Seplat Energy, a leading Nigerian independent energy company listed on both the Nigerian Exchange Group and the London Stock Exchange, announces its unaudited results for the six months ended 30 June 2025.

Summary

Strong production firmly underpins FY2025 guidance. Generated $766 million cash flow from operations in 6M 2025, enabling further reduction in net debt and improvement in net leverage to c.0.5x Net debt/EBITDA. $4.6c/shr dividend declared for 2Q 2025, inline with 1Q 2025.

Operational highlights

• Production averaged 134,492 boepd up 178% from 6M 2024 (48,407 boepd), above the midpoint of 2025 guidance (120 - 140 kboepd), and approximately 10% higher than pro-forma production in 6M 2024.  Working interest oil production reached 100,327 bopd in 6M 2025.
• Onshore production contribution of 54,831 boepd, was 13% higher than 6M 2024. Liquids +7% and gas +24% vs 6M 2024
• Offshore production contribution was strong in the first half of the year at 79,660 boepd, which was made up of  86% crude and condensate, 5% NGL and 9% gas. 2Q 2025 production increased 11% QoQ, aided by improved uptime.
• Offshore, the idle well restoration programme added c.25.9 kbopd gross production capacity from the first 29 wells restored to production.
• Carbon emissions intensity for Seplat onshore assets: 26.7 kg CO2/boe (revised 6M 2024: 31.4 kg CO2/boe). End of routine flaring for onshore assets on track for end 2025 completion. 
• Achieved more than 15.3 million man hours without Lost Time Injury ('LTI') on our operated assets
• In July, ANOH gas plant received dry gas to commence live hydrocarbon commissioning.

Financial highlights 

• Revenue $1,398 million up c.231% on prior year (6M 2024: $422 million). 
• Unit production operating cost of $12.5/boe (6M 2024: $9.7/boe), below guidance of $14-$15/boe, due to timing of planned maintenance.
• Adjusted EBITDA of $735 million, up 175% on prior year (6M 2024: $267.3 million). 
• Cash generated from operations of $766.2 million, up 239% on prior year (6M 2024: $226.0 million).
• Cash capital expenditure of $96.5 million (6M 2024: $102.4 million).
• Balance sheet remains strong, end-June cash at bank $419.4 million (3M 2025: $334.6 million), excluding $133.0 million restricted cash.
• Net Debt at end-June of $676 million down 9.5% on prior quarter (1Q 2025: $747 million). Pro-forma ND/EBITDA improves to 0.53x.
• Credit ratings upgrades: April 2025 Fitch upgraded to B, June 2025: Moody's upgraded to B2 (stable)
• Post period end, repaid the outstanding $100 million on our RCF. At end July 2025 the $350 million RCF is undrawn and fully available.

Dividend

• 2Q 2025 declared dividend of US$ 4.6c/share, inline with the prior quarter dividend. The Company plans to set out a revised capital allocation policy in the Capital Markets Day scheduled for 18 September 2025.

2025 Outlook

2025 guidance is maintained:

• Production guidance of 120-140 kboepd (Seplat Onshore 48-56 kboepd, Seplat Offshore 72-84 kboepd).  
• Capex guidance $260-320 million. (Seplat Onshore $180-220 million, Seplat Offshore $80-100 million).
• Unit operating costs for the group are expected to be $14.0-15.0/boe.

Roger Brown, Chief Executive Officer, 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 2Q 2025, with onshore in the upper end of guidance, and offshore production growing 11% quarter on quarter. The Company delivered first half production over 10% higher than the pro-forma output in same period last year, delivering on both our ambitions and supporting Nigeria's goals of oil and gas production growth.

We are well placed to weather the recent increase in macro volatility. Strong revenues and a focus on costs delivered significant positive cash flows, enabling us to further reduce net leverage, continue our strong quarterly dividend track record and in the past week, pay down an additional $100 million of debt.

We have hit the ground running in 2025 building a strong foundation with which deliver on our 2025 performance targets. Integration of the enlarged group continues at pace and we look forward to sharing our exciting plans for the Company when we set out the future of our business at the upcoming Capital Markets Day in September."

KeyFacts Energy: SEPLAT Nigeria country profile