Seplat Energy has disclosed earnings of N696.9b for the 2023-operating year, representing a 12 per cent growth in revenue from N403.9 b earned previous year.
The company, in its audited results for the 12 months ended December 31, 2023, said the Board recommended a special dividend of US 3 cents per share, in addition to Q4 2023 declared dividend of US 3 cents per share. Core dividend declared for 2023 is US 12 cents per share, up 20 per cent on 2022. Therefore, total dividend declared is US 15 cents per share.
The energy firm also reported a gross profit rise of 14.5 per cent from N197.2bn to N349.3bn, and achieved more than 8.7 million hours without Lost Time Injury (LTI) on Seplat-operated assets in 2023.
The company said its 2024 production guidance is put at 44,000 – 52,000 barrels of oil equivalent per day (kboepd), while it assumed availability of Trans Niger Pipeline (TNP) from third quarter 2024, and assumed ANOH contribution in line with the guidance.
It estimated its initial 2024 capex guidance at between $170-200 m. Drilling capex flat on 2022 (13 wells in base plan). Seplat also promised to fund capex on Abiala, a marginal field development tied into OML40.
The company said it received regulatory approval for the full lifecycle Field development plan (FDP) for the Sibiri oil discovery on OML40 in February 2024.
It expressed its confident that President Bola Tinubu’s administration would approve its acquisition of Exxon Mobil’s share capital of Mobil Producing Nigeria Unlimited (MPNU).
Commenting on the results, Chief Executive Officer, Seplat Energy Plc, Roger Brown, said: “Seplat Energy’s 2023 results illustrate the company’s ability to deliver production growth, fortify our balance sheet and reward shareholders despite facing some unexpected challenges during the year.
“Operational performance was strong, production increased 8 per cent over 2022 and we recorded the lowest level of reconciliation losses seen in recent years, a testament to the improving security efforts on the Niger Delta. Drilling yielded positive results, and I’m pleased to report strong 2P reserves growth, up 9 per cent on prior year estimates. Our revenue exceeded $1bn, and while costs increased, our proactive approach meant we generated more than $260m of free cash flow in the year, allowing us to continue rewarding our shareholders and further reduce net debt.”
