Seplat Energy Plc nine-month earnings for 2025 rises to N3.356 trillion, just as the company declares US 7.5 Cents dividend per share for the third quarter (Q3) and its production averaged 135,636 boepd, up 185 percent year-on-year and cash generated from operations hit N2.152 trillion
By Edu Abade
Leading Nigerian independent energy Company listed on both the Nigerian Exchange and the London Stock Exchange, Seplat Energy PLC, has announced its unaudited results for the nine months ended September 30, 2025, recording a revenue of N3.356 trillion for the period from the N1,071 trillion reported in the same period last year.
While its gross profit rose to N1.356 trillion from N531.5 billion Year-on-Year (YoY), it declared dividend payout of $7.5 US cents per share for the period, comprising 5.0 US cents per share base and 2.5 US cents per share special.
Also, cash generated from its operations for the period grew to N2.152 trillion from N633.8 billion Year-on-Year whilst operating profit rose to N1.096 trillion from N411.3 billion Year-on-Year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) hit N1.715 trillion for the nine months period, representing a rise from N573.4 billion recorded in the same period of 2024.
Seplat’s 2025 production for the nine months of 2025 averaged 135,636 boepd up 185 percent from reported 9M 2024 (47,525 boepd); its first Liquefied Petroleum Gas (LPG) cargo was sold to the domestic market, improving domestic energy access and supporting clean cooking; and ANOH gas plant on track to deliver first gas in 4Q 2025.
The company’s operational highlights indicate that in the nine months of 2025, production averaged 135,636 boepd up 185 percent from reported during the nine months of the previous year, which stood at 47,525 boepd and up 18 percent when compared to pro-forma nine months of 2024 production, while 3Q 2025 production averaged 137,888 boepd, a 1 percent improvement on second quarter (2Q) 2025.
During the 3Q of 2025 production onshore of 56,219 boepd increased by 5 percent QoQ supported by production improvement in OML40, while 3Q 2025 offshore production of 81,669 boepd was down 2.5 percent QoQ, as it continued strong performance of the idle well programme offset by planned downtime on EAP due to the IGE replacement project and lower output from A/K.
On offshore performance, the idle well restoration programme added c.33.4 kbopd gross production capacity from the first 33 wells restored to production, while carbon emissions intensity for onshore assets: 25.2 kg CO2/boe 21 percent lower than revised nine months of 2024: 32.0 kg CO2/boe.
The company also reported that its end of routine flaring for onshore assets is on track for completion at 2025 year end, just as carbon emissions intensity for its offshore assets was 51.2 kg CO2/boe in the nine months of 2025.
On the financial highlights, Seplat Energy reported that its unit production operating cost of $14.1/boe, as against $9.7/boe in the nine months of 2024 and within guidance of $14-$15/boe.
“Adjusted EBITDA of $1,112 million increased by 190 percent on prior year compared to $383.0 million in the nine months of last year, while cash capital expenditure rose to $180.0 million as against 2024 figure of $102.4 million within the same period.
“Balance sheet remains strong, end-Sept cash at bank $579.8 million (9M 2024: $433.9 million), excluding $135.4 million restricted cash. Net Debt at end-Sept of $386 million down 43 percent on prior quarter (2Q 2025: $676 million). Pro-forma ND/EBITDA improved to 0.27x.
“Repaid and cancelled Westport junior facility and refinanced Westport senior reserve based loan (‘RBL’) facility at lower cost of debt. With repaid the outstanding $100 million on our RCF as of end September 2025, the $350 million RCF remains undrawn and fully available,” the result stated.
On dividend payment, the statement explained that the company outlined new dividend policy at the CMD, adding that strong YTD cash generation supports additional distribution and that 3Q 2025 declared dividend of 7.5 US cents per share, amounting to +63 percent QoQ and +108 percent YoY, consisting of 5.0 US cents per share base and 2.5 US cents per share special.
The company expressed confidence over its 2025 outlook, saying its production guidance narrowed to the upper half at 130-140 kboepd (previously 120-140 kboepd), Capex guidance narrowed to $270-290 million (previously $260-320 million), while unit production operating cost guidance remains unchanged at $14.0-15.0/boe.
Commenting on the results, Chief Executive Officer, Seplat Energy Plc, Roger Brown, said: “At our Capital Market Day (CMD) in September, we set out our medium term vision for the Company, targeting 200 kboepd working interest production and $1 billion in cumulative dividends in our roadmap to 2030.
“As we approach the first anniversary of the MPNU acquisition, we are clearly displaying our ability to operate a business at scale. We delivered a third consecutive quarter of production growth at the upper end of production guidance and we are pleased to be able to narrow production to 130-140 kboepd. Our financial performance year to date has been extremely robust, generating after tax cash flows in excess of $1 billion, enabling significant deleveraging to 0.27x ND/EBITDA, well below our target levels.
“In addition, while we anticipate some cash outflow in 4Q 2025, our strong cash generation year to date supports declaring a special dividend of 2.5 US cents/share, delivering a total dividend to shareholders this quarter of 7.5 US cents/share. This is aligned with the new dividend policy of returning an increasing share of free cash flow to shareholders, laid out at the CMD.
“We have continued the momentum into the final quarter of the year, making substantial progress in the past few days to ending routine flaring onshore, a commitment we have made for 4Q 2025 and we expect to complete the PIA conversion process for our onshore business imminently, which will further support the delivery of our ambitious 2030 roadmap laid out at the CMD.”
