Seplat Energy Plc, leading Nigerian independent energy Company, on Wednesday, released its half-year 2025 unaudited results to the Nigerian Exchange (NGX) and the London Stock Exchange (LSE), posting an impressive revenue of N2.167 trillion for the period from N575.1 billion reported same period last year.
The company’s gross profit soared to N751.2 billion from N247.5 billion Year-on-Year.
Cash generated from its operations for the period grew to N1.188 trillion from N308.2 billion Year-on-Year, whilst operating profit rose to N601.2 billion from N285.2 billion Year-on-Year.
The energy company delivered strong production which firmly underpins FY2025 guidance; with earnings before interest, taxes, depreciation, and amortization (EBITDA) for half-year hitting N1.139 trillion for the period, representing a rise from N364.5 billion recorded in 2024 H1.
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Production for the period averaged 134,492 barrels of oil equivalent per day (boepd) up 178% from H1 2024 (48,407 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd), and approximately 10% higher than pro-forma production in 6-month 2024. Working interest oil production reached 100,327 bopd in 6-month 2025.
The company also reported an achievement of more than 15.3 million man hours without Lost Time Injury (‘LTI’) on its operated assets.
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It’s offshore production contribution was strong in the first half of the year at 79,660 boepd, which was made up of 86% crude and condensate, 5% NGL and 9% gas. 2Q 2025 production increased 11% QoQ, aided by improved uptime.
Following the impressive half-year outing, Seplat Energy has declared a dividend of $4.6/share, in line with the prior quarter dividend. The Company plans to set out a revised capital allocation policy in the Capital Markets Day scheduled for 18 September 2025.
Commenting on the results, Roger Brown, Chief Executive Officer, Seplat Energy Plc, said: “Seplat has continued its positive trajectory in Q2 to deliver a strong performance for the first half of 2025. Our focus on integrity, reliability and production improvement activities are bearing fruit as evidenced by strong production in 2Q 2025, with onshore in the upper end of guidance, and offshore production growing 11% quarter on quarter.
“The Company delivered first half production over 10% higher than the pro-forma output in same period last year, delivering on both our ambitions and supporting Nigeria’s goals of oil and gas production growth.”
Brown noted that the company is now well placed to weather the recent increase in macro volatility, noting that strong revenues and a focus on costs delivered significant positive cash flows, which enabled the company to further reduce net leverage, continue its strong quarterly dividend track record and in the past week, paid down an additional $100 million of debt.
“We have hit the ground running in 2025 building a strong foundation with which deliver on our 2025 performance targets. Integration of the enlarged group continues at pace and we look forward to sharing our exciting plans for the Company when we set out the future of our business at the upcoming Capital Markets Day in September,” he stated.
