By Seun Ibiyemi
Seplat Energy Plc has reported a 144.2 per cent surge in revenue to $2.73 billion in 2025, up from $1.12 billion recorded in 2024, driven largely by a full-year contribution from its offshore assets.
In a statement released on Thursday, the energy company also posted an 86.7 per cent increase in profit before tax (PBT) to $497.8 million, compared to $266.7 million in the preceding year.
Gross profit rose sharply by 156.4 per cent to $904.5 million from $352.4 million in 2024, while adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) climbed 137 per cent to $1.28 billion, up from $539 million.Weak AI governance could trigger capital flight, NGX chairman warns
Cash generated from operations surged by 276 per cent to $1.17 billion, compared with $310 million in 2024, reflecting stronger cash flow performance.
The company also recorded a five per cent reduction in unit production operating cost to $15.7 per barrel of oil equivalent (boe), down from $16.5 per boe.
Capital expenditure increased to $266.8 million from $208.1 million in 2024. During the year, ExxonMobil received total completion payments of $326.2 million, while no contingent consideration was payable in respect of MPNU for 2025.
Seplat’s balance sheet strengthened further, with net debt declining by 25 per cent year-on-year to $673.3 million as at the end of 2025, from $897.8 million in 2024. Its net debt-to-EBITDA ratio improved to 0.53 times.
On the operational front, average daily production rose by 148 per cent to 131,506 barrels of oil equivalent per day (boepd), compared to 52,947 boepd in 2024.
However, fourth quarter production stood at 119,200 boepd due to the Yoho platform shutdown and other planned maintenance activities.
Onshore operations recorded a 14 per cent year-on-year increase, supported by the completion of the Sapele Gas Plant and the addition of new wells.
The company also announced that the ANOH Gas Plant achieved first gas in January 2026, with stable production ranging between 50 and 70 million standard cubic feet per day, while about 60,000 barrels of condensate are currently in storage.
In terms of sustainability, emissions intensity for its onshore assets dropped by 24 per cent to 24.3 kilogrammes of carbon dioxide per boe, compared to 32.3 kilogrammes in 2024.
Looking ahead, Seplat projected stronger operational performance in 2026, with production guidance of 135,000 to 155,000 boepd, representing about a 10 per cent increase over 2025 levels.
The company expects natural gas liquids production to rise by 85 per cent year-on-year from the first quarter of 2026, while gas production is forecast to grow by 30 per cent, supported by contributions from the ANOH Gas Plant, improved output from the Sapele Integrated Gas Plant and completion of the Oso-BRT Phase 1 project.
The Oso-BRT Phase 1 project, scheduled for completion in the third quarter of 2026, is expected to double offshore gas sales to about 240 million standard cubic feet per day.
Seplat has set an initial capital expenditure guidance of between $360 million and $440 million for 2026, with plans to drill 17 new wells, including 15 onshore and two offshore wells.
Commenting on the performance, Chief Executive Officer Roger Brown said 2025 demonstrated the company’s ability to operate at scale, highlighting successful offshore and onshore project deliveries.
He added that the company increased dividends by over 50 per cent to 25 cents per share and remains on track to deliver its planned $1 billion cumulative return of capital to shareholders by 2030, supported by improved cash generation and a stronger balance sheet.
