Seplat Energy Plc has posted a remarkable 144.2 percent increase in revenue for the 2025 financial year, reaching $2.73 billion (N4.14 trillion) compared with $1.12 billion (N1.65 trillion) in 2024. The growth reflects a full year of contribution from the company’s offshore assets, according to its audited results filed with the Nigerian Exce Limited.
Cash generated from operations surged 276 percent to $1.17 billion, while cash capital expenditure totaled $266.8 million. Net debt fell 25 percent year on year to $673.3 million, demonstrating a strengthened balance sheet. Shareholders will benefit from a total dividend of 25 cents per share, equivalent to $150 million, marking a 52 percent increase compared with 2024. The fourth quarter dividend alone rose 20 percent year-on-year to 8.3 cents per share, including a 5 cent base and 3.3 cent special dividend.
Operationally, the group’s average production reached 131,506 boepd, up 148 percent from 52,947 boepd in 2024. Onshore production grew 14 percent, supported by the Sapele Gas Plant and new well inventory, while the ANOH Gas Plant achieved first gas in January 2026, producing 50-70 MMscfd with around 60 kbbl of condensate in storage. Seplat Energy also reported only one Lost Time Injury across its operated assets for 2025.
CEO Roger Brown highlighted that the results demonstrate the company’s ability to operate at scale and deliver both offshore and onshore growth. He noted progress on strategic projects including the IGE replacement offshore, Sapele gas plant onshore, and the first jack-up drilling rig for a multi-year campaign at Oso-BRT. Brown reaffirmed the company’s long-term ambition to become an African energy champion and grow working interest production to 200 kboepd by 2030.
The CEO also emphasized the strong cash-generative nature of the assets, the strengthening balance sheet, and the 50 percent increase in dividends as key indicators of sustainable value creation and shareholder returns.
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