Seplat Energy Plc records impressive revenue increase from N575 billion to N2.167 trillion in the first half of 2025 and declares $4.6 Cents dividend per share for shareholders just as the company maintains that Nigeria needs sustainable, secure energy to reshape the future
By Edu Abade
Leading Nigerian independent energy company listed on the Nigerian Exchange and the London Stock Exchange, Seplat Energy Plc, has announced its unaudited results for the six months ended June 30, 2025, recording a revenue increase of N2.167 trillion from N575.1 billion reported in the same period last year.
While its gross profit soared to N751.2 billion from N247.5 billion Year-on-Year, cash generated from its operations for the period surged to N1.188 trillion from N308.2 billion Year-on-Year just as operating profit rose to N601.2 billion from N285.2 billion Year-on-Year.
The energy company delivered strong production, which firmly underpins FY2025 guidance; with earnings before interest, taxes, depreciation and amortization (EBITDA) for half-year hitting N1.139 trillion for the period, representing a rise from N364.5 billion recorded in 2024 H1.
Production for the period averaged 134,492 boepd up 178 percent from 6M 2024 (48,407 boepd), above the midpoint of 2025 guidance (120-140 kboepd), and approximately 10 percent higher than pro-forma production in 6M 2024. Working interest oil production reached 100,327 bopd in 6M 2025.
The company achieved more than 15.3 million man hours without Lost Time Injury (‘LTI’) on its operated assets.
The company’s operational highlights indicate that production averaged 134,492 boepd up 178 percent from 6M 2024 (48,407 boepd), above the midpoint of 2025 guidance (120-140 kboepd), and approximately 10 percent higher than pro-forma production in 6M 2024, as working interest oil production reached 100,327 bopd in 6M 2025.
Onshore production contribution of 54,831 boepd was 13 percent higher than 6M in 2024. Liquids +7 percent and gas +24 percent vs 6M in 2024.
Offshore production contribution was strong in the first half of the year at 79,660 boepd, which was made up of 86 percent crude and condensate, 5 percent NGL and 9 percent gas. Second quarter (2Q) 2025 production increased 11 percent QoQ, aided by improved uptime.
Offshore, the idle well restoration programme added c.25.9kbopd gross production capacity from the first 29 wells restored to production, while carbon emissions intensity for Seplat onshore assets: 26.7kg CO2/boe (revised 6M 2024: 31.4 kg CO2/boe), while end of routine flaring for onshore assets is on track for completion by end of 2025.
The company also achieved over 15.3 million man hours without Lost Time Injury (‘LTI’) on its operated assets and in July, ANOH gas plant received dry gas to commence live hydrocarbon commissioning.
Details of the financial highlights show increased revenue of $1,398 million, up c.231 percent on prior year (6M 2024: $422 million), while unit production operating cost of $12.5/boe (6M 2024: $9.7/boe), below guidance of $14-$15/boe, due to timing of planned maintenance.
Its adjusted EBITDA of $735 million, up 175 percent on prior year (6M 2024: $267.3 million), cash generated from operations of $766.2 million, up 239 percent on prior year (6M 2024: $226.0 million) with cash capital expenditure reaching $96.5 million (6M 2024: $102.4 million).
Seplat Energy’s balance sheet remains strong, end-June cash at bank $419.4 million (3M 2025: $334.6 million), excluding $133.0 million restricted cash with net debt at end-June of $676 million down 9.5 percent on prior quarter (1Q 2025: $747 million), as well as an improved pro-forma ND/EBITDA by 0.53x.
Also, credit ratings upgrades indicate that as of April 2025, Fitch upgraded to B and in June 2025, Moody’s upgraded it to B2 (stable category). At post-period end, it repaid the outstanding $100 million on its RCF and at the end of July 2025 the $350 million RCF remains undrawn and fully available.
On dividend for 2Q 2025, Seplat declared $4.6 Cents per share, in line with the prior quarter dividend, while the Company plans to set out a revised capital allocation policy in the Capital Markets Day scheduled for September 18, 2025.
