crude and condensate, 4% NGL and 8% gas.
SEPNU idle well restoration programme, the report said, added c.11 kbopd gross JV production from the first 10 wells restored to production, while the newly commissioned Sapele Integrated Gas Plant (SIGP) achieved first commercial gas sales in February 2025, delivering high quality processed gas, and condensate yields of c.2 kbopd.
In terms of environmental impact, the company’s Carbon emissions intensity for Seplat onshore assets was about 30.6 kg CO2/boe (revised 1Q 2024: 31.1 kg CO2/boe), reduction driven by lower emissions at Sapele post start-up of SIGP, with end of routine flaring for onshore assets on track for H2 2025.
During the period, the company achieved more than 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.
Financial highlights showed revenue $809 million up c.350% on prior year (1Q 2024: $180 million); unit production operating cost of $12.6/boe (1Q 2024: $9.5/boe), better than guidance of $14-$15/boe, due to timing of planned maintenance activities, while adjusted EBITDA of $401 million, up 226% on prior year (1Q 2024: $123 million).
Again, cash generated from operations of $306.5 million, up materially from $16.8 million in 1Q 2024 and cash capital expenditure of $40.2 million (1Q 2024: $47 million).
The company said it plans to push its onshore drilling activity to ramp up from 2Q 2025, in addition to the completion of its refinancing of $650 million senior notes, with newly issued notes having a 2030 maturity and priced with a coupon of 9.125%.
Seplat notes were priced inside the Nigerian sovereign for the first time, reflective of established reputation in credit markets.
The company said it reduced its gross debt by ~21% following early repayment of $250 million of RCF and $19.3 million repayment of Eland RBL, with balance sheet remaining robust, end-March cash at bank $334.6 million (YE 2024: $469.9 million), excluding $128.9 million restricted cash; net debt at end-March of $747 million down 17% on prior quarter (YE 2024: $898 million) and pro-forma ND/EBITDA improved to 0.56x.
Consequently, the Board proposed a declaration of 4.6cents per share as dividend for the period, an increase on the prior quarter dividend (4.6cents per share), reflecting the strength of the company’s financial position and confidence in its outlook.
In its plan for the future, the company said it plans to set out a revised capital allocation policy in the Capital Markets Day scheduled for September 2025.
In its 2025 Outlook, the company said its guidance for the year remains unchanged, with crude oil production guidance of 120-140 kboepd (Seplat Onshore 48-56 kboepd, SEPNU 72-84 kboepd); capital expenditure guidance $260-320 million. (Seplat Onshore $180-220 million, SEPNU $80-100 million), and unit operating costs for the group expected to be $14.0-15.0/boe.
Commenting on the company’s performance, its 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 pro-active 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, an 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.”
