Seplat Energy’s remarkable performance in the first half of 2025 has sent shockwaves of excitement through the energy sector, with the company’s revenue skyrocketing to a staggering N2.167 trillion. This impressive financial feat is a testament to Seplat Energy’s unwavering commitment to operational excellence, strategic growth, and innovative leadership. As the company continues to navigate the complexities of the global energy landscape, its H1 2025 results demonstrate a strong foundation for future growth and success, positioning Seplat Energy as a major player in the industry.
The company’s revenue surged to N2.167 trillion, a significant increase from N575.1 billion reported in the same period last year, representing a growth of over 277%. Gross profit soared to N751.2 billion, up from N247.5 billion year-on-year, demonstrating a substantial improvement in profitability.
The company’s cash generated from operations for the period grew to N1.188 trillion, a significant jump from N308.2 billion year-on-year, highlighting its ability to generate strong cash flows. Operating profit rose to N601.2 billion, up from N285.2 billion year-on-year, showcasing a robust operational performance. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the half-year hit N1.139 trillion, representing a significant rise from N364.5 billion recorded in the first half of 2024.
Seplat Energy’s production averaged 134,492 barrels of oil equivalent per day (boepd), a 178% increase from 48,407 boepd in the same period last year, and above the midpoint of the company’s 2025 guidance of 120-140 kboepd. Working interest oil production reached 100,327 barrels of oil per day (bopd) in the first half of 2025, demonstrating a strong operational performance. The company achieved more than 15.3 million man-hours without Lost Time Injury (LTI) on its operated assets, highlighting its commitment to safety and operational excellence.
With its strong financial and operational performance, Seplat Energy is well-positioned to deliver value to its stakeholders and drive growth in the energy sector. The company’s robust production performance firmly underpins its FY2025 guidance, demonstrating its ability to deliver on its targets. Overall, Seplat Energy’s impressive performance in the first half of 2025 is a testament to its ability to generate strong cash flows, deliver robust production, and maintain a commitment to safety and operational excellence.
Seplat Energy has reported a strong operational performance for the first half of 2025, with production averaging 134,492 barrels of oil equivalent per day (boepd). This represents a significant increase of 178% compared to the same period last year, and is above the midpoint of the company’s 2025 guidance of 120-140 kboepd. The company’s working interest oil production reached 100,327 barrels of oil per day (bopd) in the first half of 2025.
Onshore production contributed 54,831 boepd, which was 13% higher than the same period last year. Liquids production increased by 7% and gas production increased by 24% compared to the first half of 2024. Offshore production was strong, contributing 79,660 boepd, which was made up of 86% crude and condensate, 5% natural gas liquids (NGL), and 9% gas. The company’s production growth was driven by improved uptime, which resulted in an 11% increase in production in the second quarter of 2025 compared to the previous quarter.
The idle well restoration programme also added approximately 25.9 kbopd gross production capacity from the first 29 wells restored to production. Seplat Energy’s safety performance has been impressive, with the company achieving more than 15.3 million man hours without a Lost Time Injury (LTI) on its operated assets. The company’s carbon emissions intensity for its onshore assets was 26.7 kg CO2/boe, which is a reduction from the revised 6M 2024 figure of 31.4 kg CO2/boe.
The company is also on track to complete the end of routine flaring for its onshore assets by the end of 2025. In July, the ANOH gas plant received dry gas to commence live hydrocarbon commissioning, which is a significant milestone for the company and demonstrates its commitment to developing Nigeria’s energy infrastructure. With its robust production performance and commitment to safety and environmental sustainability, Seplat Energy is well-positioned to continue delivering value to its stakeholders.
Seplat Energy has reported a strong financial performance for the first half of 2025, with revenue increasing by 231% to $1,398 million compared to the same period last year. This significant growth in revenue is a testament to the company’s ability to generate strong cash flows from its operations. The company’s adjusted EBITDA was $735 million, up 175% on prior year, and cash generated from operations was $766.2 million, up 239% on prior year.
The company’s unit production operating cost was $12.5 per barrel of oil equivalent (boe), below the company’s guidance of $14-$15/boe, due to the timing of planned maintenance. Cash capital expenditure was $96.5 million, slightly lower than the $102.4 million spent in the same period last year. Seplat Energy’s balance sheet remains strong, with end-June cash at bank of $419.4 million, excluding $133.0 million restricted cash.
The company’s net debt at end-June was $676 million, down 9.5% on prior quarter, resulting in an improvement in the company’s pro forma net debt to EBITDA ratio, which stands at 0.53x. Seplat Energy’s credit ratings have also been upgraded, with Fitch upgrading its rating to B in April 2025 and Moody’s upgrading its rating to B2 (stable) in June 2025. Post-period end, the company repaid the outstanding $100 million on its revolving credit facility (RCF), and at the end of July 2025, the $350 million RCF is undrawn and fully available.
