Seplat Energy Plc, Nigeria’s leading independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its unaudited results for the first half of 2025, posting impressive growth across revenue, production, and profitability.
The company recorded revenue of ₦2.167 trillion for the six months ended June 30, 2025, a significant leap from ₦575.1 billion reported in the same period of 2024.
Gross profit surged to ₦751.2 billion from ₦247.5 billion year-on-year, while operating profit rose to ₦601.2 billion compared to ₦285.2 billion last year.
Cash generated from operations also grew substantially to ₦1.188 trillion from ₦308.2 billion in H1 2024. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) soared to ₦1.139 trillion, up from ₦364.5 billion recorded in the previous year’s first half.
Dividend Declaration
Seplat Energy has declared a second-quarter dividend of US 4.6 cents per share, consistent with its commitment to delivering value to shareholders. The company also announced plans to unveil a revised capital allocation policy during its Capital Markets Day scheduled for September 18, 2025.
Robust Production Performance
Seplat Energy delivered an average production of 134,492 barrels of oil equivalent per day (boepd) in H1 2025, representing a 178% increase from 48,407 boepd in the same period last year.
This figure exceeds the midpoint of its full-year guidance of 120,000 – 140,000 boepd and is approximately 10% higher than pro forma production for H1 2024.
Working interest oil production reached 100,327 barrels of oil per day (bopd) during the period, with onshore production contributing 54,831 boepd, a 13% year-on-year increase, and offshore output averaging 79,660 boepd. Offshore growth was supported by an idle well restoration programme, which added approximately 25,900 bopd of gross production capacity from the first 29 wells restored.
Operational Excellence and Safety
Reaffirming its commitment to safety, Seplat achieved over 15.3 million man-hours without a Lost Time Injury (LTI) across its operated assets.
The company also made strides in sustainability, reducing carbon emissions intensity on onshore assets to 26.7 kg CO₂/boe, down from 31.4 kg CO₂/boe in H1 2024, and remains on track to end routine flaring onshore by the end of 2025.
In addition, Seplat achieved a major milestone in July, with the ANOH gas plant receiving dry gas to commence live hydrocarbon commissioning, further strengthening its gas expansion strategy.
Financial Highlights
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Revenue: $1.398 billion (up 231% from $422 million in H1 2024)
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Adjusted EBITDA: $735 million, up 175% year-on-year
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Cash generated from operations: $766.2 million, up 239%
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Cash at bank: $419.4 million as of June 30, excluding $133 million restricted cash
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Net debt: $676 million, down 9.5% from Q1 2025
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Credit ratings upgrades: Fitch upgraded to B (April 2025), Moody’s upgraded to B2 with stable outlook (June 2025)
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Post period-end: Repaid remaining $100 million revolving credit facility (RCF); $350 million RCF now fully available
2025 Outlook
The company reaffirmed its 2025 full-year guidance, which includes:
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Production: 120,000 – 140,000 boepd
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Capital expenditure: $260 – $320 million
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Unit operating costs: $14 – $15 per boe
Our Focus is on production improvement – CEO
Roger Brown, Chief Executive Officer of Seplat Energy Plc, expressed confidence in the company’s strong performance.
He said, “Seplat has continued its positive trajectory in Q2, delivering a strong first-half performance. Our focus on reliability and production improvement is paying off, with offshore output growing 11% quarter-on-quarter and overall production exceeding guidance.
“We are well positioned to navigate macroeconomic volatility, supported by strong revenues, disciplined cost management, and positive cash flows. This enabled us to reduce net leverage, sustain our dividend track record, and pay down an additional $100 million of debt in July.”
He said the company is looking forward to outlining its medium- to long-term growth strategy at our Capital Markets Day in September.”
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.
