Seplat Energy Reports Record 2025 Financial Performance with $2.7 Billion Revenue,

Seplat Energy Plc, a leading Nigerian oil and gas company, has reported an exceptional financial performance for the year 2025, highlighted by significant revenue growth, strong cash flow generation, and robust dividend payouts.

For the fiscal year 2025, Seplat delivered $2,726 million in total revenue, representing a 144.2% year-on-year (YoY) increase from $1,116 million in 2024. The growth was primarily driven by a 185% increase in crude oil liftings and a 54% increase in gas sales, although partially offset by a decline in realized oil and gas prices, which fell 12% and 4% YoY, respectively. The crude oil segment continued to dominate Seplat’s revenue mix, contributing 91% of total revenue in 2025, compared to 89% in 2024.

In terms of profitability, Seplat’s Adjusted EBITDA reached $1,275.4 million, marking a 137% growth from $539 million in 2024. This strong EBITDA performance reflects Seplat’s operational efficiency and the successful integration of its offshore assets. Additionally, the company generated $1,165.6 million in cash from operations, a 276% increase from $310 million in the previous year.

Key Financial Highlights (2025)

Revenue: $2,726 million (+144.2% YoY)
Adjusted EBITDA: $1,275.4 million (+137% YoY)
Cash Generated from Operations: $1,165.6 million (+276% YoY)
Net Debt: $673.3 million (-25% YoY)
Profit Before Tax (PBT): $497.8 million (+87% YoY)
Basic Earnings per Share (EPS): $0.27 (+7% YoY)

The company’s financial performance highlights its ability to generate substantial cash flow from operations, while also improving its balance sheet. Seplat’s net debt at year-end 2025 stood at $673.3 million, a 25% reduction from $897.8 million in 2024, bringing its Net Debt/EBITDA ratio to a conservative 0.53x.

In line with its commitment to shareholder value, Seplat has declared a total dividend of $25.0c per share, equivalent to $150 million, which marks a 52% increase compared to the prior year. The dividend reflects the company’s strong underlying cash flow and continued confidence in its growth prospects. This dividend payout includes both a base dividend of $5.0c per share and a special dividend of $3.3c per share for the fourth quarter of 2025.

Operational Highlights

Seplat’s operational performance was also outstanding, with the company achieving an 148.4% increase in working interest production, averaging 131,506 boepd in 2025, compared to 52,947 boepd in 2024. The increase in production was driven by Seplat’s ongoing efforts to scale its operations, particularly in the offshore segment. However, production in the fourth quarter of 2025 was impacted by a 27% QoQ decrease in crude oil liftings, primarily due to shutdowns on the Yoho production platform and higher maintenance costs offshore.

Despite this temporary decline in production volumes, Seplat saw a 54% YoY increase in gas sales volumes, aided by the commencement of operations at the Sapele Integrated Gas Plant and continued expansion of offshore gas sales.

Additional Financial Metrics

Gross Profit: $904.5 million (+156.4% YoY)
Operating Profit: $675.2 million (+106.7% YoY)
Total Completion Payments to ExxonMobil: $326.2 million
CO2 Emissions Intensity: 24.3 kg/boe (-24% YoY)

Seplat’s gross profit surged by 157%, reaching $904.5 million compared to $352.4 million in 2024. The increase in gross profit was a direct result of the company’s expanded production capabilities, despite fluctuations in commodity prices. On a sequential basis, fourth-quarter gross profit saw a significant dip, down 94% to $25.0 million, as production costs rose and the lower realized crude oil prices impacted profitability.

The company also managed to reduce its CO2 emissions intensity by 24%, reflecting its ongoing commitment to sustainability and efficiency in its operations.

Taxation and Final Dividend

Seplat’s income tax expense for 2025 increased to $338.8 million, compared to $126.2 million in 2024. This increase was due to a higher current tax charge, which was partially offset by a deferred tax credit resulting from the conversion of onshore assets under the Petroleum Industry Act (PIA).

The Board of Directors has recommended a final dividend of $5.0c per share along with a special dividend of $3.3c per share, subject to approval at the Annual General Meeting (AGM) scheduled for May 20, 2026, in Lagos, Nigeria.