Seplat Energy PLC has released its unaudited results for the nine months ended September 30, 2025, showing a substantial rise in revenue to 3.356 trillion, up from 1.071 trillion in the same period last year. Gross profit increased to 1.356 trillion, compared with 531.5 billion a year earlier, while operating profit grew to 1.096 trillion from 411.3 billion. EBITDA reached 1.715 trillion, a significant jump from 573.4 billion in 2024, and cash generated from operations rose to 2.152 trillion, up from 633.8 billion year‑on‑year.
Production averaged 135,636 boepd, a 185 % increase over the comparable period in 2024. The company sold its first liquefied petroleum gas (LPG) cargo to the domestic market, enhancing energy access and supporting clean cooking. The ANOH gas plant remains on track to deliver its first gas in the fourth quarter of 2025. Onshore production rose 5 % to 56,219 boepd, driven by improvements in OML40, while offshore production fell 2.5 % to 81,669 boepd due to planned downtime. The idle‑well restoration program added 33.4 kbopd of gross production capacity.
Financially, Seplat’s unit production operating cost was $14.1 per barrel of oil equivalent, within guidance. Adjusted EBITDA was $1,112 million, up 190 % from the prior year. The balance sheet stayed strong, with cash at bank of $579.8 million at the end of September and net debt reduced by 43 % to $386 million. The company declared a dividend of 7.5 US cents per share—5.0 cents base and 2.5 cents special—consistent with its new policy of returning an increasing share of free cash flow to shareholders.
Looking ahead, Seplat has refined its 2025 guidance, narrowing production to 130‑140 kboepd and capital expenditure to $270‑$290 million. CEO Roger Brown noted that the company is demonstrating its ability to operate at scale, delivering a third consecutive quarter of production growth and generating after‑tax cash flows exceeding $1 billion. Seplat remains on track to meet its ambitious 2030 roadmap, which includes ending routine flaring onshore and completing the PIA conversion process for its onshore business.
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