Seplat Energy PLC has reported audited results for the year ended 31 December 2025, delivering transformational growth following its first full year of offshore consolidation, with revenue up 144% to $2.73 billion and production rising 148% year-on-year.
The dual-listed energy company on the Nigerian and London Stock Exchanges said group production averaged 131,506 barrels of oil equivalent per day (boepd), compared with 52,947 boepd in 2024, reflecting the contribution of offshore assets and performance within revised guidance.
Operational Performance
Onshore production grew 14% year-on-year, supported by the completion of the Sapele Gas Plant and expanded well inventory. Offshore output increased 9% on a pro-forma basis, though moderated by the Yoho platform outage, with restart expected in the second quarter of 2026.
The ANOH gas plant achieved first gas in January 2026 and is currently producing between 50–70 MMscfd, with approximately 60,000 barrels of condensate in storage. The company’s EAP IGE project marked its first major offshore delivery, achieving peak gross natural gas liquids recovery of approximately 33,000 boepd in February 2026, up from 20,000 boepd in 2025.
A highly successful idle well restoration programme added 48.6 kboepd of gross production capacity from 49 wells, exceeding internal expectations.
Seplat also reported improved environmental performance, with emissions intensity on its onshore assets declining 24% year-on-year to 24.3 kg CO₂/boe.
Reserves and Resources
Year-end 2025 independently audited 2P reserves declined by approximately 42 MMboe to 1,001 MMboe, reflecting the company’s focus on maintenance and integrity investments during the year. However, Group 2P+2C resources increased by 181 MMboe to 2,486.6 MMboe, driven by positive offshore oil resource revisions and gas resource upgrades.
Financial Performance
Revenue rose to $2.726 billion, up from $1.116 billion in FY 2024, reflecting the full-year contribution of offshore assets. Adjusted EBITDA climbed 137% to $1.275 billion, while cash generated from operations surged 276% to $1.166 billion.
Unit production operating costs declined 5% year-on-year to $15.7/boe. Net debt reduced 25% to $673.3 million at year-end 2025, bringing Net Debt/EBITDA to a conservative 0.53x.
Cash capital expenditure stood at $266.8 million. Seplat also made total completion payments of $326.2 million to ExxonMobil, with no contingent consideration payable for 2025 related to MPNU.
Declared Dividend
The board declared a fourth-quarter dividend of 8.3 US cents per share, comprising a 5.0 cent base dividend and a 3.3 cent special dividend. Total dividend declared for 2025 stands at 25 US cents per share, equivalent to $150 million, representing a 52% increase over 2024.
Chief Executive Officer Roger Brown said the company demonstrated its ability to operate at scale in 2025, delivering key offshore and onshore projects while strengthening its balance sheet.
He reiterated Seplat’s ambition to “Build an African Energy Champion,” targeting 200 kboepd of working interest production by 2030, and highlighted the company’s plan to deliver $1 billion in cumulative shareholder returns by the end of the decade.
