Seplat Energy Plc has reported $1.398 billion in revenue in the first six months ended June 30, a 231% increase from $422 million in the same period of 2024.
The company declared a Q2 dividend of 4.6 cents per share, maintaining its payout momentum.
The results reflect significant growth in production, strong cash flows, and further reduction in net debt, supported by operational efficiency and disciplined capital management.
Operational Highlights
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Production averaged 134,492 boepd, a 178% increase from 48,407 boepd in H1 2024 and above the midpoint of the 2025 guidance range of 120–140 kboepd.
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Onshore output contributed 54,831 boepd, up 13% from the prior year, with liquids rising 7% and gas volumes up 24%.
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Offshore production delivered 79,660 boepd, consisting of 86% crude and condensate, 9% gas, and 5% NGLs. Q2 2025 production rose 11% quarter-on-quarter on improved uptime.
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Well restoration programme offshore added 25,900 bopd gross production from the first 29 wells restored.
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Carbon emissions intensity on onshore assets reduced to 26.7 kg CO₂/boe, from 31.4 kg CO₂/boe in H1 2024, as the company moves towards ending routine flaring by end-2025.
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Achieved 15.3 million man-hours without Lost Time Injury (LTI).
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The ANOH gas plant commenced live hydrocarbon commissioning in July.
Financial Highlights
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Revenue: $1.398 billion, up 231% year-on-year.
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Adjusted EBITDA: $735 million, rising 175% from $267.3 million in H1 2024.
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Cash Flow from Operations: $766.2 million, up 239% from $226.0 million.
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Unit Production Cost: $12.5/boe, below the guidance range of $14–$15/boe.
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Capital Expenditure: $96.5 million, down from $102.4 million in H1 2024.
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Cash at Bank: $419.4 million as at June 30, 2025, excluding $133.0 million in restricted cash.
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Net Debt: $676 million, down 9.5% from $747 million in Q1 2025, with net leverage improving to 0.53x EBITDA.
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Credit Rating Upgrades: Fitch raised Seplat’s rating to B in April; Moody’s upgraded to B2 (Stable) in June.
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Post period-end, the company repaid the remaining $100 million on its revolving credit facility (RCF), leaving the $350 million facility fully undrawn and available.
Dividend
The Board declared a second-quarter dividend of 4.6 cents per share, in line with Q1 2025, reaffirming Seplat Energy’s commitment to consistent shareholder returns. A revised capital allocation policy is expected to be unveiled during the Capital Markets Day on September 18, 2025.
2025 Outlook
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Production guidance maintained at 120–140 kboepd (48–56 kboepd onshore, 72–84 kboepd offshore).
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Capex guidance remains $260–$320 million.
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Unit operating costs expected at $14–$15/boe.
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Capital Markets Day scheduled for September 18, 2025, where the company will detail its medium- to long-term growth ambitions.
CEO’s Statement
Commenting on the results, Roger Brown, Chief Executive Officer of Seplat Energy, said “Seplat has continued its positive trajectory in Q2 to deliver a strong performance for the first half of 2025. Our focus on integrity, reliability, and production improvement activities are bearing fruit, as evidenced by strong production in Q2, with onshore in the upper end of guidance and offshore production growing 11% quarter-on-quarter. We are well placed to weather the recent increase in macro volatility, with strong revenues and disciplined cost management delivering positive cash flows, reducing leverage, and supporting our robust dividend track record.”
Brown added that integration of the enlarged group is progressing well, noting that the upcoming Capital Markets Day will showcase the company’s long-term growth agenda.
