Seplat Energy Posts N1.652trn Revenue, Declares US16.5Cents Total Dividend

Seplat Energy Plc has posted revenue of N1.652 trillion in its audited results for the year ended December 31, 2024.

The company’s results revealed strong operational and strategic progress in 2024 culminating with the transformational acquisition of Mobil Producing Nigeria Unlimited (MPNU), renamed Seplat Energy Producing Nigeria Unlimited (SEPNU).

Seplat Energy recommended a $3.3cent per share as special dividend for 2024, which lifted the total 2024 dividend to $16.5 cents per share, up by 10 per cent compared to 2023.

Revealing the company financial performance for 2024, revenue rose to N1.652 trillion from N696.9 billion year-on-year with cash generated from its operations rising to N567.5 billion from N340.6 billion in 2023.

Production (onshore assets) averaged 48,618 barrels of oil equivalent per day (boepd), up two per cent from 2023 (47,758 boepd), and within guidance. Including 19 days of SEPNU production (annualised average contribution of 4,329 kboepd), reported production reached 52,947 boepd, 11 per cent higher than 2023.

The company’s operating profit also rose to N647.9 billion from N163.7 billion year-on-year, whilst profit before tax surged to N561.4 billion from N125.5 billion year-on-year.

In the same vein, gross profit for the Company hit N710.1 billion from N349.3 billion, as the company achieved more than 11.0 million hours without Lost Time Injury (LTI) on Seplat-operated assets in 2024. Balance sheet remains robust, year-end cash at bank $469.9 million as against  $450.1 million in 2023, excluding $132.2 million restricted cash.

The Board recommended a US$ 3.3c/shr special dividend for 2024. Reflecting the strength of the balance sheet and confidence in our outlook.

Speaking on the performance, the chief executive officer of Seplat Energy, Roger Brown, Roger Brown said, “2024 was truly a defining year for Seplat Energy. In addition to delivering key growth projects in our existing onshore business, we closed out 2024 by completing the acquisition of SEPNU, the largest in the Company’s history, which adds significant scale and attractive low-cost growth potential.

“In the first few months since the acquisition, it has already become clear that there is significant prize in the offshore shallow water, operating a closed loop system from well-head production to hydrocarbon sales at the terminal.”