A strong year of offshore consolidation and improved operational scale propelled Seplat Energy Plc to a record financial performance in 2025, with revenue surging 144.2 per cent year-on-year to $2.73bn (N4.14tn), up from $1.12bn (N1.65tn) in 2024.
The results, contained in the company’s audited financial statement for the year ended December 31, 2025 and filed with the Nigerian Exchange Limited, underscore what management described as the first full-year impact of its offshore assets following recent consolidation efforts.
Listed on both the NGX and the London Stock Exchange, Seplat’s performance reflects a strategic pivot toward scale, higher production volumes, and enhanced cash generation capacity.
Cash Flow Strengthens, Debt Declines
Cash generated from operations rose sharply by 276 per cent to $1.17bn, highlighting the strong cash-yielding profile of the enlarged asset base. Cash capital expenditure for the year stood at $266.8m, reflecting continued investment in growth projects across offshore and onshore operations.
The company also strengthened its balance sheet position, reducing net debt by 25 per cent to $673.3m, down from $897.8m in the previous year. The lower leverage, combined with stronger earnings, contributed to a reduction in its cost of debt, creating additional headroom for long-term capital returns and expansion.
Shareholder Returns Climb
In line with its improved financial performance, Seplat declared a fourth-quarter dividend of 8.3 cents per share — an 11 per cent increase quarter-on-quarter and a 20 per cent rise year-on-year. The payout comprised a core dividend of 5.0 cents and a special dividend of 3.3 cents.
Total dividend declared for 2025 reached 25.0 cents per share, equivalent to $150m — representing a 52 per cent increase over 2024. The move signals management’s confidence in cash flow sustainability and its commitment to delivering on a planned $1bn cumulative return of capital to shareholders by 2030.
Production Jumps 148% on Offshore Contribution
Operationally, group production averaged 131,506 barrels of oil equivalent per day (boepd) in 2025, up 148 per cent from 52,947 boepd in 2024. The significant increase reflects the first full year of offshore consolidation and aligns with revised production guidance.
Onshore assets also delivered solid growth, with production rising 14 per cent year-on-year, supported by the completion of the Sapele Gas Plant and the addition of new well inventory.
The ANOH Gas Plant achieved first gas in January 2026 and is currently producing between 50 and 70 million standard cubic feet per day (MMscfd), with approximately 60,000 barrels of condensate in storage. The company also indicated plans to double joint venture gas volumes at Oso-BRT to 240 MMscfd in the second half of 2026.
Drilling activity is expected to play a pivotal role in meeting Seplat’s long-term production target of 200,000 boepd by 2030. The first jack-up drilling rig has been contracted and is scheduled to arrive at Oso in the third quarter to begin a multi-year, multi-well campaign.
Safety and Operational Resilience
Seplat reported only one Lost Time Injury (LTI) across its operated assets in 2025 and achieved 11.4 million hours without LTI since September, underscoring continued emphasis on operational safety and discipline.
Commenting on the results, Chief Executive Officer Roger Brown said the company had demonstrated its ability to operate at scale, delivering strong offshore execution while achieving one of its strongest onshore production performances in recent memory.
He added that the combination of higher dividends, balance sheet strengthening, and disciplined project execution positions the company to create sustained long-term value as it advances its ambition to build a leading African energy platform.
With revenue growth accelerating, debt declining, and production expanding sharply, 2025 marks a transformational year for Seplat — one that firmly establishes the company’s offshore era while reinforcing its capacity for consistent shareholder returns.