Leading Nigerian independent energy Company, Seplat Energy grew its revenue year-on-year from N696.9 billion to N1.652 trillion, with cash generated from its operations rising to N567.5 billion from N340.6 billion within the period.
Seplat, in its audited results for the twelve months ended 31 December 2024, announced a dividend of US16.5 Cents per share, which is 10% higher than the amount recorded in 2023.
Recall, that Seplat, following its strong operational and strategic progress in 2024, acquired Mobil Producing Nigeria Unlimited (MPNU), which was later renamed as Seplat Energy Producing Nigeria Unlimited (SEPNU).
The Company’s production (onshore assets) averaged 48,618 barrels of oil equivalent per day (boepd) up 2% from 2023 (47,758 boepd), and within guidance. Including 19 days of SEPNU production (annualised average contribution of 4,329 kboepd), reported production reached 52,947 boepd, 11% higher than 2023.
The Company’s operating profit also rose to N647.9bn from N163.7bn Year-on-Year whilst profit before tax surged to N561.4bn from N125.5bn Year-on-Year.
In the same vein, gross profit for the Company hit N710.1bn from N349.3bn Year-on-Year, as the company achieved more than 11.0 million hours (2023: 8.7 million hours) without Lost Time Injury (LTI) on Seplat-operated assets in 2024.
Commenting on the progress, Seplat’s Chief Executive Officer, Roger Brown, said: “2024 was truly a defining year for Seplat Energy. In addition to delivering key growth projects in our existing onshore business, we closed out 2024 by completing the acquisition of SEPNU, the largest in the Company’s history, which adds significant scale and attractive low-cost growth potential.
“In the first few months since the acquisition, it has already become clear that there is significant prize in the offshore shallow water, operating a closed loop system from well-head production to hydrocarbon sales at the terminal.
“This year we will focus on re-opening previously shut in wells in SEPNU, alongside another full drilling campaign for our onshore assets and we look forward to delivering first gas at ANOH. We will also accelerate the subsurface work and contracting needed to commence an infill drilling campaign at SEPNU.
“Our confidence in the future trajectory for the enlarged business, combined with our strong financial position, means that we are delighted to declare a special dividend again for 2024, lifting the total dividend for 2024 to $16.5 cents per share, an uplift of 10% from 2023.
“The Seplat Energy team is rightly proud of its achievements in 2024, and we fully intend to continue our mission to create significant shared value and enhance prosperity for all our stakeholders in Nigeria and beyond,” he said.
