Seplat Energy posts N1.228trn revenue in Q1 2025, as production surges 167% and profits triple

BrandPower Magazine 3 hours agoLast Updated: 05/05/2025

3 minutes read

Seplat Energy posts N1.228trn revenue in Q1 2025, as production surges 167% and profits triple — Roger Brown – CEO, Seplat Energy

In what can only be described as a commanding start to 2025, Seplat Energy Plc has posted a whopping N1.228 trillion in revenue for Q1 2025, a nearly fivefold jump from N268.6 billion in the same period last year, cementing its status as Nigeria’s leading indigenous energy powerhouse and a critical bellwether in Africa’s upstream oil and gas market.

The company’s financials, released on Monday, reveal gross profit soared to N535.4 billion, up from N63.8 billion year-on-year—a near eightfold increase that reflects the firm’s strong operational execution, enhanced asset base, and disciplined cost management.

SEPLAT’S STRATEGIC METAMORPHOSIS BEGINS TO PAY OFF

Behind the numbers is a compelling transformation story. Seplat’s successful integration of offshore assets—particularly through its acquisition of Mobil Producing Nigeria Unlimited (MPNU)—is driving production and scale to unprecedented levels.

In Q1 2025, production averaged 131,561 barrels of oil equivalent per day (boepd), a 167% leap from 49,258 boepd recorded in Q1 2024, and already tracking above the midpoint of the company’s 2025 guidance of 120,000–140,000 boepd.

“This performance demonstrates the strategic value of our combined onshore and offshore portfolio,” said CEO Roger Brown, noting that cash generated from operations jumped to N464.9 billion, up from N25.2 billion in Q1 2024—another exponential leap.

STRONG BALANCE SHEET: DELEVERAGING AND DIVIDEND UPSIDE

One of the most impressive highlights is Seplat’s aggressive debt reduction drive. The company repaid $250 million of its Revolving Credit Facility (RCF), reducing it to just $100 million. This strategic move not only fortifies the balance sheet but also positions Seplat to weather global macroeconomic uncertainty and seize future growth opportunities.

Reflecting its improved financial health, Seplat increased its quarterly dividend to 4.6 cents per share, a 28% boost over Q4 2024.

“Maintaining low leverage while enhancing shareholder returns is a key part of our strategy,” Brown emphasized.

INTEGRATION SYNERGIES AND OPERATIONAL SAFETY SET BENCHMARKS

In an era where operational risks and ESG concerns are increasingly scrutinized, Seplat’s performance on health, safety, and environment (HSE) metrics is no less remarkable.

The company recorded over 7.3 million man-hours without Lost Time Injury (LTI).
Of this, 2.5 million hours were clocked on Seplat’s onshore-operated assets, and 4.8 million hours on Seplat Energy Producing Nigeria Unlimited (SEPNU)—formerly MPNU.

This operational discipline not only de-risks production but also builds investor and stakeholder confidence, particularly in the context of Nigeria’s tough operating terrain.

SEPLAT: A NEW ENERGY CHAMPION IN THE MAKING

Seplat’s transformation is no accident. The firm’s proactive drilling programme, diversified evacuation routes, and renewed asset integrity investments are all part of a well-structured growth play.

The big picture? Seplat is emerging as Nigeria’s first truly integrated indigenous E&P company—with competitive advantages spanning upstream production, offshore capability, and growing midstream potential.

With the Nigerian government’s push for increased local participation in oil and gas through reforms like the Petroleum Industry Act (PIA) and ongoing CNG transition programmes, Seplat is perfectly positioned to capitalize on national energy priorities and investor interest in ESG-compliant African producers.

BRANDECONOMY ANALYSIS: WHY THIS MATTERS

For investors, regulators, and industry watchers, Seplat’s Q1 2025 performance is more than just numbers—it signals:

✅ The emergence of a resilient African energy brand with global potential.
✅ A validation of the indigenous operator model amid IOC divestments.
✅ A new benchmark for governance, financial prudence, and operational safety.
✅ The opportunity for Nigeria to redefine its role in the global oil supply chain through homegrown champions.

WHAT TO WATCH NEXT:

🔎 Will Seplat sustain its production surge through the rest of 2025?
🔎 How soon will it pursue gas monetisation or midstream expansion?
🔎 Can it lead Nigeria’s energy transition narrative through CNG, gas-to-power, or renewables?

For now, one thing is certain—Seplat isn’t just drilling oil; it’s drilling into the future of Africa’s energy story.

📊 SEPLAT ENERGY SCORECARD – Q1 2025