Chief Executive Officer of Seplat Energy, Roger Brown, has said ongoing tensions between the United States and Iran could drive higher oil prices, creating additional cash flow opportunities for the company.
Brown made the disclosure during Seplat Energy’s 13th Annual General Meeting held on May 20, 2026, where shareholders approved several corporate resolutions.
According to him, the company prepared its 2025 budget using conservative crude oil price assumptions of between $65 and $70 per barrel before recent geopolitical developments pushed prices higher.
“We will likely see higher oil prices while the Iran-U.S. squabbles exist, and we will likely benefit from additional cash flow,” Brown said.
He explained that any additional earnings generated from stronger crude prices would be channelled toward operations, debt reduction, and creating long-term value for shareholders.
Brown added that Seplat’s core business fundamentals remain strong, describing Nigeria as a dependable supplier of hydrocarbons to the global energy market.
The CEO also disclosed that operational issues affecting the company’s gas plant had been resolved, noting that Seplat recently delivered its first Liquefied Petroleum Gas shipment, including butane, into the domestic market.
According to him, the development is significant for Nigeria’s efforts to deepen local gas utilisation and strengthen energy security.
Speaking on reserves, Brown revealed that the company currently holds approximately one billion barrels in 2P reserves, evenly split between oil and gas.
“We have a billion barrels of 2P reserves. Roughly half of it is oil and roughly half is gas,” he said.
He further disclosed that Seplat holds an additional 1.5 billion barrels in 2C resources, much of which is tied to its gas operations, bringing the company’s combined 2P and 2C reserves to around 2.5 billion barrels.
“We have a lot of resource to produce well into the future. Our onshore gas operations remain strong, with substantial reserves,” Brown added, while noting that the company is also advancing offshore projects expected to generate long-term shareholder value.
At the AGM, shareholders unanimously approved a total dividend payout equivalent to N113.78 per share for the financial year ended December 31, 2025.
Before the meeting, Seplat’s board proposed a final dividend of 5 U.S. cents and a special dividend of 3.3 U.S. cents per share.
Using the Central Bank of Nigeria official exchange rate of N1,370.89 as of May 14, 2026, the combined payout translated to N113.78 per share.
Based on the company’s 599.9 million outstanding shares, the total dividend payout was valued at approximately N68.26 billion and was expected to be funded from retained earnings of N342.4 billion, which increased by 9.5 per cent year-on-year.
Seplat Energy also reported strong financial performance for the 2025 financial year, with pretax profit rising to N755.5 billion from N394.6 billion in the previous year.
Revenue surged to N4.1 trillion from N1.6 trillion, supported mainly by crude oil sales of N3.7 trillion, gas sales of N279.4 billion, and natural gas liquids revenue of N81.7 billion.
Shareholders also approved the appointment of Larry Ettah as an independent non-executive director and Tony Elumelu as a non-executive director.
In addition, Udoma Udo Udoma and Christopher J.N. Okeke were re-elected as directors of the company.
Seplat Energy shares traded at N11,486.20 during the pre-market session on the Nigerian Exchange Group, with the stock delivering a year-to-date return of 97.73 per cent.
