Seplat Energy Plc has announced its unaudited results for the six months ended 30 June 2025, recording a revenue of N2.167trn for the period from N575.1bn reported same period last year.
Its gross profit soared to N751.2bn from N247.5bn Year-on-Year.
Cash generated from its operations for the period grew to N1.188trn from N308.2bn Year-on-Year whilst operating profit rose to N601.2bn from N285.2bn 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 N1.139trn for the period, representing a rise from N364.5bn recorded in 2024 H1.
Production for the period averaged 134,492 boepd up 178 per cent from 6M 2024 (48,407 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd), and approximately 10 per cent 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.
During the second quarter the company declared dividend of US$ 4.6c/share, in line with the prior quarter dividend. The Company plans to set out a revised capital allocation policy in the Capital Markets Day scheduled for 18 September 2025.
Commenting on the results, Chief Executive Officer, Seplat Energy Plc, Roger Brown said that 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 per cent quarter on quarter.
“The Company delivered first half production over 10 per cent higher than the pro-forma output in 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 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,” he said.
