Seplat Energy PLC has announced its unaudited results for the six months ended 30 June 2025, recording a revenue of N2.167 trillion for the period from N575.1 billion reported same period last year.
Its gross profit soared to N751.2 billion from N247.5 billion Year-on-Year.
Cash generated from its operations for the period grew to N1.188 trillion from N308.2 billion Year-on-Year whilst operating profit rose to N601.2 billion from N285.2 billion Year-on-Year.
The energy company delivered strong production which firmly underpins FY2025 guidance; with earnings before interest, taxes, depreciation, and amortization (EBITDA) for half-year hitting N1.139 trillion for the period, representing a rise from N364.5 billion recorded in 2024 H1.
Production for the period averaged 134,492 boepd up 178per cent from 6M 2024 (48,407 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd), and approximately 10per cent higher than pro-forma production in 6M 2024. Working interest oil production reached 100,327 bopd in 6M 2025.
The company achieved more than 15.3 million man hours without Lost Time Injury (‘LTI’) on its operated assets.
The indigenous company made this known in a press statement yesterday.
In its operational highlights, Seplat said production averaged 134,492 boepd up 178per cent from 6M 2024 (48,407 boepd), above the midpoint of 2025 guidance (120 – 140 kboepd), and approximately 10% higher than pro-forma production in 6M 2024. Working interest oil production reached 100,327 bopd in 6M 2025.
He also said onshore production contribution of 54,831 boepd, was 13per cent higher than 6M 2024. Liquids +713per cent and gas +2413per cent vs 6M 2024.
The statement said: “Offshore production contribution was strong in the first half of the year at 79,660 boepd, which was made up of 8613per cent crude and condensate, five 13per cent NGL and nine 13per cent gas. 2Q 2025 production increased 1113per cent QoQ, aided by improved uptime.
“Offshore, the idle well restoration programme added c.25.9 kbopd gross production capacity from the first 29 wells restored to production.
“Carbon emissions intensity for Seplat onshore assets: 26.7 kg CO2/boe (revised 6M 2024: 31.4 kg Co2/boe). End of routine flaring for onshore assets on track for end 2025 completion.
“Achieved more than 15.3 million man hours without Lost Time Injury (‘LTI’) on our operated assets.
“In July, ANOH gas plant received dry gas to commence live hydrocarbon commissioning.”
On its financial highlights, the statement, said: “Revenue $1,398 million up c.23113per cent on prior year (6M 2024: $422 million). Unit production operating cost of $12.5/boe (6M 2024: $9.7/boe), below guidance of $14-$15/boe, due to timing of planned maintenance.
“Adjusted EBITDA of $735 million, up 17513per cent on prior year (6M 2024: $267.3 million).
“Cash generated from operations of $766.2 million, up 239% on prior year (6M 2024: $226.0 million).
“Cash capital expenditure of $96.5 million (6M 2024: $102.4 million).
“Balance sheet remains strong, end-June cash at bank $419.4 million (3M 2025: $334.6 million), excluding $133.0 million restricted cash.
“Net Debt at end-June of $676 million down 9.5per cent on prior quarter (1Q 2025: $747 million). Pro-forma ND/EBITDA improves to 0.53x.
“Credit ratings upgrades: April 2025 Fitch upgraded to B, June 2025: Moody’s upgraded to B2 (stable).
“Post period end, repaid the outstanding $100 million on our RCF. At end July 2025 the $350 million RCF is undrawn and fully available.”
