Seplat Energy’s revenue rises to N1.652trn in 2024 FY

Seplat Energy PLC, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its audited results for the twelve months ended December 31, 2024, highlighting strong operational and strategic progress.

The year culminated in the transformational acquisition of Mobil Producing Nigeria Unlimited (MPNU), now renamed Seplat Energy Producing Nigeria Unlimited (SEPNU).

For 2024, confidence in Seplat Energy’s business outlook was reinforced by a special dividend, which lifted the total dividend for the year to $16.5 cents per share—an increase of 10% compared to 2023.

Seplat Energy grew its revenue for the period to N1.652tn, up from N696.9bn year-on-year, while cash generated from operations rose to N567.5bn, compared to N340.6bn in the previous year.

Production from onshore assets averaged 48,618 barrels of oil equivalent per day (boepd), up 2% from 47,758 boepd in 2023, remaining within guidance. Including 19 days of SEPNU production (equivalent to an annualized average contribution of 4,329 boepd), reported production reached 52,947 boepd, an 11% increase from 2023.

The company’s operating profit surged to N647.9bn, up from N163.7bn year-on-year, while profit before tax climbed to N561.4bn, compared to N125.5bn in 2023.

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Similarly, gross profit rose to N710.1bn, up from N349.3bn year-on-year. In 2024, Seplat Energy also achieved more than 11.0 million hours without a Lost Time Injury (LTI) on Seplat-operated assets, compared to 8.7 million hours in 2023.

Speaking on these achievements, Roger Brown, Chief Executive Officer of Seplat Energy, described 2024 as a defining year for the company. He added that in 2025, Seplat Energy will focus on reopening previously shut-in wells at SEPNU, alongside a full drilling campaign for its onshore assets.

“2024 was truly a defining year for Seplat Energy. In addition to delivering key growth projects in our existing onshore business, we closed out the year by completing the acquisition of SEPNU—the largest in the company’s history—adding significant scale and attractive low-cost growth potential.

“In the first few months since the acquisition, it has already become clear that there is significant potential in offshore shallow water operations, where we manage a closed-loop system from wellhead production to hydrocarbon sales at the terminal.

“This year, we will focus on reopening previously shut-in wells at SEPNU, alongside a full drilling campaign for our onshore assets, and we look forward to delivering first gas at ANOH. We will also accelerate subsurface work and contracting in preparation for an infill drilling campaign at SEPNU.

“Our confidence in the future trajectory of our enlarged business, combined with our strong financial position, allows us to once again declare a special dividend for 2024, raising the total dividend to $16.5 cents per share, a 10% increase from 2023.

“The Seplat Energy team is proud of its achievements in 2024, and we remain committed to creating significant shared value and driving prosperity for all our stakeholders in Nigeria and beyond,” Brown concluded.