For 2025 Outlook, the company looks to maintaining its 2025 guidance, comprising production guidance of 120-140 kboepd (Seplat Onshore 48-56 kboepd, Seplat Offshore 72-84 kboepd), Capex guidance $260-320 million with onshore at $180-220 million and offshore at $80-100 million).
Unit operating costs for the group are expected to reach $14.0-15.0/boe with plans to detail its medium to long-term growth ambitions on Capital Markets Day on September 18, 2025
Commenting on the results, Chief Executive Officer, Seplat Energy Plc, 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 are bearing fruit as evidenced by strong production in 2Q 2025, with onshore in the upper end of guidance, and offshore production growing 11 percent quarter on quarter.
“The Company delivered first half production over 10 percent 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. Strong revenues and a focus on costs delivered significant positive cash flows, enabling us to further reduce net leverage, continue our strong quarterly dividend track record and in the past week, pay down an additional $100 million of debt.
“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.”
Meanwhile, Chief Operating Officer (COO) of Seplat Energy Plc, Mr. Samson Ezugworie, has said that Nigeria needs sustainable and secure energy that is shared by all to boost its fortunes and reshape the future.
He stated this at the 2025 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) in Lagos, while speaking on the theme: ‘Building a Sustainable Energy Future: Leveraging Technology, Supply Chain, Human Resources and Policy’, which brought together industry regulators, upstream, midstream and downstream operators, financiers, oil and gas interest groups, the media and industry observers, among others.
Ezugworie, who represented Seplat Energy’s Chief Executive Officer, Mr. Roger Brown, said, “We are living through a time of profound transition-a global shift away from fossil fuels, toward cleaner, more inclusive energy systems. For Nigeria, this is not just a climate imperative. It is an economic one. An opportunity to reshape our future with energy that is sustainable, secure and shared by all.”
He told participants that current discussions were not only about energy systems, but also the very foundations of economic opportunity, human wellbeing, and climate resilience in Nigeria.
Identifying the majority of Nigerians as lacking access to reliable electricity, with millions relying on polluting fuels for cooking and transportation, Ezugworie said the situation was very worrisome considering the country’s natural resource endowment, talents and entrepreneurial spirit.
He said: “Nigeria stands at a pivotal moment – caught between the urgent need to meet growing domestic energy demand and the equally pressing global call for a low-carbon future.
“If we are to build a truly sustainable energy system, we must treat it not as a single problem, but as a system-wide transformation. Technology gives us the tools to imagine and implement new energy models-from off-grid solar to smart grids, from clean cooking to digital monitoring. But it must be accessible, scalable and locally adapted.”
The Seplat Energy COO described supply chains as the invisible threads that connect ideas to impact, adding that from gas pipelines to solar panels, to the logistics that get energy where it’s needed most-the nation must build resilient, transparent supply networks that serve the whole country.
“Human resources-our people-are Nigeria’s greatest energy asset. If we fail to train, empower and include our engineers, our entrepreneurs and our communities-we will fall short of our ambitions. In the area of policy, no transformation succeeds without the enabling framework-one that is bold, consistent, and forward-looking. We need policies that unlock investment, reward innovation, and put people at the centre of the energy system,” he added.
Ezugworie stressed: “We are not starting from scratch. There is momentum. There are technologies already being deployed, communities being electrified, and new industries emerging. But progress remains uneven, and too many are still left behind.
“This conference is an opportunity to align-across public and private sectors, across regions and disciplines-and to ask some hard but necessary questions: How do we ensure that our energy transition is not only green, but just? How do we create access that is affordable, reliable, and inclusive? How do we design systems that work for rural villages and urban centres, for industry and households alike?”
He, therefore, called for a clearer sense of direction, and a stronger commitment to collaboration as stakeholders’ journey toward a sustainable, equitable energy future for Nigeria.
The 2025 edition of SPE NAICE provided an expansive platform for knowledge-sharing, technical collaboration, and strategic foresight. It featured two high-level leadership panel sessions, over 80 exhibiting companies, and multiple tracks focused on gas monetization, pipeline reliability, infrastructure optimization and digital transformation. Special attention was given to national priorities like asset divestment, local capacity development and environmental stewardship.
