Seplat Energy Plc Thursday reported a 144.2 per cent surge in revenue to $2.726 billion for the full year ended December 31, 2025, as group production jumped 148 per cent to 131,506 barrels of oil equivalent per day (boepd), reflecting the first full year contribution from its offshore assets.
The company, which is listed on both the Nigerian and London Stock Exchanges, also posted a 5 per cent reduction in unit production operating cost to $15.7 per barrel of oil equivalent (boe), down from an adjusted $16.5/boe in 2024.
The results announcement was authorised for publication by the Chief Financial Officer, Eleanor Adaralegbe, and was made available by the Manager, Corporate Communications and Media Relations, Stanley Opara.
A review of the audited numbers showed that revenue rose from $1.116 billion in 2024 to $2.726 billion in 2025, an increase of $1.61 billion year-on-year. In the same vein, production climbed from 52,947 boepd in 2024 to 131,506 boepd in 2025, representing a 148 per cent growth, largely driven by offshore consolidation.
“Revenue (was) $2,726 million up 144.2 per cent (FY 2024: $1,116 million), reflecting a full year of contribution from offshore assets. (We had) unit production operating cost of $15.7/boe down 5 per cent on prior year (Adjusted 2024: $16.5/boe)
“Group production averaged 131,506 boepd, up 148 per cent from 2024 (52,947 boepd) reflecting the first full year of offshore consolidation, and within revised guidance. 4Q 2025 group production of 119,200 boepd, impacted by Yoho shutdown and other planned maintenance activities,” it emphasised.
Besides, adjusted EBITDA rose 137 per cent to $1.275 billion, compared with $539 million in 2024, while cash generated from operations surged 276 per cent to $1.166 billion from $310 million the previous year.
Seplat stated that during the period under consideration, net debt fell 25 per cent year-on-year to $673.3 million at the end of 2025, down from $897.8 million in 2024, with Net Debt-to-EBITDA improving to a low 0.53x, underlining what the company described as a robust balance sheet.
Operationally, Seplat said it recorded onshore production growth of 14 per cent year-on-year, supported by the completion of the Sapele Gas Plant and new well inventory. Offshore production increased 9 per cent on a pro-forma basis, though performance in the fourth quarter was moderated by the Yoho platform outage and planned maintenance. Group production in the fourth quarter stood at 119,200 boepd, it said.
According to the statement, the company’s idle well restoration programmeadded 48,600 boepd of gross production capacity from 49 wells, exceeding internal expectations.
In the gas segment, the ANOH gas plant achieved first gas in January 2026 and is currently producing between 50 and 70 million standard cubic feet per day (MMscfd), with about 60,000 barrels of condensate in storage, the company said.
Similarly, the East Area Project (EAP IGE), the first major offshore project delivery, reached a peak gross natural gas liquids (NGL) recovery of about 33 kboepd in February 2026, compared with a 2025 peak of roughly 20 kboepd.
On reserves, year-end 2025 independently audited 2P reserves, it said, declined to 1,001 MMboe from 1,043 MMboe in 2024, with liquids accounting for 67 per cent. However, combined 2P+2C resources increased by 181 MMboe to 2,486.6 MMboe from 2,305.4 MMboe in 2024, 55 per cent of which are liquids.
Seplat also announced that it improved its environmental performance, reducing emissions intensity across its onshore assets to 24.3 kg CO2 per boefrom 32.3 kg CO2/boe in 2024, a 24 per cent reduction year-on-year.
Capital expenditure for the year rose to $266.8 million from $208.1 million in 2024, while total completion payments to ExxonMobil stood at $326.2 million. The company confirmed that no MPNU contingent consideration was payable to ExxonMobil for 2025.
On shareholder returns, Seplat declared a fourth-quarter dividend of 8.3 US cents per share, comprising a 5.0 cents base dividend and a 3.3 cents special dividend. This represents an 11 per cent quarter-on-quarter increase and a 20 per cent year-on-year rise.
Total dividend declared for 2025 stood at 25.0 cents per share, equivalent to $150 million, marking a 52 per cent increase over 2024, supported by strong free cash flow and balance sheet strength.
Commenting on the results, Chief Executive Officer, Roger Brown, said 2025 demonstrated Seplat’s ability to operate at scale following its offshore expansion.
He said the company had successfully executed key offshore projects while delivering its strongest onshore production performance in recent memory. Brown reiterated Seplat’s ambition, unveiled at its Capital Markets Day in September, to build an African energy champion and grow working interest production to 200,000 boepd by 2030.
“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, multi-well 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,” he stated.
Looking ahead, the company issued 2026 production guidance of 135,000 to 155,000 boepd, with the midpoint implying approximately 10 per cent growth over 2025 levels. Crude and condensate volumes are expected to remain broadly flat year-on-year, as new wells offset planned maintenance downtime.
Besides, NGL output is projected to increase by 85 per cent year-on-year, effective from the first quarter of 2026 following completion of EAP, while gas production is forecast to rise 30 per cent, supported by ANOH contributions, growth at the Sapele Integrated Gas Plant and completion of the Oso-BRT Phase 1 project. The latter, targeted for the third quarter of 2026, aims to double offshore gas sales to 240 MMscfd gross.
Initial capital expenditure guidance for 2026 was set at $360 million to $440 million, covering plans to drill 17 new wells, 15 onshore and two offshore, with offshore drilling expected to commence in the third quarter using a contracted jack-up rig already in-country.
Seplat said it expects further cost efficiency gains, guiding for unit production operating costs of between $13.5 and $14.5 per boe in 2026, driven by higher volumes.
The company stated that the strength of the enlarged group has already contributed to a lower cost of debt, enhancing long-term value creation prospects and supporting its target of delivering $1 billion in cumulative returns to shareholders by 2030.
Emmanuel Addeh
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