Seplat Energy PLC has released its audited 2025 financial results, showcasing a transformative year defined by the integration of the Mobil Producing Nigeria Unlimited (MPNU) offshore assets.
The company reported a massive 144% surge in revenue to $2.73 billion, signaling its arrival as a “super-independent” and a major force on both the Nigerian and London stock exchanges.
Despite some operational headwinds in Q4, the company’s “Year of Consolidation” has paved the way for a highly aggressive 2026 growth roadmap, anchored by the long-awaited ANOH Gas Plant.
The Financial Surge: 2024 vs. 2025
The inclusion of a full year of offshore production has completely rebased Seplat’s financial profile, providing the cash flow to de-leverage the balance sheet while increasing shareholder returns.
- YoY, across segments, crude oil revenue increased 151% as a result of 185% growth in liquids volume lifted, partially offset by lower realised oil price which averaged $70.29/bbl in 2025 (FY 2024: $80.04/bbl.).
- Gas revenue rose 47% in the year, aided by higher sales volumes (54% YoY) following the commencement of gas sales from the Sapele Integrated Gas Plant and consolidation of offshore gas sales.
- 2025 profit before tax rose 87% to $497.8 million, compared to $266.7 million in 2024. Net Income increased 13% YoY to $159.1 million from $140.5 million in 2024, growth in PBT softened by the growth in Income tax expense.
Operational Highlights: Scaling to 131,500 boepd
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Offshore Impact: Group production averaged 131,506 boepd, a 148% increase from 2024. While Q4 was impacted by the Yoho shutdown (expected back in Q2 2026), the offshore assets provided the bulk of the group’s volume.
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ANOH First Gas: The ANOH Gas Plant achieved first gas in January 2026. It is currently stabilizing at 50–70 MMscfd, providing a critical new income stream for 2026.
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Reserves Growth: While 2P reserves dipped slightly to 1.0 billion boe, the 2P+2C resources jumped by 181 million boe to 2.49 billion boe, reflecting a massive upgrade in offshore gas resources at the Edop field.
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Idle Well Restoration: A highly successful program restored 49 wells, adding 48,600 boepd of gross production capacity—exceeding internal expectations.
Shareholder Reward: The 20% Dividend Hike
Confident in its free cash flow generation, the Board has rewarded investors with a significant payout:
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Q4 Dividend: Declared at USD 8.3 cents/share, which includes a USD 5 cents/share (₦72.15) final dividend a USD 3.3 cents (₦47.62) special dividend.
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Total 2025 Payout: USD 25.0 cents/share (approx. $150 million total), representing a 52% increase over the total 2024 payout.
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Yield Signal: The increased dividend reflects a robust Net Debt/EBITDA ratio of 0.53x, giving the company ample room to return cash while funding its 2026 capex.
2026 Outlook: Chasing 155,000 boepd
Seplat has issued a bullish guidance for the current year, focusing on gas and NGL (Natural Gas Liquids) growth:
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Production Target: 135,000 – 155,000 boepd (a 10% increase on 2025).
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NGL Surge: Expected to grow 85% YoY as the EAP project hits full stride.
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Capex Plan: $360 million – $440 million earmarked for 17 new wells (15 onshore, 2 offshore).
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Gas Strategy: Offshore gas sales are targeted to double to 240 MMscf/d gross by Q3 2026 following the Oso-BRT Phase 1 completion.
Roger Brown, Chief Executive Officer, said:
“In 2025 we clearly illustrated our ability to operate at scale. We benefitted from successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory. In recent weeks we were delighted to achieve first gas at the ANOH Gas Plant and are on track to doubling Joint Venture gas volumes at Oso-BRT to 240 MMscfd in 2H 2026. Drilling will be a decisive factor in meeting our long-term growth ambitions and I am pleased to announce that the first Jack-Up drilling rig is contracted, in country and set to arrive at Oso in 3Q to commence a multi-year, multiwell drilling campaign. “Finally, the cash generative nature of our asset base is clearly evident in our results, and by raising dividends by over 50% to USD 25 cents per share alongside continued strengthening of our balance sheet and delivery of our work programmes, we are already well positioned to deliver on our planned $1 billion cumulative return of capital to shareholders by 2030. Furthermore, the strength of the enlarged group has reflected in a notable lowering of our cost of debt, providing additional scope for long-term value creation.”
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