Seplat Energy Plc restates commitment to deliver on its planned $1 billion cumulative return of capital to its investors by 2030, just as the company’s revenue rises by 144.2 percent from $1.116 billion in 2024 to $2.726 billion as shown by its audited results for the year ended December 31, 2025
By Edu Abade
Leading Nigerian independent energy company listed on the Nigerian and the London Stock Exchanges Seplat Energy PLC (“Seplat Energy,” “The Company” or “The Group”) has revealed that it is well positioned to deliver on its planned $1 billion cumulative return of capital to shareholders by 2030.
The company made the disclosure while unveiling its audited results for the 12 months ended December 31, 2025, maintaining that the strength of the enlarged group has reflected in lowering of cost of debt, while providing additional scope for long-term value creation.
Providing details of its operational highlights, the company explained that the Group’s production averaged 131,506 boepd, up 148 percent from 2024 (52,947 boepd) reflecting the first full year of offshore consolidation, and within revised guidance. 4Q 2025 group production of 119,200 boepd, impacted by Yoho shutdown and other planned maintenance activities
“Onshore delivered 14 percent production growth Year-on Year (YoY) being supported by completion of the Sapele Gas Plant and new well inventory. The ANOH gas plant achieved first gas in January 2026 production remains stable at 50-70 MMscfd, with ~60kbbl condensate currently in storage.”
A statement endorsed and authorized for publication by Chief Financial Officer (CFO) of Seplat Energy PLC, Eleanor Adaralegbe, said, “Emissions intensity for Seplat onshore assets: 24.3 kg CO2/boe (2024: 32.3 kg CO2/boe), down 24 percent YoY. Offshore grew 9 percent YoY on a pro-forma basis. Performance moderated by Yoho platform outage, restart expected in 2Q 2026
“Highly successful idle well restoration programme added 48.6 kboepd gross production capacity from 49 wells, exceeding expectations, while EAP IGE was the first major project delivered offshore. Peak gross (EAP+OSO) NGL recovery of ~33 kboepd, achieved in February 2026 (2025 peak gross NGL recovery ~20 kboepd)
“While YE 2025 independently audited 2P reserves down c.42 MMboe to 1,001 MMboe (YE 2024: 1,043 MMboe), 67 percent liquids, reflecting 2025 focus on maintenance and integrity investments, the Group 2P+2C increases by 181 MMBoe to 2,486.6 MMboe (YE 2024: 2,305.4 MMboe), 55 percent liquids.
“Also, positive revisions to offshore oil resources reflects stronger underlying production performance on multiple fields and gas resource upgrade following inclusion of Edop, while the company recorded one Lost Time Injury (LTI) on our operated assets in 2025 just as it recorded 11.4 million hours without LTI since September (2024: 11.0 million hours).”
On the financial highlights, revenue increased by 144.2 percent to $2,726 billion from 2024’s $1,116 billion, reflecting a full year of contribution from offshore assets, as unit production operating cost of $15.7/boe reduced by five percent on prior year (Adjusted 2024: $16.5/boe)
“Adjusted EBITDA of $1,275.4 billion, up 137 percent on prior year ($539.0 million), while cash generated from operations of $1,165.6 billion rising by 276 percent on prior year (2024: $310.0 million) just as cash capex rose to $266.8 million from $208.1 million in 2024.
“Total completion payments to Exxon Mobil $326.2 million. No MPNU contingent consideration payable to ExxonMobil for 2025. Balance sheet remains robust, net debt at year end 2025 of $673.3 million down 25 percent YoY (YE 2024: $897.8 million). Net Debt/EBITDA 0.53x,” the results showed.
The company also reported that it declared a dividend of USD 8.3c/share in Q4 2025, up 11 percent QoQ and 20 percent YoY, comprising USD 5.0c/share base and USD 3.3c/share special dividend.
“Total dividend declared for 2025 USD 25.0c/share, an equivalent of $150 million and a 52 percent increase on 2024, reflecting the strength of the balance sheet, strong underlying free cash flow generation and continued confidence in our outlook,” it stated.
On the outlook and guidance for the year 2026, Seplat Energy projects a production guidance of 135-155 kboepd, mid-point representation of a ~10 percent increase on 2025.
“Crude and condensate indicates a flat YoY; new well inventory offset by planned downtime for strategic maintenance and integrity activities, NGL:+85 percent YoY, effective 1Q 2026 with EAP complete, while gas:+30 percent YoY, ANOH contribution, YoY growth on Sapele IGP and completion of Oso-BRT phase 1, which is on track for 3Q 2026 and targets a doubling of offshore gas sales to 240 MMScf/d gross.
“Initial capex guidance $360-440 million plan includes 17 new wells (15 onshore and two offshore; drilling offshore from 3Q), while unit production operating costs for the group are expected to be $13.5-14.5/boe with expectation volume-led reduction in unit costs,” the results stated.
Commenting on the results, Chief Executive Officer (CEO) of Seplat Energy, Roger Brown, said: “In 2025 we clearly illustrated our ability to operate at scale. We benefited 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.
“At our CMD in September, we laid out our long-term ambition to “Build an African Energy Champion”, with a clear roadmap to grow working interest production to 200 kboepd by 2030. In 2025 we delivered the IGE replacement project offshore and the Sapele Gas plant onshore.
“In recent weeks we were delighted to achieve first gas at the ANOH Gas Plant and are on track to doubling Joint Venture gas volumes at Oso-BRT to 240 MMscfd in the second half (2H) of 2026.
Drilling will be a decisive factor in meeting our long-term growth ambitions and I am pleased to announce that the first Jack-Up drilling rig is contracted, in-country and set to arrive at Oso in 3Q to commence a multi-year, multi-well drilling campaign.
“Finally, the cash generative nature of our asset base is clearly evident in our results, and by raising dividends by over 50 percent to USD 25 cents per share alongside continued strengthening of our balance sheet and delivery of our work programmes, we are already well positioned to deliver on our planned $1 billion cumulative return of capital to shareholders by 2030. Furthermore, the strength of the enlarged group has reflected in a notable lowering of our cost of debt, providing additional scope for long-term value creation.”
In what he titled an Important Notice, Adaralegbe pointed out that the information contained in the announcement is audited and deemed by the Company to constitute inside information as stipulated under Market Abuse Regulations (MAR), adding that upon the publication of the announcement via Regulatory Information Services, the inside information is now considered to be in the public domain.
“Certain statements included in these results contain forward-looking information concerning Seplat Energy’s strategy, operations, financial performance or condition, outlook, growth opportunities or circumstances in the countries, sectors or markets in which Seplat Energy operate.
“By their nature, forward-looking statements involve uncertainty because they depend on future circumstances and relate to events of which not all are within Seplat Energy’s control or can be predicted by Seplat Energy.
“Although Seplat Energy believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. Actual results and market conditions could differ materially from those set out in the forward-looking statements.
“No part of these results constitutes, or shall be taken to constitute, an invitation or inducement to invest in Seplat Energy or any other entity and must not be relied upon in any way in connection with any investment decision.
“Seplat Energy undertakes no obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except to the extent legally required,” he concluded.
