Seplat generates N1.228trn revenue, profit hits N535.4bn in Q1 2025

Seplat Energy Plc has announced that its revenue increased to N1.228 trillion in the first quarter of 2025.

Seplat, on Monday, April 28, while announcing its audited results for the three months ended March 31, 2025, also revealed that its gross profit soared to N535.4 billion from N63.8 billion Year-on-Year.

The indigenous energy giant said its revenue increased to N1.228 trillion from N268.6 billion.

The Chief Executive Officer of Seplat Energy, Roger Brown, said the cash generated from the company’s operations for the period grew to N464.9 billion from N25.2 billion Year-on-Year.

Brown stated that the profit before tax rose to N314.6 billion from N103.5 billion Year-on-Year.

According to Brown, Seplat delivered robust production and cost performance during 1Q 2025, at a new scale, and firmly on track to deliver FY 2025 guidance.

“Strong cash position supports early repayment of 250 million dollars reducing the Revolving Credit Facility (RCF) to 100 million dollars, and an increase in our quarterly dividend to 4.6 dollars cents per share,” he said.

Brown noted that for the period, production averaged 131,561 barrels of oil equivalent per day (boepd) up 167 per cent from 1Q 2024 (49,258 boepd), above the midpoint of 2025 guidance (120 – 140 boepd).

Brown said Seplat also achieved more than 7.3 million man hours without Lost Time Injury (LTI), of which 2.5 million was Seplat onshore-operated assets (1Q 2024: 2.3 million man hours).

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He disclosed that 4.8 million hours without LTI was for Seplat Energy Producing Nigeria Unlimited (SEPNU) – formerly Mobil Producing Nigeria Unlimited (MPNU).

Brown added: “2025 started positively for Seplat.

“As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies, and I am pleased to report that we are making good progress.

“It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.”

The Seplat boss said production had been strong, showing the benefit of the continuous drilling programme, investment in asset integrity and the availability of multiple evacuation routes.

Brown stated: “Financial performance was also strong, allowing us to be pro-active in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable.

“We are delighted to increase our quarterly dividend to four dollar, six cents/share, an 28 per cent increase in our quarterly dividend versus 4Q 2024.”

The Star