Seplat Energy Plc has posted an impressive financial performance for the first quarter of 2025, reporting a revenue surge to N1.228 trillion, a significant leap from the N268.6 billion recorded in the same period last year.
According to the 9am News report, gross profit climbed sharply to N535.4 billion, up from N63.8 billion year-on-year. The company also noted that cash generated from operations reached N464.9 billion, marking a dramatic increase from N25.2 billion in Q1 2024. Profit before tax stood at N314.6 billion, up from N103.5 billion in the same period last year.
Seplat attributed this robust growth to strong production, effective cost control, and strategic asset acquisitions. Production averaged 131,561 barrels of oil equivalent per day (boepd), a 167% rise compared to 49,258 boepd in Q1 2024. This performance not only exceeds expectations but also places the firm above the midpoint of its 2025 guidance of 120,000–140,000 boepd.
In a statement, Seplat highlighted the successful early repayment of $250 million, bringing its Revolving Credit Facility (RCF) down to $100 million. In light of this strong financial footing, the company increased its quarterly dividend to $4.6 cents per share, reflecting a 28% increase from Q4 2024.
CEO Roger Brown noted, “2025 has started positively for Seplat. Our integration efforts following the acquisition of Mobil Producing Nigeria Unlimited are progressing well. The combined expertise of our onshore and offshore teams is already delivering results, and our diversified evacuation options are helping sustain high output.”
He added, “We’re maintaining a conservative financial strategy given the unpredictable global economic outlook, but our strong balance sheet enables us to remain agile while continuing to create value for stakeholders. Our gas revenues, largely independent of oil prices, further contribute to our financial stability.”
Operational safety also remained a key focus for Seplat. The company reported 7.3 million man hours without Lost Time Injury (LTI), including 2.5 million hours from Seplat’s onshore operations and 4.8 million hours from Seplat Energy Producing Nigeria Unlimited (SEPNU).
Seplat also announced board changes following the appointment of Mr. Bello Rabiu and Mr. Babs Omotowa to the NNPC Ltd board. Mrs. Bashirat Odunewu has been appointed as the new Senior Independent Non-Executive Director.
The company’s recent acquisition of Mobil Producing Nigeria Unlimited significantly enhances its offshore portfolio, consolidating Seplat’s position as a top-tier indigenous energy player in Nigeria’s oil and gas landscape.
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