Seplat Energy Plc has announced a revenue of ₦3.356 trillion for the nine months ending September 30, 2025 — a significant jump from ₦1.071 trillion recorded in the same period last year, according to its unaudited financial results released on Friday.
The oil and gas company’s gross profit surged to ₦1.356 trillion, up from ₦531.5 billion year-on-year, while cash generated from operations rose sharply to ₦2.152 trillion from ₦633.8 billion.
Operating profit also increased to ₦1.096 trillion, compared to ₦411.3 billion in 2024.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at ₦1.715 trillion, nearly triple the ₦573.4 billion posted in the corresponding period of 2024.
Don’t Miss This: U.S. Extends Visa Privileges for Liberians After Humanitarian Agreement on High-Profile Migrant
The company declared a dividend payout of 7.5 US cents per share for Q3 2025 — comprising a base dividend of 5.0 cents and a special dividend of 2.5 cents, marking a 63% quarter-on-quarter increase and 108% year-on-year growth.
Seplat’s average daily production for the nine-month period reached 135,636 barrels of oil equivalent per day (boepd) — a 185% rise compared to 47,525 boepd in 2024. The company attributed this to improved output across its onshore and offshore operations, including the restoration of 33 idle wells, which added approximately 33,400 barrels per day in gross capacity.
The company also achieved a 21% reduction in carbon emissions from its onshore assets and reaffirmed its commitment to end routine gas flaring by the end of 2025. Its ANOH gas plant project remains on track to deliver first gas in the fourth quarter of 2025.
Seplat reported a unit production cost of $14.1 per barrel, within its guidance range of $14–$15, despite inflationary pressures.
Adjusted EBITDA grew by 190% to $1.1 billion, while capital expenditure rose to $180 million from $102.4 million a year earlier.
The company’s cash reserves stood at $579.8 million as of September, up from $433.9 million in 2024, while net debt declined by 43% to $386 million, reflecting strong cash flow and reduced borrowing.
Commenting on the results, Seplat Energy CEO Roger Brown said the company’s robust performance demonstrates its capacity to operate at scale following the acquisition of MPNU assets.
“We delivered a third consecutive quarter of production growth at the upper end of our guidance and generated over $1 billion in after-tax cash flows. Our strong cash position supports a special dividend this quarter, consistent with our new dividend policy,” Brown stated.
He added that Seplat is making “substantial progress” toward ending routine flaring and completing the Petroleum Industry Act (PIA) conversion process for its onshore business before the end of the year.
For the remainder of 2025, Seplat has updated its production guidance to 130,000–140,000 boepd and narrowed its capital expenditure range to $270–$290 million.
The company maintains a cost guidance of $14–$15 per barrel and aims to deliver sustained growth and shareholder returns as part of its 2030 roadmap to achieve $1 billion in cumulative dividends and 200,000 boepd in production.
