
Nigeria’s Seplat Energy PLC has reported $809.3 million in revenue for the first quarter (Q1), up 350 percent from the same three-month period in 2024 as higher oil and gas volumes offset lower prices.
Net profit came at $23.3 million, or 3.1 cents per share, compared to a net loss of $1.9 million for Q1 2024.
Petroleum volumes lifted rose 450 percent year-on-year to 9.9 million barrels, benefiting from the acquisition of Mobil Producing Nigeria Unlimited, renamed Seplat Energy Producing Nigeria Unlimited, from Exxon Mobil Corp. The purchase gave Seplat a 40 percent stake in four oil mining leases including over 90 shallow-water and onshore platforms and 300 producing wells. Oil volumes lifted in Q1 2024 totaled 1.8 million barrels.
“Production deferment in the period was 19 percent onshore (1Q 2024: 22 percent) and 23 percent offshore”, Seplat said in its quarterly report. “Onshore deferments were ahead of plan given reduced third-party related downtime, while offshore was in line with plan”.
Crude revenue rose 404 percent year-on-year to $959.8 million as the volume increase more than compensated for a drop in average realized oil price to $76.42 a barrel.
Natural gas liquid (NGL) volumes lifted totaled 138,000 barrels. NGL revenue was $5 million.
Seplat sold 14.9 billion standard cubic feet of gas, up 49 percent due to the startup of a new plant and new contribution from the ExxonMobil acquisition. That offset a decline in the average realized gas price to $3.01 per thousand cubic feet to drive a 53 percent growth in gas revenue to $44.5 million.
Working interest production totaled about 131,500 barrels of oil equivalent a day, up 167.1 percent against Q1 2024.
Adjusted earnings before interest, taxes, depreciation and amortization came at $400.6 million, up 224.9 percent compared to Q1 2024. Operating profit increased 190.7 percent to $238.2 million. Operations generated $306.5 million in cash, compared to $16.8 million for Q1 2024. Free cash flow was $176.4 million for Q1 2025.
“We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend to $ 4.6c/share, a 28 percent increase in our quarterly dividend versus 4Q 2024”, chief executive Roger Brown said.
“Our assets are high-quality, and while we will remain agile to the prevailing oil price environment, our business plan is designed to be robust at lower oil prices and our gas revenues, which are largely delinked to oil prices, provide long-term stability for the business”.
Seplat ended Q1 with NGN 2.9 trillion ($1.81 billion) in current assets including NGN 514.1 billion in cash and cash equivalents. Current liabilities stood at NGN 2.42 trillion.
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