Seplat Energy Plc released its 2025 full-year results on both the Nigerian Stock Exchange and the London Stock Exchange, reporting a strong performance driven by offshore asset contributions.
Profit before tax (PBT) grew 86.7 percent to $497.8 million, up from $266.7 million in 2024. Gross profit surged 156.4 percent to $904.5 million from $352.4 million, while revenue jumped 144.2 percent to $2.726 billion, reflecting a full year of offshore operations.
Unit production operating cost fell 5 percent year-on-year to $15.7 per barrel of oil equivalent (boe). Adjusted EBITDA rose 137 percent to $1.275 billion, up from $539 million in 2024. Cash generated from operations grew 276 percent to $1.165 billion, while cash capex amounted to $266.8 million.
Seplat completed payments of $326.2 million to Exxon Mobil, with no MPNU contingent consideration payable for 2025. The balance sheet remains robust, with net debt declining 25 percent year-on-year to $673.3 million, representing a Net Debt/EBITDA ratio of 0.53x.
The company declared a fourth-quarter dividend of USD 8.3 cents per share, up 11 percent quarter-on-quarter and 20 percent year-on-year. The total dividend for 2025 amounted to USD 25.0 cents per share, equivalent to $150 million — a 52 percent increase on 2024.
Production guidance for 2026 is set at 135,000–155,000 barrels of oil equivalent per day (kboepd), reflecting a circa 10 percent increase on 2025. Crude and condensate production is expected to remain flat, while NGL production is forecast to rise 85 percent and gas production by 30 percent, driven by offshore developments and contributions from ANOH, Sapele IGP, and the Oso-BRT phase 1 project.
Capex for 2026 is projected at $360–440 million, covering 17 new wells (15 onshore, 2 offshore) and offshore drilling starting in Q3. Unit production costs are expected to fall to $13.5–14.5/boe due to volume-led efficiency gains.
Commenting on the results, CEO Roger Brown said: “In 2025 we clearly illustrated our ability to operate at scale. We benefitted from successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory.”
