SEPLAT Energy PLC has announced a good financial performance for the year ended December 31, 2025, posting a 144.2 percent surge in revenue to $2.726 billion, up from $1.116 billion in 2024.
According to the company, the surge in revenue was driven largely by a full-year contribution from its offshore assets.
Listed on both the Nigerian Exchange and the London Stock Exchange, Seplat Energy Plc also recorded a 137 per cent increase in adjusted EBITDA to $1.275 billion, compared with $539 million in the previous year.
According to the highlights from the company on Thursday, cash generated from operations rose sharply by 276 per cent to $1.166 billion, underscoring what the company described as the strong cash-generating capacity of its enlarged asset base.
Seplat reduced its net debt by 25 percent year-on-year to $673.3 million as of year-end 2025, down from $897.8 million in 2024.
The company’s Net Debt-to-EBITDA ratio improved significantly to 0.53x, reflecting stronger earnings and disciplined financial management.
Its unit production operating cost declined by five percent to $15.7 per barrel of oil equivalent (boe) from $16.5/boe in 2024, while the company projects a further reduction to between $13.5 and $14.5/boe in 2026 on the back of higher volumes.
Capital expenditure for the year stood at $266.8 million, compared with $208.1 million in 2024, while total completion payments to ExxonMobil amounted to $326.2 million. The company confirmed that no contingent consideration was payable to ExxonMobil for 2025.
The group production averaged 131,506 barrels of oil equivalent per day (boepd) up 148 percent from 2024 (52,947 boepd) reflecting the first full year of offshore consolidation and within revised guidance.
During the fourth quarter (4Q) 2025, group production of 119,200 boepd was impacted by Yoho shutdown and other planned maintenance activities
Onshore delivered 14 percent production growth year -on- year (YoY), supported by completion of the Sapele Gas Plant, and new well inventory.
ANOH gas plant achieved first gas in January 2026, with stable production at 50-70 million standard cubic feet per day (MMscfd), with ~60kbbl condensate currently in storage.
Emissions intensity for Seplat onshore assets: 24.3 kg CO2/boe (2024: 32.3 kg CO2/boe), down 24 percent YoY.
Offshore grew 9 per cent year-on-year (YoY) on a pro forma basis, with moderated performance by Yoho platform outage, which is expected to restart in the second quarter 2026.
A highly successful idle well restoration programme added 48.6 kboepd gross production capacity from 49 wells, exceeding expectations
The EAP IGE offshore project achieved peak gross natural gas liquids recovery of approximately 33,000 barrels per day in February 2026.
Meanwhile, dividend Increased by 52 per cent.
In line with its improved earnings, Seplat declared a fourth-quarter 2025 dividend of 8.3 US cents per share, comprising a 5.0 cents base dividend and a 3.3 cents special dividend.
Total dividend declared for 2025 stood at 25 US cents per share, equivalent to $150 million, representing a 52 per cent increase over 2024. The company attributed the increase to strong free cash flow generation and balance sheet resilience.
Commenting on the results, Roger Brown, Chief Executive Officer, said the company clearly illustrated its ability to operate at scale in 2025.
According to him, the company benefited from successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory.
“At our CMD in September, we laid out our long-term ambition to “Build an African Energy Champion’, with a clear roadmap to grow working interest production to 200 kboepd by 2030. In 2025 we delivered the IGE replacement project offshore and the Sapele Gas plant onshore. In recent weeks, we were delighted to achieve first gas at the ANOH Gas Plant and are on track to double Joint Venture gas volumes at Oso-BRT to 240 MMscfd in 2H 2026,” he said
Brown explained that drilling would be a decisive factor in meeting the long-term growth ambitions of the company, announcing that the first jack-up drilling rig is contracted, in country and set to arrive at Oso in 3Q to commence a multi-year, multi-well drilling campaign.
“Finally, the cash generative nature of our asset base is clearly evident in our results, and by raising dividends by over 50% to USD 25 cents per share alongside continued strengthening of our balance sheet and delivery of our work programmes, we are already well positioned to deliver on our planned $1 billion cumulative return of capital to shareholders by 2030. Furthermore, the strength of the enlarged group has reflected in a notable lowering of our cost of debt, providing additional scope for long-term value creation,” the CEO of Seplat Energy Plc said.