Seplat Energy Plc delivered a significant improvement in both financial and operational performance for the year ended December 31, 2025 as revenue increased by 144.2 percent year-on-year to $2.73 billion, up from $1.12 billion recorded in 2024.
The dual-listed energy company, quoted on the Nigerian Exchange Limited and the London Stock Exchange, attributed the growth to the first full year consolidation of its offshore assets and improved production across its portfolio.
Production and Operational Performance
Group production averaged 131,506 barrels of oil equivalent per day (boepd), representing a 148 percent increase from 52,947 boepd recorded in 2024. Fourth quarter production stood at 119,200 boepd, impacted by the Yoho shutdown and planned maintenance activities.
Onshore production grew 14 percent year-on-year, supported by the completion of the Sapele Gas Plant and new well inventory. Offshore output increased 9 percent on a pro-forma basis, although performance was moderated by the Yoho platform outage, with restart expected in the second quarter of 2026.
The ANOH Gas Plant achieved first gas in January 2026 and is currently producing between 50 and 70 million standard cubic feet per day (MMscfd) with approximately 60,000 barrels of condensate in storage.
Seplat also reported that its idle well restoration programme added 48.6 thousand boepd of gross production capacity from 49 wells, exceeding expectations.
The EAP IGE project marked the first major offshore delivery, with peak gross natural gas liquids recovery of about 33 thousand boepd achieved in February 2026.
Financial Performance
Gross profit rose 156 percent to $904.5 million, while adjusted EBITDA climbed 137 percent to $1.28 billion from $539 million in the prior year.
Operating profit increased 106.7 percent to $675.2 million. Profit before tax stood at $497.8 million, up 86.7 percent year-on-year.
Cash generated from operations surged 276 percent to $1.17 billion, compared to $310 million in 2024, reflecting improved operating scale and cash flow generation.
Unit production operating cost declined 5 percent to $15.7 per barrel of oil equivalent, compared to $16.5 per boe in the previous year.
Net debt reduced 25 percent to $673.3 million at year-end 2025, from $897.8 million in 2024. Net debt-to-EBITDA ratio improved to 0.53x, underscoring a stronger balance sheet position.
Dividend and Shareholder Returns
The Board declared a fourth-quarter dividend of 8.3 US cents per share, comprising a 5.0 cents base dividend and a 3.3 cents special dividend.
Total dividend declared for 2025 stood at 25.0 cents per share, equivalent to $150 million, representing a 52 percent increase over 2024.
Management said the higher payout reflects strong free cash flow generation and confidence in the company’s outlook.
Reserves and Sustainability
Year-end 2025 independently audited 2P reserves declined by approximately 42 million barrels of oil equivalent to 1,001 MMboe. However, combined 2P+2C resources increased by 181 MMboe to 2,486.6 MMboe.
Emissions intensity for operated onshore assets improved 24 percent year-on-year to 24.3 kg CO2 per boe.
The company recorded one lost time injury during the year and reported 11.4 million hours without LTI since September.
2026 Outlook
Seplat Energy issued 2026 production guidance of 135,000 to 155,000 boepd, with the midpoint representing approximately 10 percent growth over 2025.
Gas production is expected to increase 30 percent year-on-year, supported by ANOH contributions and progress on the Oso-BRT Phase 1 project. Natural gas liquids output is projected to grow 85 percent year-on-year.
Capital expenditure guidance is set between $360 million and $440 million, including plans to drill 17 new wells.
Chief Executive Officer Roger Brown said the company has demonstrated its ability to operate at scale and remains positioned to achieve its long-term ambition of building an African energy champion with 200,000 boepd production by 2030.