Seplat Energy’s Revenue Hits N2.17trn

Seplat Energy Plc recorded a revenue of N2.167 trillion in its unaudited results for the six months ended June 30, 2025.

The Company’s revenue rose by 276.87 per cent from N575.1 billion in H1 2024 to N2.167 trillion in the period under review. Gross profit soared to N751.2 billion from N247.5 billion.

Cash generated from its operations for the period grew to N1.188 trillion from N308.2 billion, while operating profit rose to N601.2 billion from N285.2 billion in H1 2024.

The energy company delivered strong production, which firmly underpins full 2025 guidance. Half-year earnings before interest, taxes, depreciation, and amortisation (EBITDA) hit N1.139 trillion, representing a rise from N364.5 billion recorded in H1 2024.

Production for the period averaged 134,492 boepd, up 178 per cent from six months 2024 (48,407 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd), and approximately 10 per cent higher than pro-forma production in six months 2024. Working interest oil production reached 100,327 bopd in 6M 2025

The Company declared an interim dividend of $4.6 cents per share, in line with the prior quarter dividend. The Company plans to set out a revised capital allocation policy on Capital Markets Day, scheduled for September 18, 2025.

Profit before tax rose by 86.11 per cent to N454.1 billion from N244.0 billion, while profit after tax stood at N42.5 billion, lower than N68.1 billion reported in H1 2024.

Speaking on the results, Seplat Energy’s chief executive officer, Roger Brown, said, “Seplat has continued its positive trajectory in Q2 to deliver a strong performance for the first half of 2025. Our focus on integrity, reliability, and production improvement activities is bearing fruit, as evidenced by strong production in Q2 2025, with onshore in the upper end of guidance and offshore production growing 11 per cent quarter on quarter.”

He said that the Company delivered first half production over 10 per cent higher than the pro-forma output in the same period last year, delivering on both our ambitions and supporting Nigeria’s goals of oil and gas production growth.

“We are well placed to weather the recent increase in macro volatility. Substantial revenues and a focus on costs delivered significant positive cash flows, enabling us to reduce net leverage further, continue our strong quarterly dividend track record, and pay down an additional $100 million of debt in the past week.

“We have hit the ground running in 2025, building a strong foundation with which to deliver on our 2025 performance targets. Integration of the enlarged group continues at pace, and we look forward to sharing our exciting plans for the Company when we set out the future of our business at the upcoming Capital Markets Day in September,” Brown explained.