Seplat Energy’s Operating Profit Rises To N285.2bn In H1

Seplat Energy Plc operating profit rose to N285.2 billion in Half-Year 2024, from N43.5 billion Year-on-Year with cash generated hitting N308.2 billion.

In its unaudited results for the six months ended 30 June 2024, it declared a $6 Cents total dividend per share for the period.

The company’s production averaged 48,407 barrels of oil equivalent per day, boepd (6M 2023: 50,805 boepd), at midpoint of guidance (44,000 boepd – 52,000 boepd).

Also, Seplat Energy advanced its operating profit to N285.2bn from N60.2bn Year-on-Year. It achieved more than 4.9 million hours without Lost Time Injury (LTI) at Seplat-operated assets in 6M 2024.

The firm, on 14 June 2024, announced that it had been notified of a settlement reached between Nigerian National  Petroleum Company Limited (NNPC) and MPNU with regards to the MPNU transaction as well as the termination of the court proceedings.

Seplat is focused on securing regulatory approvals in the near term.

Commenting on the results, the chief executive officer(CEO), Seplat Energy, Roger Brown said: “Seplat Energy delivered a solid performance in the first half of 2024. Continued operational strength positions us well for the second half of the year, which is set to be an active one for the company. Reported cash generation was softened by the underlift in the period, but this is largely a timing effect and our cash generation and balance sheet remain strong.

“In May, we were honoured to receive President Tinubu for the commissioning of the ANOH gas plant and associated pipelines, and the project remains on track for first gas in 3Q 2024. We thank our government partners for their efforts towards completion of critical pipeline infrastructure in recent weeks. In 2H 2024 we also look forward to first gas on the Sapele gas plant, which alongside debottlenecking activities at Oben should further enhance gas production. We are well on our way to increasing gas production in support of Nigeria’s ‘Decade of Gas’.

“In our oil business, early results from Sibiri have been modestly ahead of expectations, as well, having completed the first of two planned wells, production at Abiala should commence in the coming weeks, finally we look to higher production at Ohaji once stable operations on the Trans Niger Pipeline are achieved.

Combined with growth in our gas business, and we are looking forward to a strong second half with momentum to carry into 2025.

“During the quarter a number of important steps were made that support completion of our proposed acquisition of MPNU. We are confident and committed to its completion and continue to work with regulators, government, and other parties to ensure its successful completion.”