• Pumps output 185% to135,636 boepd

Sopuruchi Onwuka

Leading Nigerian independent energy company, Seplat Energy Plc, has reported outstanding financial and operational performance for the first nine months of 2025, attributing its strong results to higher production volumes, robust cash generation, and the successful acquisition of producing petroleum assets previously operated by Mobil Producing Nigeria Unlimited (MPNU), the local affiliate of ExxonMobil.

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Seplat, which remains the only Nigerian independent oil and gas company listed on both the Nigerian Exchange (NGX) and the London Stock Exchange (LSE), announced in its unaudited financial results for the nine months ended 30 September 2025 that it recorded ₦3.356 trillion in revenue, a sharp rise from ₦1.071 trillion in the corresponding period of 2024.

The company said the performance reflected the full-year impact of the MPNU asset acquisition, which added significant producing capacity to Seplat’s portfolio and bolstered its position as a leading indigenous operator in Nigeria’s upstream sector.

Gross profit for the period rose to ₦1.356 trillion, up from ₦531.5 billion in 2024, while operating profit increased to ₦1.096 trillion from ₦411.3 billion year-on-year. Operating cash flow surged to ₦2.152 trillion, compared to ₦633.8 billion in the same period last year, and EBITDA grew to ₦1.715 trillion from ₦573.4 billion.

On a dollar basis, adjusted EBITDA rose 190 percent to $1.112 billion from $383.0 million in 2024, supported by higher production and improved operational efficiency. Cash capital expenditure increased to $180.0 million from $102.4 million in the previous year, reflecting investments in production and gas development projects.

Average daily production rose sharply to 135,636 barrels of oil equivalent per day (boepd) — up 185 percent from 47,525 boepd in 2024 — largely due to the integration of the newly acquired MPNU assets and improved production uptime. Seplat also achieved a milestone with the sale of its first Liquefied Petroleum Gas (LPG) cargo to the domestic market, advancing its commitment to improving local energy access and promoting clean cooking.

In addition, the company confirmed that the ANOH Gas Processing Plant remains on track to deliver first gas in the fourth quarter of 2025, further strengthening its position in Nigeria’s fast-growing gas sector.

Seplat declared a Q3 2025 dividend of 7.5 US cents per share, representing a 63 percent quarter-on-quarter and 108 percent year-on-year increase. The dividend consists of a 5.0 US cents base dividend and a 2.5 US cents special dividend, supported by strong year-to-date cash generation and a revised dividend policy announced earlier in the year.

The company maintained a strong balance sheet, with cash at bank of $579.8 million (excluding $135.4 million in restricted cash), up from $433.9 million in 2024. Net debt declined by 43 percent to $386 million from $676 million, improving its net debt-to-EBITDA ratio to 0.27x.

Seplat said it has repaid and cancelled its Westport junior facility and refinanced the Westport senior reserve-based loan (RBL) at a lower cost of debt. It also fully repaid the $100 million outstanding on its revolving credit facility (RCF), with the $350 million RCF remaining undrawn and available as of the end of September 2025.

With the integration of the MPNU assets, record revenue growth, and strengthened financial position, Seplat Energy said it is well-positioned to expand production, accelerate gas development, and deliver sustainable long-term value for shareholders.