By: ThinkBusiness Africa
Seplat Energy Public Limited Company, Nigeria’s leading independent energy producer, has reported a historic financial performance for the 2025 fiscal year. Driven by the first full year of consolidation from its newly acquired offshore assets, the company saw its revenue skyrocket to $2.73 billion, a 144.2 percent increase over the previous year.
The audited results, released on the Nigerian and London Stock Exchanges, underscore the “transformative” nature of the Mobil Producing Nigeria Unlimited acquisition, which was completed in late 2024.
Seplat’s operational scale shifted in 2025. Group production averaged 131,506 barrels of oil equivalent per day (boepd), representing a 148% leap from the 52,947 boepd recorded in 2024.
This volume-driven growth allowed the company to weather a 12 percent decline in realized oil prices (averaging $70.29 per barrel in 2025 versus $80.04 per barrel in 2024). Efficiency gains also played a role, as the company reduced its unit production operating cost by 5 percent to $15.7 per barrel of oil equivalent.
The year was marked by critical infrastructure delivery. The company achieved “first gas” at the 300 million standard cubic feet per day (scfpd) ANOH plant in January 2026. Current production is stable at 50 to 70 scfpd, positioning Seplat to double its gas volumes in the coming year.
Net debt fell by 25 percent to $673.3 million, bringing the company’s leverage to a conservative 0.53x Net Debt to Earnings Before Interest, Taxes, Depreciation, and Amortization.
Seplat reported a 24 percent reduction in emissions intensity for its operated onshore assets, reaching 24.3 kilograms of carbon dioxide per barrel of oil equivalent as it nears the end of its routine flaring program.
In a strong signal of confidence, the board declared a total 2025 dividend of 25.0 cents per share, a 52% increase from the 16.5 cents paid in 2024.
Looking ahead, Seplat issued a production guidance of 135,000 to 155,000 barrels of oil equivalent per day for 2026. While oil production is expected to remain stable, the company anticipates an 85 percent surge in Natural Gas Liquids (NGLs) and a 30 percent rise in gas output, largely fueled by the ramp-up of the ANOH project and the completion of the Oso-Bonny River Terminal phase 1.
Despite the record-breaking numbers, Seplat’s stock saw a slight 3.5 percent dip following the announcement, which analysts attribute to broader market concerns over global oil price volatility.
However, with a healthy Price-to-Earnings ratio and a robust project pipeline, the company remains a central pillar of Nigeria’s energy transition.
