Seplat generates N751.2bn profit in six months

Seplat Energy PLC has revealed its unaudited results for the six months ended 30 June 2025, recording a revenue of N2.167 trillion for the period from N575.1 billion reported same period last year. Its gross profit also increased to N751.2 billion from N247.5 billion Year-on-Year. Cash generated from its operations for the period grew to N1.188 trillion from […]

Seplat Energy PLC has revealed its unaudited results for the six months ended 30 June 2025, recording a revenue of N2.167 trillion for the period from N575.1 billion reported same period last year.

Its gross profit also increased to N751.2 billion from N247.5 billion Year-on-Year.

Cash generated from its operations for the period grew to N1.188 trillion from N308.2 billion Year-on-Year, whilst operating profit rose to N601.2 billion from N285.2 billion Year-on-Year.

 The  company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for half-year also hit N1.139 trillion for the period, representing a rise from N364.5 billion recorded in 2024 H1.

Production for the period averaged 134,492 boepd, up 178% from 6M 2024 (48,407 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd), and approximately 10% higher than pro forma production in 6M 2024. Working interest oil production reached 100,327 bopd in 6M 2025.

 In the results, Seplat also achieved more than 15.3 million man hours without Lost Time Injury (‘LTI’) on its operated assets.

 Commenting on the results, Chief Executive Officer, Seplat Energy Plc, Roger Brown, said: “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 is bearing fruit as evidenced by strong production in 2Q 2025, with onshore in the upper end of guidance, and offshore production growing 11% quarter on quarter. 

 “The Company delivered first half production over 10% higher than the pro forma output in the 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 to 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.”