Seplat Energy PLC, the main indigenous energy company in Nigeria listed on the Nigerian Stock Exchange and the London Stock Exchange, posted a financial result not audited for the six months enclosed on June 30, 2025.
The company’s revenues increased sharply to 2,167 Billions of Nairas, an increase of almost 277% compared to 575.1 billion nairas recorded during the same period last year, reflecting strong growth in production, an offshore strategic expansion and disciplined costs management.
The gross profit of the energy giant tripled in annual sliding at 751.2 billion Nairas, against 247.5 billion Nairas, while operating profit increased to 601.2 billion nairas, against 285.2 billion nairas. The species generated by operations reached 1,188 Billion de Nairas, almost quadruple compared to 308.2 billion nairas during the period of the previous year. These figures highlight the SEPLAT’s net financial and operational turnaround, stimulated by its enlarged offshore imprint and the increase in gas infrastructure investments.
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The profits of Seplat before interest, taxes, depreciation and amortization (EBITDA) climbed 1,139 Billion de Nairas, against 364.5 billion Nairas – a leap of 212.4% – affirming a strong operational efficiency.
Flood production exit
Seplat’s performance was anchored by an increase of 178% in production, reaching an average of 134,492 barrels of oil equivalent per day (BOEPD). This is well above its median point of guide in 2025 of 130,000 BOEPD and includes 100,327 barrels per day of crude oil production.
Assets on land contributed 54,831 Boepd, 13% higher than H1 2024, while offshore production increased sharply to 79,660 Boepd, helped by the restoration of 29 inactive wells, which added nearly 26,000 barrels per day of gross production capacity. Offshore production was dominated by crude and condensate (86%), alongside LGL (5%) and gas (9%).
The company has registered more than 15.3 million hours of work without lost time injury (LTI) on its operated assets, strengthening Seplat’s commitment to security. He also reported a reduced carbon intensity through land assets, 26.7 kg of CO? / BOE, from 31.4 kg of CO? / BOE, aligning with its routine termination target at the end of 2025.
The Anoh gas plant, a key infrastructure project, received dry gas in July and began the commissioning of hydrocarbons, indicating another step in the strategic change from Seplat to cleaner energy sources.
Balance sheet strength and improved notes
In dollars, Seplat’s revenues for H1 2025 amounted to $ 1.398 billion, an increase of 231% compared to $ 422 million during the same period last year. The adjusted Baiia was $ 735 million, while species from operations reached $ 766.2 million.
Despite an increase in investments, capital spending has dropped slightly at $ 96.5 million, compared to $ 102.4 million. Net debt fell to $ 676 million, improving lever ratios at 0.53x Ebitda. The company has also reimbursed $ 100 million in debts after the period and now has full access to its renewable credit facility of $ 350 million.
Powered by its financial force, Fitch improved Seplat’s note at B in April, followed by Moody’s assigning a B2 (stable) note in June.
Dividends and capital perspectives
Seplat declared a dividend of T2 2025 of 4.6 cents per share, in accordance with the previous quarter. The company plans to unveil a new capital allowance policy on its next day on the capital markets on September 18, 2025, where it will detail its long -term growth plans.
Seplat’s resurgence indicates that energy also undergoes a reassessment, driven not only by oil, but more and more by gas. With an upstream expansion, an improvement in the efficiency of production and targeted investments in gas infrastructure, the Nigeria energy space is again becoming a dynamic border and cash generator – a development that strengthens the argument of economic diversification based on resources.
For the rest of 2025, Seplat reaffirmed its directives:
- Production: 120,000 to 140,000 BOEPD
- CAPEX: 260 to 320 million dollars
- Unit costs: $ 14 to 15 / BOE
According to the CEO Roger Brown, the company’s strategy offers beyond expectations: “Seplat continued its positive trajectory in the second quarter to offer a high performance for the first half of 2025. Our emphasis on integrity, reliability and improvement of production bear fruit, as evidenced by solid production in the 2T 2025, with a trimester at the upper end, and 11% out of 11% over a quarter of a quarter.
“The company delivered production in first half more than 10% more than pro formal production during the same period last year, offering both our ambitions and supporting the objectives of the Nigeria for growth in oil and gas production.”
He also assured: “We are well placed to resist the recent increase in macro volatility. Solid income and an emphasis on costs have provided significant positive cash flows, which allows us to further reduce the net lever effect, to continue our history of solid quarterly dividends and, during last week, to reimburse an additional dollars of debt.
“We touched the land in 2025, building a solid base with which to achieve our performance objectives in 2025. The integration of the enlarged group continues at Pace, and we are impatient to share our exciting plans for the company when we have put the future of our business during the next day of the capital markets in September.”
Analysts believe that the solid finance of Seplat, the increase in offshore production, the improved security profile and the gas -oriented transition strategy could very well position the company as the anchor of the new energy economy in Nigeria.
