Seplat Energy revenue hits N1.2trn in Q1’2025

Seplat Energy Plc has released its audited financial results for the first quarter ended 31 March 2025, recording a sharp surge in revenue and profits as it scaled up operations and significantly strengthened its balance sheet.The energy firm posted revenue of ¦ 1.228 trillion for the period, a dramatic increase from ¦ 268.

6 billion reported in the same quarter last year. Gross profit climbed to ¦ 535.4 billion from ¦ 63.



8 billion year-on-year, reflecting improved operational efficiency and higher production volumes.Cash flow from operations surged to ¦ 464.9 billion from ¦ 25.

2 billion in Q1 2024, while profit before tax (PBT) rose to ¦ 314.6 billion, up from ¦ 103.5 billion in the same period last year.

Seplat said the strong results were driven by robust production performance and disciplined cost control, setting the company on course to meet its full-year 2025 targets. The company’s healthy cash position enabled an early repayment of $250 million, cutting its Revolving Credit Facility to $100 million. It also increased its quarterly dividend to US 4.

6 cents per share.Average daily production for Q1 2025 stood at 131,561 barrels of oil equivalent per day (boepd), up 167 percent from 49,258 boepd in Q1 2024, and above the midpoint of the 2025 guidance range of 120,000 to 140,000 boepd.Seplat achieved more than 7.

3 million man hours without a Lost Time Injury (LTI), including 2.5 million hours on Seplat-operated onshore assets and 4.8 million hours at Seplat Energy Producing Nigeria Unlimited (SEPNU), formerly known as Mobil Producing Nigeria Unlimited.

Onshore operations contributed 56,196 boepd, up 14 percent year-on-year and exceeding guidance. Within this, liquids production rose by 10 percent and gas by 21 percent, driven by strong output at the Oben Gas Plant and the first contributions from the newly commissioned Sapele Gas Plant.SEPNU contributed 75,365 boepd, in line with guidance, comprising 88 percent crude and condensate, 4 percent natural gas liquids, and 8 percent gas.

SEPNU’s idle well restoration initiative added around 11,000 barrels of oil per day (gross JV) from the first ten wells brought back online.The Sapele Integrated Gas Plant (SIGP) was successfully commissioned and began commercial gas sales in February 2025, delivering high-quality processed gas and yielding approximately 2,000 barrels of condensate per day.Seplat also reported a reduction in carbon emissions intensity for its onshore assets to 30.

6 kg CO‚ /boe, down from a revised figure of 31.1 kg CO‚ /boe in Q1 2024. This improvement was attributed to lower emissions following the start-up of the SIGP.

The company said it remains on track to end routine flaring on its onshore operations by the second half of 2025.Q1 2025 revenue reached $809 million, representing a 350 percent increase from the $180 million reported in the same period last year. Unit production costs stood at $12.

6 per barrel of oil equivalent, better than guidance of $14–$15/boe, due in part to the timing of planned maintenance.Adjusted EBITDA rose to $401 million, a 226 percent increase from $123 million in Q1 2024. Cash from operations grew to $306.

5 million, up from $16.8 million year-on-year. Capital expenditure stood at $40.

2 million, slightly down from $47 million in Q1 2024, with an increase in onshore drilling activity expected from Q2 2025.Seplat also announced the completion of its $650 million senior notes refinancing. The new notes, maturing in 2030 with a coupon of 9.

125 percent, were priced more favourably than Nigerian sovereign bonds, reflecting Seplat’s growing reputation in international credit markets.The company reduced its gross debt by around 21 percent through early repayments of $250 million on its Revolving Credit Facility and $19.3 million on the Eland Reserve-Based Lending facility.

As of the end of March, Seplat held $334.6 million in cash, excluding $128.9 million in restricted funds.

Net debt dropped to $747 million from $898 million at the end of 2024, while pro-forma net debt-to-EBITDA improved to 0.56x.The declared dividend of US 4.

6 cents per share for Q1 2025 marks an increase from the previous quarter’s 3.6 cents, reflecting strong financial performance and management’s confidence in the company’s outlook.A revised capital allocation policy is expected to be unveiled at Seplat’s Capital Markets Day in September 2025.

Meanwhile, the company announced changes to its Board. Senior Independent Non-Executive Director Bello Rabiu and Independent Non-Executive Director Babs Omotowa have stepped down following their appointments to the NNPC Limited board. Bashirat Odunewu has been appointed as the new Senior Independent Non-Executive Director.

Commenting on the results, Seplat Energy CEO Roger Brown said: “2025 has started positively for Seplat. As we grow the business to a much greater scale, we are focusing on the successful integration of our combined operations. I am pleased to report that progress has been encouraging, and we are seeing the benefits of leveraging expertise across both our onshore and offshore teams.

”He added, “Our strong production reflects the impact of our continuous drilling programme, investment in asset integrity, and the availability of multiple evacuation routes. Financially, we are in a strong position, enabling us to reduce gross debt and maintain low leverage as we navigate a less predictable global economic environment.”The post Seplat Energy revenue hits N1.

2trn in Q1’2025 appeared first on Nigerian NewsDirect..