Seplat Energy Surges to ₦3.4 Trillion Revenue, Delivers Record Growth Across Operations and Cash Flow
Seplat Energy Plc, Nigeria’s leading independent energy company, has reported a stellar performance for the nine months ended September 30, 2025, posting a remarkable ₦3.36 trillion in revenue—a threefold increase from ₦1.07 trillion in the same period last year.
The company, dual-listed on both the Nigerian Exchange (NGX) and the London Stock Exchange (LSE), continues to consolidate its position as Nigeria’s most profitable indigenous energy operator, driven by strong operational efficiency, disciplined cost management, and strategic investments in gas and low-carbon projects.
Explosive Growth Across Key Financial Indicators
The company’s financial metrics for the period underline the strength of its diversified portfolio and its disciplined execution of capital projects:
- Gross Profit: ₦1.36 trillion (up from ₦531.5 billion in 2024).
- Operating Profit: ₦1.09 trillion, compared to ₦411.3 billion last year.
- EBITDA: ₦1.72 trillion, representing a 200% increase year-on-year.
- Cash Generated from Operations: ₦2.15 trillion, up from ₦633.8 billion.
Seplat also declared a dividend of 7.5 US cents per share for Q3 2025—comprising 5 cents base and 2.5 cents special dividend—reflecting a 63% quarter-on-quarter and 108% year-on-year increase.
CEO Roger Brown described the performance as “exceptionally robust,” underscoring the company’s ability to operate at scale, sustain growth, and reward shareholders under its 2030 strategic roadmap.
“We’ve generated over $1 billion in after-tax cash flow and reduced net debt by 43%—proof of Seplat’s balance sheet strength and prudent capital management,” Brown said.
Operational Highlights: Production, Gas Expansion, and Flaring Elimination
Seplat’s average daily production hit 135,636 barrels of oil equivalent per day (boepd), a 185% jump from 47,525 boepd in the same period of 2024. The surge was driven by:
- Improved onshore production performance,
- Strong offshore output, and
- Restoration of idle wells, which contributed over 33,000 barrels per day in gross capacity.
Crucially, Seplat’s first Liquefied Petroleum Gas (LPG) cargo was sold into the domestic market, signaling a key milestone in Nigeria’s clean energy transition and efforts to deepen energy access through locally produced gas.
The much-anticipated ANOH gas plant remains on schedule to deliver first gas in Q4 2025, positioning Seplat as a cornerstone player in Nigeria’s midstream gas evolution.
On sustainability, the company reported a 21% reduction in carbon emissions intensity across its onshore assets—now standing at 25.2kg CO₂/boe—and reaffirmed its commitment to end routine flaring by December 2025.
Balance Sheet Strength: Lower Debt, Strong Cash, and Cost Discipline
Seplat’s financial discipline remains a core differentiator in a volatile oil market.
- Cash at Bank: $579.8 million (as of September 2025).
- Net Debt: Down 43% to $386 million from $676 million in the previous quarter.
- Unit Production Cost: $14.1/boe, within its $14–$15 guidance range.
The company has successfully repaid and refinanced key facilities, including the Westport senior reserve-based loan, and fully repaid its $100 million revolving credit facility (RCF), leaving the $350 million RCF entirely undrawn and available for future use.
This prudent leverage strategy, combined with robust cash generation, positions Seplat to maintain shareholder payouts while funding its capital expenditure—now projected at $270–$290 million for 2025.
Strategic Vision 2030: Scaling Growth and Shareholder Value
Seplat’s long-term roadmap, unveiled during its Capital Markets Day (CMD) in September 2025, sets an ambitious course to:
- Attain 200,000 boepd working interest production,
- Deliver $1 billion in cumulative dividends, and
- Cement its reputation as Africa’s leading sustainable energy company.
Roger Brown reaffirmed Seplat’s commitment to growth under Nigeria’s new Petroleum Industry Act (PIA) framework, saying the company expects to complete its PIA conversion process imminently—a move that will streamline regulatory compliance and enhance investment confidence.
“Our momentum is strong. We’re closing in on our flaring elimination target, scaling gas expansion, and returning more free cash flow to shareholders. This is what sustainable energy leadership looks like,” Brown added.
BRANDECONOMY Insight: The Seplat Blueprint for Nigeria’s Energy Future
Seplat’s latest results underscore the rebirth of Nigerian energy leadership through indigenous innovation. At a time when global oil majors are retreating from onshore operations, Seplat’s performance proves that local expertise, operational efficiency, and environmental responsibility can drive superior returns.
Beyond record-breaking revenue, Seplat is redefining the energy narrative—from crude export dependency to integrated gas development, clean energy advocacy, and ESG-driven profitability.
As Nigeria seeks to reposition itself under the Presidential Initiative on Compressed Natural Gas (Pi-CNG) and other transition frameworks, Seplat’s dual commitment to growth and sustainability offers a template for Africa’s energy independence.
