Seplat Energy’s Revenue Rises To N1.228trn In Q1

Seplat Energy Plc has achieved a revenue growth of N1.228 trillion in its audited results for the three months ended March 31, 2025.

The Company also declared a dividend of US$4.6 per share, an increase on the prior quarter dividend of US$3.6 per share, reflecting the strength of Seplat Energy’s financial position and confidence in its outlook.

The company said that it plans to set out a revised capital allocation policy on the Capital Markets Day scheduled for September 2025.

Seplat Energy’s revenue grew 356.97 per cent from N268.618 billion in Q1, 2024 to N1.228 trillion for the period under review.

Gross profit soared to N535.4 billion from N63.8 billion Year-on-Year. 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.

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The energy company delivered robust production and cost performance during 1Q 2025 at a new scale and is firmly on track to deliver FY 2025 guidance.

Strong cash position supports early repayment of $250 million reducing the Revolving Credit Facility (RCF) to $100 million, and an increase in our quarterly dividend to 4.6 cents per share.

For the period, production averaged 131,561 barrels of oil equivalent per day (boepd) up 167% from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd).

Speaking on the performance, 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 good progress. We can benefit greatly from the combined expertise of our onshore and offshore workforce.”

He noted that production has been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes.

Brown further said that “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 4.6 cents per share, a 28 per cent 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.”