Emmanuel Ukudolo I Friday, Feb.26.26
LAGOS — Seplat Energy has delivered a record-breaking set of annual results, underpinned by a 148% surge in production and the successful integration of its offshore assets.
The London and Lagos-listed independent energy group reported revenue of $2.73bn for the year ended December 31, 2025, up from $1.12bn in 2024.
This dramatic top-line growth filtered through to the bottom line, with adjusted EBITDA rising 137% to $1.28bn, while cash generated from operations nearly quadrupled to $1.17bn.
The transformation follows the first full year of consolidation for Seplat’s offshore portfolio. Group production averaged 131,506 barrels of oil equivalent per day (boepd), up from 52,947 boepd the previous year. While the fourth quarter saw a slight moderation to 119,200 boepd due to planned maintenance and a shutdown at the Yoho platform, the company’s onshore assets remained resilient, delivering 14% growth year-on-year.
On the back of what Chief Executive Roger Brown described as the company’s “ability to operate at scale,” Seplat announced a significant return of capital to shareholders.
The board declared a total dividend for 2025 of 25.0 cents per share, a 52% increase over 2024. This includes a fourth-quarter payout of 8.3 cents per share, comprising a 5.0-cent base and a 3.3-cent special dividend.
Despite the increased payouts and $326.2m in completion payments to ExxonMobil, Seplat’s balance sheet strengthened. Net debt fell 25% to $673.3m, leaving the group with a highly conservative net debt-to-EBITDA ratio of 0.53x.
The company highlighted several strategic wins that bolster its 2030 target of 200,000 boepd:
ANOH Gas Plant: Achieved first gas in January 2026, with stable production now between 50-70 MMscfd.
Offshore Expansion: The EAP IGE project drove peak gross NGL recovery to 33,000 boepd in February 2026.
Efficiency: Unit production operating costs fell to $15.7/boe, with guidance suggesting a further drop to between $13.5 and $14.5/boe in 2026.
Seplat’s 2P+2C resources also saw a healthy upgrade, rising by 181 million barrels of oil equivalent (MMboe) to 2,487 MMboe, largely due to positive revisions in offshore oil and gas resources at the Edop field.
Growth Targets
Looking ahead, Seplat has set a production guidance of 135–155 kboepd for 2026, representing a 10% year-on-year increase at the mid-point. Capital expenditure is expected to rise to between $360m and $440m to fund a 17-well drilling campaign, including the arrival of a jack-up rig at the Oso field in the third quarter.
”We are already well-positioned to deliver on our planned $1bn cumulative return of capital to shareholders by 2030,” Mr. Brown said, noting that the enlarged group’s strength has already led to a “notable lowering” of its cost of debt.
