Seplat Energy Plc, a leading Nigerian independent energy company has grown its revenue by 144.2% to $2,726 million from the $1,116 million recorded in 2024, reflecting a full year of contribution from offshore assets.
This was contained in its audited results for the twelve months ended 31 December 2025, released on Thursday.
The company announced unit production operating cost of $15.7/boe down 5% on prior year (Adjusted 2024: $16.5/boe). Adjusted EBITDA of $1,275.4 million, up 137% on prior year ($539.0 million).
The results show that cash generated from operations of $1,165.6 million, increased by 276% on prior year (2024: $310.0 million), and Cash capex of $266.8 million (FY 2024: $208.1 million).
The results also show a total completion payment of $326.2 million to Exxon Mobil, noting that there was no MPNU contingent consideration payable to ExxonMobil for 2025.
Balance sheet remains robust, as the company recorded net debt at year end 2025 of $673.3 million down 25% YoY (YE 2024: $897.8 million), and net Debt/EBITDA of 0.53x.
The company declared 4Q 2025 dividend of USD 8.3c/shr, up 11% QoQ and 20% YoY, consisting of USD 5.0c/shr base and USD 3.3c/shr special dividend.
The total dividend declared for 2025 wasUSD 25.0c/shr, equivalent to $150 million and a 52% increase on 2024, reflecting the strength of balance sheet, strong underlying free cash flow generation and continued confidence in our outlook.
Commenting on the results, the Chief Executive Officer, Seplat Plc, Roger Brown, said: “In 2025 we clearly illustrated our ability to operate at scale. We benefitted from successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory.
“At our CMD in September, we laid out our long-term ambition to “Build an African Energy Champion”, with a clear roadmap to grow working interest production to 200 kboepd by 2030. In 2025 we delivered the IGE replacement project offshore and the Sapele Gas plant onshore. In recent weeks we were delighted to achieve first gas at the ANOH Gas Plant and are on track to doubling Joint Venture gas volumes at Oso-BRT to 240 MMscfd in 2H 2026.
“Drilling will be a decisive factor in meeting our long-term growth ambitions and I am pleased to announce that the first Jack-Up drilling rig is contracted, in country and set to arrive at Oso in 3Q to commence a multi-year, multiwell drilling campaign.
“Finally, the cash generative nature of our asset base is clearly evident in our results, and by raising dividends by over 50% to USD 25 cents per share alongside continued strengthening of our balance sheet and delivery of our work programmes, we are already well positioned to deliver on our planned $1 billion cumulative return of capital to shareholders by 2030. Furthermore, the strength of the enlarged group has reflected in a notable lowering of our cost of debt, providing additional scope for long-term value creation.”