The company has declared a dividend of US$ 4.6 cents per share for Q2 2025, in line with the prior quarter dividend. Seplat Energy plans to set out a revised capital allocation policy in its Capital Markets Day scheduled for September 18, 2025, which will provide investors with valuable insights into the company’s strategy and growth prospects. With its strong financial performance and robust balance sheet, Seplat Energy is well-positioned to deliver value to its shareholders.
Seplat Energy has maintained its 2025 guidance, demonstrating the company’s confidence in its growth prospects and ability to deliver on its targets. The company’s production guidance for 2025 remains unchanged, with an expected production range of 120-140 thousand barrels of oil equivalent per day (kboepd), comprising 48-56 kboepd from Seplat Onshore and 72-84 kboepd from Seplat Offshore.
In addition to production guidance, Seplat Energy has also maintained its capital expenditure (capex) guidance, which is expected to be within the range of $260-320 million. This includes $180-220 million for Seplat Onshore and $80-100 million for Seplat Offshore. Furthermore, the company’s unit operating costs are expected to be $14.0-15.0 per barrel of oil equivalent (boe).
Seplat Energy’s maintenance of guidance suggests that the company is on track to deliver on its growth targets, driven by its strong production performance and efficient operations. The company’s focus on cost management is evident in its capex guidance, which is expected to be within the range of $260-320 million. With its strong financial performance and robust balance sheet, Seplat Energy is well-positioned to deliver on its growth targets and create value for its shareholders.
The company is set to host a Capital Markets Day on September 18, 2025, where it will detail its medium to long-term growth ambitions. This event will provide investors and analysts with valuable insights into the company’s strategy and growth prospects, and is expected to be a key milestone in Seplat’s journey to deliver value to its stakeholders. By sharing its plans and ambitions, Seplat Energy aims to demonstrate its commitment to transparency and communication with its stakeholders.
Seplat Energy has maintained its 2025 guidance, demonstrating the company’s confidence in its growth prospects and ability to deliver on its targets. The company’s production guidance for 2025 remains unchanged, with an expected production range of 120-140 thousand barrels of oil equivalent per day (kboepd), comprising 48-56 kboepd from Seplat Onshore and 72-84 kboepd from Seplat Offshore.
In addition to production guidance, Seplat Energy has also maintained its capital expenditure (capex) guidance, which is expected to be within the range of $260-320 million. This includes $180-220 million for Seplat Onshore and $80-100 million for Seplat Offshore. Furthermore, the company’s unit operating costs are expected to be $14.0-15.0 per barrel of oil equivalent (boe).
Seplat Energy’s maintenance of guidance suggests that the company is on track to deliver on its growth targets, driven by its strong production performance and efficient operations. The company’s focus on cost management is evident in its capex guidance, which is expected to be within the range of $260-320 million. With its strong financial performance and robust balance sheet, Seplat Energy is well-positioned to deliver on its growth targets and create value for its shareholders.
The company is set to host a Capital Markets Day on September 18, 2025, where it will detail its medium to long-term growth ambitions. This event will provide investors and analysts with valuable insights into the company’s strategy and growth prospects, and is expected to be a key milestone in Seplat’s journey to deliver value to its stakeholders. By sharing its plans and ambitions, Seplat Energy aims to demonstrate its commitment to transparency and communication with its stakeholders.
Seplat Energy’s Chief Executive Officer, Roger Brown, has expressed satisfaction with the company’s strong performance in the first half of 2025. According to Brown, Seplat has continued its positive trajectory in Q2, delivering a robust performance that has exceeded expectations. The company’s strong production performance has exceeded the midpoint of its 2025 guidance, with onshore production in the upper end of guidance and offshore production growing 11% quarter on quarter.
This strong performance can be attributed to the company’s focus on integrity, reliability, and production improvement activities, which have borne fruit and enabled Seplat to deliver on its ambitions and support Nigeria’s goals of oil and gas production growth. Furthermore, Seplat is well-placed to weather the recent increase in macro volatility, thanks to its strong revenues and focus on costs, which have delivered significant positive cash flows.
As a result, the company has been able to reduce net leverage, continue its strong quarterly dividend track record, and pay down additional debt, including the recent repayment of $100 million of debt. With its strong financial performance and robust balance sheet, Seplat is building a strong foundation to deliver on its 2025 performance targets. The integration of the enlarged group continues at pace, and the company is excited to share its plans for the future of the business at the upcoming Capital Markets Day in September.
Overall, Brown’s statement conveys confidence in Seplat’s future prospects, with the company’s strong performance and resilience in the face of macro volatility suggesting that it is well-positioned to deliver on its growth targets. By focusing on long-term growth and value creation for its stakeholders, Seplat is committed to delivering value to its shareholders through its strong quarterly dividend track record and efforts to reduce net leverage.
