Seplat Energy has announced that it generated a revenue of $1.116 billion (N1.652 trillion) for the 2024 financial year.
The figure represented 5.2 per cent increase when compared to $1.061 billion (N696.9 trillion) recorded in 2023.
Seplat disclosed this in its audited results for the year ended December 31, 2024, sent to the Nigeria Exchange Limited on Tuesday, March 4, 2025.
Seplat said the growth was fueled by increased production and the successful acquisition of Mobil Producing Nigeria Unlimited (MPNU).
The acquisition was rebranded as Seplat Energy Producing Nigeria Unlimited (SEPNU).
The company’s profit before tax surged by 98.4 per cent to $379.4 billion (N174.52 trillion).
Seplat Energy’s revenue increase was supported by a 10.9 per cent rise in oil production to 52,947 barrels of oil equivalent per day (boepd), compared to 47,758 boepd in 2023.
The company’s onshore production averaged 48,618 boepd, while SEPNU contributed an additional 4,329 boepd in its first 19 days of operation.
However, the company faced challenges in gas production, which dropped 2.1 per cent to 40.8 billion cubic feet (Bcf), primarily due to maintenance-related slowdowns.
The average realised gas prices rose by 5.5 per cent to $3.06 (N1,408) per thousand standard cubic feet (Mscf), contributing to stable revenue from gas sales.
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However, despite the revenue increase, gross profit fell by 9.8 per cent to $479.9 billion (N220.73 trillion).
Seplat’s cash generated from operations declined by 26 per cent to $384 billion (N176.64 trillion), largely due to the timing of crude liftings, one-off SEPNU acquisition costs, and increased working capital requirements.
The company’s production operating expenses rose 45 per cent to $15.2 (N6,992) per barrel of oil equivalent (boe), while onshore unit production costs increased 17 per cent to $12.3 (N5,658)/boe.
The Chief Executive Officer of Seplat Energy, Roger Brown, said the acquisition of SEPNU by the company was a transformational step that significantly expanded the company’s asset base.
Brown stated: “While we faced higher costs in 2024, we are confident that this investment will drive long-term growth and value creation for our stakeholders.
“2024 was truly a defining year for Seplat Energy. In addition to delivering key growth projects in our existing onshore business, we closed out 2024 by completing the acquisition of SEPNU, the largest in the company’s history, which adds significant scale and attractive low-cost growth potential.”
Seplat also declared a dividend of $16.5 (N7,590) cents per share, representing a 10 per cent increase from the previous year.
This includes a special dividend of $3.3 (N1,518) per share, which reflects confidence in the company’s financial position.
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