Seplat Energy’s revenue and operations expanded sharply following its acquisition of Mobil Producing Nigeria Unlimited (MPNU), Pinnacle Daily can report.
A review of the company’s audited results for the year ended December 31, 2025, shows that with the addition of the offshore assets bought from ExxonMobil, Seplat’s revenue rose by 144 per cent to $2.73 billion.
Its production also increased sharply, up 148 per cent to an average of 131,506 barrels of oil equivalent per day, and the total cost of the acquisition was about $1.13 billion.
In 2025, Seplat made extra payments of $326.2 million to ExxonMobil, covering deferred payments and loans linked to the deal.
It also recorded a $100.8 million gain after reviewing the value of the acquired assets and liabilities.
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The deal expanded the company’s asset base, adding $2 billion to its property, plant and equipment and $453.2 million to its inventories.
The strong financial performance saw the gross profit rise 156 per cent to $904.5 million, while adjusted EBITDA increased 137 per cent to $1.28 billion.
Profit before tax grew 87 per cent to $497.8 million, and net income rose more modestly by 13 per cent to $159.1 million due to higher tax expenses.
The company’s cash flow from operations jumped 276 per cent to $1.17 billion, and supported a record dividend of 25 cents per share, up 52 per cent from the previous year.
Despite the large acquisition, the company reduced its net debt by 25 per cent to $673.3 million. Its net debt-to-EBITDA ratio improved to 0.53 times, well below its 3.0 times debt limit. Production costs also fell by 5 per cent to $15.7 per barrel of oil equivalent.
On environmental performance, Seplat ended routine gas flaring on its onshore assets in early 2026.
Carbon emissions intensity dropped by 24 per cent, saving $4 million in penalties and generating $5 million in additional gas sales.
The company recorded one lost time injury during the year but also reported nine major containment incidents, including fires and gas releases.
The statements show that flooding, rising temperatures and the global shift away from fossil fuels could affect future operations and oil demand.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
