Seplat Energy Plc has projected that its revenue for the first half of 2025 will surpass the $1.1 billion recorded during the same period in 2024.
Speaking at the company’s Annual General Meeting held in Lagos on Wednesday, Chief Executive Officer Roger Brown disclosed that Seplat posted $809 million in revenue in the first quarter of 2025 alone.
This strong Q1 performance positions the company to exceed last year’s mid-year earnings, supported by improved production volumes and the successful integration of recently acquired assets.
“Our revenue last year stood at $1.1 billion. In the first quarter of this year alone, we generated $809 million, so it’s likely our second-quarter earnings will push us past last year’s total,” Brown stated.
The growth momentum follows Seplat’s late-2024 completion of the acquisition of Mobil Producing Nigeria Unlimited (MPNU), a subsidiary of ExxonMobil.
The deal has significantly enhanced Seplat’s production capacity, with internal projections indicating that daily output could triple to over 200,000 barrels of oil equivalent.
To mitigate the impact of volatility in the global oil market, Seplat has adopted a robust risk management approach.
The company confirmed it has hedged 5 million barrels of crude oil per quarter at a fixed price of $55 per barrel, providing a cushion against declining prices and ensuring revenue stability throughout the year.
As of May 2025, global oil prices have declined by 11 percent to $66.27 per barrel, pressured by increased output from OPEC+ member countries and uncertainties stemming from U.S. trade tariffs.
Despite this, Seplat’s hedging policy allows the firm to maintain guaranteed pricing on a substantial portion of its crude sales, safeguarding cash flow and earnings.
In addition to its upstream oil activities, Seplat is moving to expand its gas business with a new focus on exports.
Dotun Isiaka, Managing Director of Seplat Producing Nigeria Unlimited (SEPNU), said the company plans to commence gas exports to support Nigeria’s foreign exchange inflows and broaden its earnings base.
“This aligns with our strategic vision to become a major player in both domestic and international gas markets,” Isiaka stated.
The MPNU assets acquired by Seplat include gas reserves exceeding 14 trillion cubic feet (tcf), supported by existing infrastructure such as three compression hubs with a combined capacity of 1.7 billion cubic feet per day.
Seplat is now focused on upstream investment to extract and transport the gas to existing facilities for export.
“The key requirement is upstream investment to extract and transport the gas to these facilities, followed by pipeline delivery to shore,” Isiaka added.
Seplat has also implemented cost-efficiency measures across its operations to improve margins and ensure long-term sustainability in a challenging global energy environment.
Analysts view Seplat’s strategic positioning—supported by its expanded asset base, hedging discipline, and gas market diversification—as a strong platform for sustained earnings growth in 2025 and beyond.
The company’s dual focus on revenue resilience and operational expansion reinforces its status as one of Nigeria’s leading independent energy producers.
