Seplat Energy posts $2.73 billion revenue in 2025 on output boost

Seplat Energy Plc closed 2025 with revenue of $2.73 billion, more than doubling the $1.12 billion recorded a year earlier, as a full year of offshore contributions reshaped the company’s earnings profile. The 144 percent jump in revenue came as group production averaged 131,506 barrels of oil equivalent per day, up 148 percent from 52,947 boepd in 2024 and within revised guidance. For a company that has steadily built its presence across Nigeria’s oil and gas fields, the numbers mark a year defined by scale.

Seplat profit rises amid expansion costs

Profit rose more modestly, climbing from $140.5 million in 2024 to $159.1 million in 2025. Higher operating expenses and finance costs absorbed part of the benefit from the revenue surge, underscoring the cost of expansion. Even so, cash generated from operations reached $1.165 billion, up 276 percent from $310 million in the prior year. Net debt fell to $673.3 million at year-end from $897.8 million, reflecting stronger cash flow and balance sheet repair.

Chief Executive Officer Roger Brown said the results showed the group’s ability to operate at scale. He pointed to the successful execution of key offshore activities that marked Seplat’s first full year as an offshore operator, alongside what he described as the strongest onshore production performance in recent memory. At the company’s capital markets day in September, Seplat laid out an ambition to “Build an African Energy Champion,” with a roadmap to grow working interest production to 200 kboepd by 2030.

Offshore and onshore assets drive growth

In 2025, Seplat delivered the IGE replacement project offshore and the Sapele Gas plant onshore. In recent weeks, the company achieved first gas at the ANOH Gas Plant and is on track to double Joint Venture gas volumes at Oso-BRT to 240 MMscfd in the second half of 2026. Brown said drilling will be decisive in meeting long-term growth targets, noting that the first jack-up drilling rig has been contracted, is in-country and is set to arrive at Oso in the third quarter to begin a multi-year, multiwell campaign.

The company’s asset base spans eleven oil and gas blocks in onshore and shallow water locations in the Niger Delta. It holds operated interests in the Qua Iboe export terminal and Yoho FSO, as well as the Bonny River Terminal, and operates two large offshore NGL recovery plants at Oso and EAP. Onshore, Seplat runs gas processing plants at Oben in OML 4, Sapele in OML 41 and the 300 MMscfd ANOH Gas processing plant in OML 53, an integrated joint venture with NGIC. Together, these facilities underpin its role as a supplier of natural gas to Nigeria’s domestic power market.

Retained earnings, shareholders’ equity, grow

Seplat, dual-listed on the Nigerian Exchange and the London Stock Exchange, boasts a market capitalization of N5.46 trillion ($4 billion) on the NGX, reinforcing its standing as Nigeria’s most valuable energy company. The year also brought a shift in its shareholder base. On Dec. 31, 2025, Nigerian businessman Tony Elumelu, through Heirs Energies, acquired a 20.07 percent stake in Seplat for $496 million from French energy group Maurel et Prom, becoming the largest shareholder. He joined the board as a non-executive director following the resignation of Olivier Cleret de Langavant, a Maurel & Prom nominee who had served since 2020.

Despite the strong earnings and cash performance, total assets declined to $6.08 billion as of Dec. 31, 2025, from $6.8 billion a year earlier. Shareholders’ equity edged up from $1.83 billion to $1.84 billion, while retained earnings increased from $1.22 billion to $1.25 billion. The group declared a dividend of $0.083 per share, up 11 percent quarter on quarter and 20 percent year on year, comprising a $0.05 base dividend and a $0.033 special dividend. Total dividend declared for 2025 amounted to $0.25 per share, equivalent to $150 million and a 52 percent increase on 2024.