Seplat Energy Plc has released its audited financial results for the year ended December 31, 2025.
The results were announced on the Nigerian Exchange Limited and the London Stock Exchange.
The company reported profit before tax growth of 86.7 percent to $497.8 million, compared to $266.7 million in the previous year.
Gross profit rose 156.4 percent, from $352.4 million in 2024 to $904.5 million in 2025.
Revenue reached $2.726 billion, an increase of 144.2 percent from $1.116 billion in 2024, driven by a full year of contribution from offshore assets.
Unit production operating cost stood at $15.7 per barrel of oil equivalent, down 5 percent from the adjusted 2024 figure of $16.5 per boe.
Adjusted EBITDA increased 137 percent to $1,275.4 million from $539 million in the prior year.
Cash generated from operations surged 276 percent to $1.165 billion, compared to $310.0 million in 2024.
Cash capital expenditure amounted to $266.8 million, up from $208.1 million in 2024.
The company completed total payments to ExxonMobil of $326.2 million. There was no MPNU contingent consideration payable to ExxonMobil for 2025.
The balance sheet remained robust, with net debt at year-end 2025 of $673.3 million, down 25 percent year-on-year from $897.8 million. Net debt to EBITDA ratio stood at 0.53x.
For the fourth quarter of 2025, a dividend of 8.3 cents per share was declared, up 11 percent quarter-on-quarter and 20 percent year-on-year, comprising a base dividend of 5.0 cents per share and a special dividend of 3.3 cents per share.
Total dividend declared for 2025 was 25.0 cents per share, equivalent to $150 million, representing a 52 percent increase on 2024, reflecting the strength of the balance sheet, strong underlying free cash flow generation, and continued confidence in the outlook.
Production guidance for the coming period is 135-155 thousand barrels of oil equivalent per day, with the mid-point representing circa 10 percent increase over 2025.
Crude and condensate production is expected to remain flat year-on-year, as new well inventory offsets planned downtime for strategic maintenance and integrity activities.
NGL production is projected to rise 85 percent year-on-year, effective from the first quarter of 2026 with EAP complete.
Gas production is forecasted to increase 30 percent year-on-year, supported by ANOH contribution, year-on-year growth on Sapele IGP, and completion of Oso-BRT phase 1, which is on track for the third quarter of 2026 and targets doubling offshore gas sales to 240 MMScf/d gross.
Initial capital expenditure guidance is $360-440 million, with plans including 17 new wells, comprising 15 onshore and 2 offshore, with offshore drilling starting from the third quarter.
Unit production operating costs for the group are expected to be $13.5-14.5 per boe, with volume-led reductions anticipated.
Commenting on the results, Roger Brown, Chief Executive Officer, said: “In 2025 we clearly illustrated our ability to operate at scale. We benefitted from successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory.”
“At our CMD in September, we laid out our long-term ambition to “Build an African Energy Champion”, with a clear roadmap to grow working interest production to 200 kboepd by 2030. In 2025 we delivered the IGE replacement project offshore and the Sapele Gas plant onshore.
“In recent weeks we were delighted to achieve first gas at the ANOH Gas Plant and are on track to doubling Joint Venture gas volumes at Oso-BRT to 240 MMscfd in 2H 2026,” he said.
“Drilling will be a decisive factor in meeting our long-term growth ambitions and I am pleased to announce that the first Jack-Up drilling rig is contracted, in country and set to arrive at Oso in 3Q to commence a multi-year, multiwell drilling campaign.
“Finally, the cash generative nature of our asset base is clearly evident in our results, and by raising dividends by over 50 percent to USD 25 cents per share alongside continued strengthening of our balance sheet and delivery of our work programmes, we are already well positioned to deliver on our planned $1 billion cumulative return of capital to shareholders by 2030.
“Furthermore, the strength of the enlarged group has reflected in a notable lowering of our cost of debt, providing additional scope for long-term value creation,” Brown said.
Group production averaged 131,506 boepd, up 148 percent from 52,947 boepd in 2024, reflecting the first full year of offshore consolidation and within revised guidance.
Fourth quarter 2025 group production was 119,200 boepd, impacted by Yoho shutdown and other planned maintenance activities.
Onshore production delivered 14 percent growth year-on-year, supported by completion of the Sapele Gas Plant and new well inventory.
The ANOH gas plant achieved first gas in January 2026, with production stable at 50-70 MMscfd and approximately 60 kbbl condensate currently in storage.
Emissions intensity for Seplat onshore assets declined 24 percent year-on-year to 24.3 kg CO2/boe from 32.3 kg CO2/boe in 2024.
Offshore production grew 9 percent year-on-year on a pro-forma basis, moderated by Yoho platform outage, with restart expected in the second quarter of 2026.
A highly successful idle well restoration programme added 48.6 kboepd gross production capacity from 49 wells, exceeding expectations.
EAP IGE was the first major project delivered offshore, achieving peak gross NGL recovery of approximately 33 kboepd in February 2026, compared to about 20 kboepd peak gross in 2025.
Year-end 2025 independently audited 2P reserves decreased by circa 42 MMboe to 1,001 MMboe from 1,043 MMboe at year-end 2024, with 67 percent liquids, reflecting a focus on maintenance and integrity investments in 2025.
Group 2P plus 2C resources increased by 181 MMboe to 2,486.6 MMboe from 2,305.4 MMboe at year-end 2024, with 55 percent liquids, due to positive revisions to offshore oil resources from stronger underlying production performance and gas resource upgrade following inclusion of Edop.
The company recorded 1 Lost Time Injury on operated assets in 2025, with 11.4 million hours without LTI since September, compared to 11.0 million hours in 2024.
