Seplat Energy Plc has reported a 144.2 per cent revenue growth to 2.73 million dollars from 1.12 million dollars recorded in 2024.
The company, in a statement on Thursday, said that the significant growth was driven largely by a full year contribution from its offshore assets.
Seplat reported profit before tax (PBT) growth by 86.7 per cent to 497.8 million dollars as against preceding year’s 266.7million dollars.
Gross profit was up 156.4 per cent, from 352.4 million dollars in 2024 to 904.5 million dollars in 2025.
Its adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) also increased by 137 per cent to 1.28 billion dollars, compared with 539 million dollars in the previous year.
Cash generated from operations surged by 276 per cent to 1,165.6 million dollars, up from 310.0 million dollars in 2024, indicating stronger cash flow performance during the period.
The company reported a reduction in unit production operating cost, which declined by five per cent to 15.7 dollars per barrel of oil equivalent (boe), from 16.5 dollars per boe recorded in the prior year.
Capital expenditure stood at 266.8 million dollars, higher than the 208.1 million dollars recorded in 2024.
ExxonMobil received total completion payments of 326.2 million dollars during the year, while the company noted that no contingent consideration was payable in respect of MPNU for 2025.
The company further stated that its balance sheet remained strong, with net debt reducing by 25 per cent year-on-year to 673.3 million dollars as at the end of 2025, from 897.8 million dollars in 2024.
It added that its net debt-to-EBITDA ratio improved to 0.53 times.
On its operational highlight Seplat Energy said its average daily production increased by 148 per cent to 131,506 barrels of oil equivalent per day (boepd), compared to 52,947 boepd recorded in 2024.
It, however, noted that fourth quarter production stood at 119,200 boepd, impacted by the Yoho platform shutdown and other planned maintenance activities.
Onshore operations recorded a 14 per cent year-on-year growth, supported by the completion of the Sapele Gas Plant and the addition of new wells to its inventory.
The company also disclosed that the ANOH Gas Plant achieved first gas in January 2026, with stable production ranging between 50 and 70 million standard cubic feet per day, while about 60,000 barrels of condensate are currently in storage.
In its sustainability performance, Seplat said emissions intensity for its onshore assets dropped by 24 per cent to 24.3 kilogrammes of carbon dioxide per barrel of oil equivalent, from 32.3 kg recorded in 2024.
Offshore production grew by nine per cent on a pro-forma basis, although performance was moderated by the Yoho platform outage, with restart expected in the second quarter of 2026.
The company highlighted the success of its idle well restoration programme, which added 48,600 boepd of gross production capacity from 49 wells, exceeding expectations.
On 2026 outlook, Seplat projected stronger production and operational performance in 2026, with a guidance range of 135,000 to 155,000 barrels of oil equivalent per day (boepd), representing about a 10 per cent increase over its 2025 output.
It noted that crude oil and condensate production were expected to remain broadly flat year-on-year, as new well inventory was projected to offset planned downtime for strategic maintenance and asset integrity activities.
It, however, forecast a significant rise in natural gas liquids (NGL) production, expected to grow by 85 per cent year-on-year from the first quarter of 2026, following the completion of the EAP project.
Gas production was also projected to increase by 30 per cent, driven by contributions from the ANOH Gas Plant, improved output from the Sapele Integrated Gas Plant, and the completion of the Oso-BRT Phase 1 project.
According to the company, the Oso-BRT Phase 1 project, scheduled for completion in the third quarter of 2026, was expected to double offshore gas sales to about 240 million standard cubic feet per day.
Seplat said it had set an initial capital expenditure guidance of between $360 million and 440 million dollars for 2026, with plans to drill 17 new wells, comprising 15 onshore and two offshore wells, with offshore drilling expected to commence in the third quarter.
The company added that unit production operating costs were projected to range between 13.5 dollars and 14.5 dollars per barrel of oil equivalent.
It noted that increased production volumes was expected to drive cost efficiency across its operations.
Commenting on the results, Roger Brown, Chief Executive Officer, 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 the third quarter 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 per cent 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.”
