Seplat’s 2025 revenue hits $2.7bn as shareholders get dividends

Seplat Energy PLC, a leading Nigerian independent energy company listed on the Nigerian and the London Stock Exchanges, has announced its audited results for the twelve months ended 31 December 2025. This is just as it announced a final dividend of US5 cents and a special dividend of US3.3 cents per ordinary share for the […]

Seplat Energy PLC, a leading Nigerian independent energy company listed on the Nigerian and the London Stock Exchanges, has announced its audited results for the twelve months ended 31 December 2025.

This is just as it announced a final dividend of US5 cents and a special dividend of US3.3 cents per ordinary share for the financial year ended December 31, 2025.

Group production averaged 131,506 boepd up 148% from 2024 (52,947 boepd) reflecting the first full year of offshore consolidation, and within revised guidance.

The Onshore delivered 14% production growth YoY, supported by completion of the Sapele Gas Plant, and new well inventory.

The Offshore grew 9% YoY on a pro-forma basis, performance said to be moderated by Yoho platform outage, restart expected in 2Q 2026.

The Group 2P+2C increases by 181 MMBoe to 2,486.6 MMboe (YE 2024: 2,305.4 MMboe), 55% liquids.

Positive revisions to offshore oil resources reflects stronger underlying production performance on multiple fields and gas resource upgrade following inclusion of Edop.

The group recorded revenue of $2.7billion up 144.2% (FY 2024: $1,116 million), reflecting a full year of contribution from offshore assets.

The unit production operating cost of $15.7/boe down 5% on prior year (Adjusted 2024: $16.5/boe)

Adjusted EBITDA of $1,275.4 million, up 137% on prior year ($539.0 million), while the cash generated from operations of $1,165.6 million, up 276% on prior year (2024: $310.0 million).

The group said the balance sheet remains robust, net debt at year end 2025 of $673.3 million down 25% YoY (YE 2024: $897.8 million).

On the dividend, 4Q 2025 declared a dividend of USD 8.3c/shr, up 11% QoQ and 20% YoY, consisting of USD 5.0c/shr base and USD 3.3c/shr special dividend.

According to the group, the total dividend declared for 2025 USD 25.0c/shr, equivalent to $150 million and a 52% increase on 2024, reflecting the strength of the balance sheet, strong underlying free cash flow generation and continued confidence in our outlook.

Commenting on the results, Chief Executive Officer, Roger Brown, said: “In 2025 we clearly illustrated our ability to operate at scale. We benefited 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.

“At our CMD in September, we laid out our long-term ambition to “Build an African Energy Champion”, with a clear roadmap to grow working interest production to 200 kboepd by 2030. In 2025 we delivered the IGE replacement project offshore and the Sapele Gas plant onshore. 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.”