Seplat Energy PLC has released its unaudited results for the nine months ended September 30, 2025, reporting a significant increase in revenue to 3.356 trillion, up from 1.071 trillion in the same period last year. The company’s gross profit rose to 1.356 trillion, a substantial increase from 531.5 billion Year-on-Year.
The company’s financial performance was robust, with operating profit growing to 1.096 trillion from 411.3 billion Year-on-Year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 1.715 trillion, representing a significant rise from 573.4 billion recorded in 2024. Cash generated from operations increased to 2.152 trillion, up from 633.8 billion Year-on-Year.
Seplat Energy’s production averaged 135,636 boepd, a 185% increase from the same period in 2024. The company sold its first Liquefied Petroleum Gas (LPG) cargo to the domestic market, improving energy access and supporting clean cooking. The ANOH gas plant is on track to deliver first gas in the fourth quarter of 2025.
The company’s operational highlights include a 5% increase in onshore production to 56,219 boepd, supported by production improvements in OML40. Offshore production was 81,669 boepd, down 2.5% due to planned downtime. The idle well restoration program added 33.4 kbopd gross production capacity.
Seplat Energy’s financial highlights include a unit production operating cost of $14.1/boe, within guidance. Adjusted EBITDA was $1,112 million, up 190% from the prior year. The company’s balance sheet remains strong, with end-September cash at bank of $579.8 million and net debt down 43% to $386 million.
The company has declared a dividend of 7.5 US cents per share, consisting of 5.0 US cents per share base and 2.5 US cents per share special. This is in line with the new dividend policy of returning an increasing share of free cash flow to shareholders.
Looking ahead, Seplat Energy has updated its 2025 guidance, narrowing production to 130-140 kboepd and capital expenditure to $270-290 million. The company’s CEO, Roger Brown, commented that Seplat Energy is displaying its ability to operate at scale, delivering a third consecutive quarter of production growth and generating after-tax cash flows in excess of $1 billion. The company is on track to achieve its ambitious 2030 roadmap, which includes ending routine flaring onshore and completing the PIA conversion process for its onshore business.