… declares USD 25 Cents/shr dividend for 2025, up 52% YoY: with Q4 dividend at USD 8.3 Cents/shr, up 11% QoQ, 20% YoY
Oredola Adeola
Seplat Energy PLC, in its audited results for the twelve months ended 31 December 2025, reported a 148% surge in average production to 131,506 boepd and a 144% increase in revenue to $2.73 billion in its first full year of offshore consolidation, compared with 52,947 boepd and $1.12 billion in 2024.
The results were disclosed in a statement signed by Eleanor Adaralegbe, Chief Financial Officer of Seplat Energy PLC, and obtained by Advisors Reports.
On the back of the strong performance, the company declared a total dividend of USD 25.0 cents per share for 2025, equivalent to $150 million, representing a 52% increase over 2024.
This includes a fourth-quarter dividend of USD 8.3 cents per share, up 11% quarter-on-quarter and 20% year-on-year, comprising a USD 5.0 cents base dividend and a USD 3.3 cents special dividend.
Net debt reduced significantly to $673.3 million at year-end 2025, down 25% year-on-year from $897.8 million, underscoring improved cash generation and balance sheet strength.
Onshore operations delivered 14% production growth, supported by the completion of the Sapele Gas Plant and new well inventory.
Offshore production grew 9% year-on-year on a pro-forma basis, although performance was moderated by a Yoho platform outage, with restart expected in Q2 2026.
That outage also weighed on the company’s Q4 2025 group production, which averaged 119,200 boepd.
Seplat’s idle well restoration programme exceeded expectations, adding 48.6 kboepd of gross production capacity from 49 wells.
The EAP IGE replacement project, Seplat’s first major offshore development, achieved peak gross NGL recovery of about 33 kboepd in February 2026, up from approximately 20 kboepd in 2025
Total Group 2P + 2C reserves and resources increased by 181 million barrels of oil equivalent to 2.49 billion boe, with liquids accounting for 55%.
The positive offshore revisions, according to the company, were driven by stronger production performance and gas resource upgrades following the inclusion of Edop.
The ANOH Gas Plant achieved first gas in January 2026, with production stabilising at 50–70 MMscfd, while around 60,000 barrels of condensate are currently in storage.
Seplat also recorded notable sustainability gains, with emissions intensity from onshore assets declining 24% year-on-year to 24.3 kg CO₂/boe.
Safety performance remained strong, with only one Lost Time Injury (LTI) recorded in 2025 and 11.4 million man-hours worked without LTI since September.
Unit production operating costs declined to $15.7/boe, a 5% reduction from the prior year.
Adjusted EBITDA rose sharply to $1.28 billion, up 137% year-on-year, while cash generated from operations increased to $1.17 billion, compared with $310 million in 2024.
Capital expenditure stood at $266.8 million, while total completion payments to Exxon Mobil amounted to $326.2 million.
No MPNU contingent consideration was payable to ExxonMobil for the 2025 financial year.
Roger Brown, Chief Executive Officer, commenting on the results, said 2025 demonstrated Seplat’s ability to operate at scale.
He noted that the company successfully executed key offshore projects while delivering its strongest onshore production performance in recent years.
Brown reaffirmed Seplat’s ambition to build “an African Energy Champion” and grow working-interest production to 200 kboepd by 2030.
He added that first gas at the ANOH Gas Plant had been achieved and that Seplat is on track to double joint-venture gas volumes at Oso-BRT to 240 MMscfd in the second half of 2026.
The CEO also confirmed that the company’s first jack-up drilling rig is contracted and expected to arrive at Oso in Q3 2026, kick-starting a multi-year offshore drilling campaign.
According to Brown, the strengthened balance sheet and lower cost of debt provide additional headroom for long-term value creation, supporting the company’s plan to deliver $1 billion in cumulative shareholder returns by 2030.
For 2026, Seplat guided for production of 135,000–155,000 boepd, with the midpoint implying roughly 10% growth over 2025.
Crude and condensate production is expected to remain broadly flat, while NGL output is projected to rise 85%, gas production to increase 30%, and offshore gas sales to double to 240 MMscfd upon completion of Oso-BRT Phase 1.
Initial capital expenditure guidance is $360–440 million, covering 17 new wells and offshore drilling commencing from the third quarter.
Unit operating costs are expected to decline further to $13.5–14.5/boe, driven by higher volumes.
Seplat Energy PLC remains one of Nigeria’s leading indigenous energy companies, with dual listings in Lagos and London, and an expanding offshore and gas-weighted growth profile.
