Seplat Energy Plc, listed on both the Nigerian Exchange and the London Stock Exchange, has announced its audited results for the year ended 31 December 2025, reporting strong operational and financial performance driven by its first full year of offshore consolidation.
Operational Performance
Group production averaged 131,506 barrels of oil equivalent per day (boepd), representing a 148 per cent increase from 52,947 boepd recorded in 2024, and within revised guidance. Fourth quarter 2025 production stood at 119,200 boepd, impacted by the Yoho shutdown and other planned maintenance activities.
Onshore assets delivered 14 per cent year-on-year production growth, supported by the completion of the Sapele Gas Plant and expanded well inventory. The ANOH Gas Plant achieved first gas in January 2026 and is currently producing between 50–70 million standard cubic feet per day (MMscfd), with approximately 60,000 barrels of condensate in storage.
Offshore production grew nine per cent year-on-year on a pro-forma basis, though performance was moderated by the Yoho platform outage, with restart expected in the second quarter of 2026. A highly successful idle well restoration programme added 48.6 thousand boepd of gross production capacity from 49 wells, exceeding expectations.
The EAP IGE project marked the first major offshore project delivery, achieving peak gross Natural Gas Liquids (NGL) recovery of about 33 thousand boepd in February 2026, compared to a 2025 peak of approximately 20 thousand boepd.
Year-end 2025 independently audited 2P reserves stood at 1,001 million barrels of oil equivalent (MMboe), down by about 42 MMboe from 2024, reflecting a focus on maintenance and asset integrity investments. However, Group 2P+2C resources increased by 181 MMboe to 2,486.6 MMboe, driven by positive offshore revisions and gas resource upgrades, including the Edop inclusion.
On safety, the company recorded one Lost Time Injury (LTI) on operated assets in 2025 and achieved 11.4 million hours without LTI since September 2024.
Financial Highlights
Revenue surged by 144.2 per cent to $2.726 billion, compared to $1.116 billion in 2024, reflecting a full year’s contribution from offshore assets.
Adjusted EBITDA rose 137 per cent to $1.275 billion, while cash generated from operations climbed 276 per cent to $1.166 billion.
Unit production operating costs declined by five per cent to $15.7 per barrel of oil equivalent, while cash capital expenditure stood at $266.8 million.
The company made total completion payments of $326.2 million to ExxonMobil, with no MPNU contingent consideration payable for 2025.
Seplat’s balance sheet strengthened significantly, with net debt reduced by 25 per cent year-on-year to $673.3 million. Net Debt-to-EBITDA improved to 0.53x, underscoring the company’s robust financial position.
Dividend Growth
A fourth quarter 2025 dividend of 8.3 US cents per share was declared, comprising a base dividend of 5.0 cents and a special dividend of 3.3 cents.
Total dividend declared for 2025 stood at 25.0 US cents per share, equivalent to $150 million — a 52 per cent increase over 2024 — reflecting strong free cash flow generation and balance sheet strength.
2026 Outlook
For 2026, Seplat projects production guidance of 135–155 thousand boepd, with the midpoint representing approximately 10 per cent growth over 2025 levels.
While crude and condensate volumes are expected to remain broadly flat due to planned maintenance, NGL output is projected to grow by 85 per cent year-on-year, effective from the first quarter of 2026. Gas production is forecast to increase by 30 per cent, supported by ANOH contributions, Sapele IGP growth, and the Oso-BRT Phase 1 project targeted for completion in the third quarter of 2026.
Initial capital expenditure guidance is set at $360–440 million, including plans to drill 17 new wells — 15 onshore and two offshore. Unit production operating costs are expected to decline further to between $13.5 and $14.5 per boe.
CEO Commentary
Chief Executive Officer, Roger Brown, said 2025 demonstrated Seplat’s ability to operate at scale, highlighting successful offshore project execution and the strongest onshore production performance in recent memory.
He reaffirmed the company’s ambition to build an African energy champion, targeting working interest production of 200 thousand boepd by 2030. Brown also noted that Seplat has contracted its first jack-up drilling rig, expected to arrive at Oso in the third quarter to commence a multi-year drilling campaign.
He added that the company’s strong cash generation enabled a dividend increase of over 50 per cent while continuing to strengthen the balance sheet, positioning Seplat to deliver its planned $1 billion cumulative return of capital to shareholders by 2030.
The announcement was authorised for publication by Eleanor Adaralegbe, Chief Financial Officer, Seplat Energy Plc.
