Seplat Energy Plc has posted revenue of $2.726 billion, a 144.2 per cent increase from $1.116 billion in 2024, driven by a full-year contribution from its offshore assets.

The company declared a fourth quarter 2025 dividend of 8.3 cents per share, comprising a five-cent base dividend and a 3.3-cent special dividend, representing an 11 per cent increase quarter-on-quarter and a 20 per cent rise year-on-year.

Total dividend declared for 2025 stood at 25 cents per share, equivalent to $150 million, marking a 52 per cent increase on 2024 and reflecting what the company described as the strength of its balance sheet, strong underlying free cash flow generation and continued confidence in its outlook.

For 2026, Seplat provided production guidance of 135,000–155,000 boepd, with the mid-point representing about a 10 per cent increase on 2025 levels.

Seplat Group production averaged 131,506 barrels of oil equivalent per day (boepd), representing a 148 per cent rise from 52,947 boepd recorded in 2024.

However, fourth quarter 2025 production fell to 119,200 boepd, impacted by the Yoho shutdown and other planned maintenance activities.

Onshore operations delivered 14 per cent year-on-year production growth, supported by the completion of the Sapele Gas Plant and new well inventory.

Offshore output grew nine per cent year-on-year on a pro-forma basis, although performance was moderated by the Yoho platform outage, with restart expected in the second quarter of 2026.

The company’s idle well restoration programme added 48.6 kboepd gross production capacity from 49 wells, exceeding expectations. Offshore, the EAP IGE project marked the first major project delivery, achieving peak gross (EAP + OSO) natural gas liquids (NGL) recovery of about 33 kboepd in February 2026, compared with a 2025 peak gross NGL recovery of about 20 kboepd.

Seplat said the ANOH gas plant achieved first gas in January 2026, with production stable at 50–70 million standard cubic feet per day (MMscfd), and about 60,000 barrels of condensate currently in storage.

At year-end 2025, independently audited 2P reserves stood at 1,001 million barrels of oil equivalent (MMboe), down by about 42 MMboe from 1,043 MMboe in 2024, reflecting the company’s focus on maintenance and integrity investments.

However, Group 2P+2C increased by 181 MMboe to 2,486.6 MMboe from 2,305.4 MMboe in 2024, supported by positive offshore oil resource revisions and a gas resource upgrade following the inclusion of Edop.

Emissions intensity for Seplat’s onshore assets declined 24 per cent year-on-year to 24.3 kg CO₂/boe from 32.3 kg CO₂/boe in 2024. The company recorded one Lost Time Injury (LTI) on its operated assets in 2025 and reported 11.4 million hours without LTI since September, compared with 11 million hours in 2024.

Adjusted EBITDA rose 137 per cent to $1.275 billion from $539 million in 2024, while cash generated from operations increased 276 per cent to $1.166 billion, compared with $310 million in the prior year.

Unit production operating cost declined five per cent to $15.7 per boe, from an adjusted $16.5 per boe in 2024. Cash capital expenditure stood at $266.8 million, up from $208.1 million in 2024.

The company made total completion payments of $326.2 million to Exxon Mobil during the year, with no MPNU contingent consideration payable for 2025. Net debt fell 25 per cent year-on-year to $673.3 million at year-end 2025 from $897.8 million in 2024, with Net Debt/EBITDA at 0.53x.

Crude and condensate volumes are expected to remain flat year-on-year as new well inventory offsets planned downtime for strategic maintenance and integrity activities.

NGL production is projected to increase 85 per cent year-on-year from the first quarter of 2026 following completion of EAP, while gas output is expected to grow 30 per cent year-on-year, supported by ANOH contribution, growth on Sapele IGP and completion of Oso-BRT Phase 1, which is on track for the third quarter of 2026 and targets a doubling of offshore gas sales to 240 MMscfd gross.

Initial capital expenditure guidance for 2026 is set at $360–440 million, including plans for 17 new wells (15 onshore and two offshore), with offshore drilling scheduled from the third quarter. Unit production operating costs are expected to decline further to $13.5–14.5 per boe, reflecting volume-led reductions.
Commenting on the results, Chief Executive Officer, Roger Brown, said in 2025 the company’s ability to operate at scale was illustrated.

“We benefitted from the successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory.

“At our CMD in September, we laid out our long-term ambition to ‘Build an African Energy Champion’, with a clear roadmap to grow working interest production to 200 kboepd by 2030. In 2025, we delivered the IGE replacement project offshore and the Sapele Gas plant onshore. In recent weeks, we were delighted to achieve first gas at the ANOH Gas Plant and are on track to double Joint Venture gas volumes at Oso-BRT to 240 MMscfd in 2H 2026.”