Seplat Energy Plc, a Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its audited financial results for the year ended December 31, 2024.
The company declared a total dividend of $16.5 cents per share for the period, representing a 10 per cent increase from 2023.
According to the financial statement, Seplat Energy reported a significant revenue increase, rising to N1.652trn from N696.9bn year-on-year. Cash generated from operations also saw a notable increase, reaching N567.5bn compared to N340.6bn in the previous year.
The company’s operating profit surged to N647.9bn, up from N163.7bn year-on-year, while profit before tax jumped to N561.4bn from N125.5 billion in 2023. Gross profit climbed to N710.1bn from N349.3bn, underscoring the company’s strong operational efficiency and financial resilience.
Seplat Energy’s onshore production averaged 48,618 barrels of oil equivalent per day (boepd), marking a 2 per cent increase from 2023 (47,758 boepd) and aligning with its guidance.
With the inclusion of 19 days of production from its newly acquired Seplat Petroleum Nigeria Unlimited (SEPNU), the reported production averaged 52,947 boepd, reflecting an 11 per cent year-on-year growth.
The company maintained its commitment to safety, achieving over 11m hours of operation without a Lost Time Injury (LTI) on Seplat-operated assets, compared to 8.7m hours in 2023.
The Chief Executive Officer, Roger Brown, described 2024 as a transformative year for the company, highlighted by the successful acquisition of SEPNU. He noted that the acquisition significantly enhances Seplat’s scale and positions the company for attractive low-cost growth opportunities, particularly in offshore shallow water operations.
“Our focus for 2025 will be on reopening previously shut-in wells at SEPNU while executing a full drilling campaign for our onshore assets. We are also looking forward to delivering first gas at the ANOH project,” Brown stated.
“The confidence in our financial position allows us to declare a special dividend, bringing the total dividend for 2024 to $16.5 cents per share, a 10 per cent increase from the previous year.”
Looking ahead, Seplat Energy has set a production guidance of 120,000-140,000 boepd for 2025, with Seplat Onshore contributing 48,000-56,000 boepd and SEPNU adding 72,000-84,000 boepd. The company has also earmarked capital expenditure between $260m and $320m, including plans for 13 new onshore wells and strategic offshore maintenance projects.
Unit operating costs for the group are projected to be between $14.0 and $15.0 per barrel of oil equivalent (boe), with a focus on strategic maintenance and infrastructure integrity to sustain long-term growth.
Seplat Energy has scheduled a Capital Markets Day for the third quarter of 2025, where it will outline its medium-to-long-term growth strategy and expansion plans.
