Seplat Energy grows revenue by 31% to N478.1bn

Seplat Energy Plc, listed on both the Nigerian Exchange Limited and the London Stock Exchange, in its unaudited results for the nine months ended September 30, 2023, has recorded a rise in revenue of 31 per cent to N478.1 billion from N258.7 billion year-on-year.

The company also declared a Q3 2023 dividend of US3 cents per share, in line with the higher core annual dividend of US12 cents.

The leading Nigerian independent energy company’s revenue increased by 31.0 per cent to $810.4 million (including an overlift of $127.8 million) from $618.6 million in 9M 2022 (including an underlift of $60.3 million).

Adjusted revenue was flat YoY as improved production mitigated lower oil price realisations.

The energy company also grew its 2023 9M gross profit to N245.6 billion from N118.5 billion year-on-year, while 9M 2023 production averaged 48,152 boepd, up 11 per cent on 9M 2022, with liquids production up 17 per cent.

Commenting on the impressive results, Mr. Roger Brown, Chief Executive Officer, Seplat Energy, said: “Seplat Energy’s operational performance was strong in the third quarter, particularly in September, which mitigated some of the outages experienced on third-party infrastructure and supported production growth of 11% for the same period in 2022.

“Our balance sheet remains strong, and thanks to higher commodity pricing and our proactive approach to cash management, we have generated more than $170 million in free cash flow year to date.

Our focus for the rest of 2023 is on safe and reliable operations, revenue assurance, and cost management, all of which will further strengthen our cash position.

This keeps us on track for an excellent year that will support the increased quarterly dividends we announced in April and allow us to continue our commitment to reward shareholders.

“Following the serious incident on the Depthwize Majestic rig, which resulted in the tragic loss of life, we have provided significant support to Depthwize, its owner, in its recovery operation.

Our own investigations are ongoing, but I can assure all stakeholders of our unwavering commitment to safety in all of our operations.

“Ongoing third-party delays to ANOH’s export infrastructure remain a source of frustration, but we are confident that the quality of the project will support dividend growth for Seplat in the coming years as we diversify the business and deliver on our strategy to provide more affordable energy for Nigeria.

“We remain confident that we can conclude our transformational acquisition of MPNU. We wholly align with and support President Tinubu’s efforts to make Nigeria a more attractive place to invest, and we will play our part by delivering affordable and reliable energy that will support our nation’s growth.”

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