Seplat Energy PLC has reported a 144 per cent surge in revenue to $2.7 billion for the year ended December 31, 2025, driven by a full year contribution from its offshore assets, while raising its total dividend for the year by 52 per cent to 25 US cents per share.
The energy company also posted significant growth in production and cash flow, strengthened its balance sheet with a 25 per cent reduction in net debt, and issued guidance for further output expansion in 2026.
According to its audited results for the year ended 31 December 2025, the Group recorded average production of 131,506 barrels of oil equivalent per day (boepd) in 2025, a 148% increase from 52,947 boepd in 2024 and in line with revised guidance. Fourth-quarter production stood at 119,200 boepd, impacted by the Yoho platform shutdown and other planned maintenance activities.
Onshore operations delivered 14% year-on-year production growth, supported by the completion of the Sapele Gas Plant and new well inventory. Offshore production increased 9% year-on-year on a pro-forma basis, though performance was moderated by the Yoho outage, with restart expected in the second quarter of 2026.
A highly successful idle well restoration programme added 48.6 thousand boepd (kboepd) of gross production capacity from 49 wells, exceeding expectations.
The ANOH Gas Plant achieved first gas in January 2026, with production stabilising at 50–70 million standard cubic feet per day (MMscfd). Approximately 60,000 barrels of condensate are currently in storage.
The EAP IGE project marked the first major offshore delivery, with peak gross natural gas liquids (NGL) recovery of approximately 33 kboepd achieved in February 2026, compared to a 2025 peak of about 20 kboepd.
Year-end 2025 independently audited 2P reserves declined by approximately 42 million barrels of oil equivalent (MMboe) to 1,001 MMboe (2024: 1,043 MMboe), reflecting a strategic focus on maintenance and asset integrity investments. Liquids account for 67% of 2P reserves.
However, Group 2P+2C resources increased by 181 MMboe to 2,486.6 MMboe (2024: 2,305.4 MMboe), with liquids representing 55%. Positive offshore revisions and a gas resource upgrade following the inclusion of Edop contributed to the increase.
Emissions intensity for onshore assets improved by 24% year-on-year to 24.3 kg CO₂/boe (2024: 32.3 kg CO₂/boe).
The Group recorded one Lost Time Injury (LTI) on operated assets during the year and achieved 11.4 million hours without LTI since September 2024.
Adjusted EBITDA increased 137% to $1.275 billion (2024: $539 million), while cash generated from operations surged 276% to $1.166 billion (2024: $310 million).
Unit production operating costs fell 5% year-on-year to $15.7 per boe (2024 adjusted: $16.5/boe). Cash capital expenditure stood at $266.8 million, compared to $208.1 million in 2024.
The company made total completion payments of $326.2 million to Exxon Mobil during the year. No MPNU contingent consideration was payable for 2025.
Net debt declined 25% year-on-year to $673.3 million (2024: $897.8 million), with Net Debt/EBITDA improving to 0.53x, reflecting a strengthened balance sheet.
Seplat declared a fourth-quarter 2025 dividend of 8.3 US cents per share, comprising a 5.0 cent base dividend and a 3.3 cent special dividend. This represents an 11% increase quarter-on-quarter and 20% year-on-year.
Total dividend declared for 2025 amounted to 25.0 US cents per share, equivalent to $150 million — a 52% increase on 2024 — underlining strong free cash flow generation and confidence in the company’s outlook.
2026 Outlook: Production Growth and Higher Capex
For 2026, Seplat has issued production guidance of 135–155 kboepd, with the midpoint implying approximately 10% growth over 2025.
Crude and condensate production is expected to remain flat year-on-year, as new wells offset planned downtime for strategic maintenance. NGL output is forecast to increase 85% year-on-year from the first quarter of 2026 following completion of the EAP project.
Gas production is projected to grow 30% year-on-year, supported by contributions from ANOH, year-on-year growth at Sapele IGP, and the completion of Oso-BRT Phase 1, targeted for the third quarter of 2026. The project aims to double offshore gas sales to 240 MMscf/d gross.
Initial capital expenditure guidance for 2026 is $360–440 million, including plans to drill 17 new wells — 15 onshore and two offshore. Offshore drilling is scheduled to begin in the third quarter. Unit production operating costs are expected to decline further to $13.5–14.5 per boe, driven by higher volumes.
Commenting the Chief Executive Officer Roger Brown, said 2025 demonstrated Seplat’s ability to operate at scale, citing strong offshore execution and one of the strongest onshore production performances in recent years.
He reiterated the company’s long-term ambition to “Build an African Energy Champion” and grow working interest production to 200 kboepd by 2030. Brown highlighted the delivery of the offshore IGE replacement project, completion of the Sapele Gas Plant, first gas at ANOH, and progress toward doubling Joint Venture gas volumes at Oso-BRT in the second half of 2026.
He also confirmed that the company’s first jack-up drilling rig has been contracted and is expected to arrive at Oso in the third quarter to commence a multi-year drilling campaign.
Brown noted that the Group’s strong cash generation has enabled a more than 50% increase in dividends while strengthening the balance sheet, positioning the company to achieve its planned $1 billion cumulative return of capital to shareholders by 2030 and benefit from a reduced cost of debt.
