April 30, 2025
By InvestAdvocate
Lagos (INVESTADVOCATE)-Seplat Energy Plc, Nigeria’s leading independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announced a dramatic surge in its first-quarter revenue for 2025, posting N1.228 trillion — a sharp increase from N268.6 billion recorded during the same period in 2024.
The company’s audited results for the three months ended March 31, 2025, revealed impressive financial and operational performance, with gross profit rising to N535.4 billion from N63.8 billion year-on-year. Cash generated from operations leapt to N464.9 billion, compared to N25.2 billion in Q1 2024, while profit before tax climbed to N314.6 billion, up from N103.5 billion year-on-year.
Seplat Energy credited its strong first-quarter performance to resilient production growth, disciplined cost management, and the successful integration of newly acquired assets. Production averaged 131,561 barrels of oil equivalent per day (boepd), representing a remarkable 167% increase from 49,258 boepd in the first quarter of 2024, exceeding the midpoint of its 2025 guidance range of 120,000–140,000 boepd.
In a statement accompanying the results, Seplat highlighted the early repayment of $250 million, reducing its Revolving Credit Facility (RCF) to $100 million, and an increase in its quarterly dividend to US$4.6 cents per share — reflecting the company’s confidence in its financial strength and future prospects.
Operational highlights for the quarter included the commissioning of the Sapele Integrated Gas Plant (SIGP), which achieved its first commercial gas sales in February 2025, delivering high-quality processed gas and condensate yields of approximately 2,000 barrels per day. Seplat also reported more than 7.3 million man-hours without a Lost Time Injury (LTI), underscoring its commitment to world-class operational safety.
Onshore production contributed 56,196 boepd — a 14% increase over the prior year — driven by a 10% rise in liquids production and a 21% boost in gas output, thanks to strong performances at the Oben Gas Plant and the first contributions from the Sapele Gas Plant. SEPNU, formerly Mobil Producing Nigeria Unlimited (MPNU), contributed 75,365 boepd within guidance expectations, comprising 88% crude and condensate, 4% natural gas liquids, and 8% gas.
Financially, Seplat’s dollar revenue rose to $809 million, a 350% increase from the $180 million posted in Q1 2024. Adjusted EBITDA surged by 226% to $401 million, while cash generated from operations totaled $306.5 million, up significantly from $16.8 million a year earlier. The company also completed the refinancing of its $650 million senior notes, now maturing in 2030 with a coupon of 9.125%, and achieved a 21% reduction in gross debt.
Chief Executive Officer Roger Brown remarked on the company’s stellar start to 2025, noting, “Production has been strong, showing the benefits of continuous drilling, investment in asset integrity, and the strategic availability of multiple evacuation routes. Financial performance has enabled proactive debt reduction and allowed us to strengthen our balance sheet significantly.”
He added: “Our assets are of the highest quality, and while we remain agile to market dynamics, our robust business model — supported by long-term gas revenues — provides stability and resilience against oil price volatility. With our strong cash flow, we are delighted to increase our quarterly dividend by 28% from the previous quarter.”
Looking ahead, Seplat reaffirmed its 2025 guidance of 120,000–140,000 boepd production and capital expenditure in the range of $260–320 million. The company also announced plans to unveil a revised capital allocation policy during its Capital Markets Day scheduled for September 2025.
In governance updates, Mrs. Bashirat Odunewu was appointed Senior Independent Non-Executive Director, following the resignation of Mr. Bello Rabiu and Mr. Babs Omotowa, who were appointed to the Board of NNPC Ltd.
With strong operational momentum, a fortified balance sheet, and a clear roadmap for growth, Seplat Energy is poised to solidify its position as a leading force in Africa’s energy landscape.
