Seplat Energy pumps 2024 revenue to N1.652 Trn
* Operating Profit hits N647.9bn
Sopuruchi Onwuka
Nigeria’s leading independent energy company, Seplat Energy PLC, has declared momentous N1.652 trillion in operating revenue for in 2024, trailing an operating profit of N647.9 billion.
The company stated on Tuesday that the strong financial performance, which formed the basis for a declared dividend of US16.5 Cents per share for the period, formed the major upshot of its best practices and operational excellence that also evidenced in 11 million hours of activity with zero lost time on injury.
The company informed its shareholders on both the Exchange and the London Stock Exchange that its audited results for the twelve months ended 31 December 2024, also came with strong operational and strategic progress culminating in the transformational acquisition of Mobil Producing Nigeria Unlimited (MPNU), a local unit of ExxonMobil Corporation. Seplat has already renamed MPNU to Seplat Energy Producing Nigeria Unlimited (SEPNU) to reflect the new ownership.
The company posted overall jump across all financial performance levels. Revenue for the period rose from N696.9 billion year-on-year to N1.652 trillion; and cash generated from its operations also rose from N340.6bn year-on-year to N567.5 billion. Total dividend for the year also rose by 10% from 2023 level to US16.5 Cents per share.
Financial standing of the company drew from average production of 48,618 barrels of oil equivalent per day (boepd) from onshore assets. The figure is higher by 2% from the 47,758 boepd the company posted 2023. Seplat explained that the figures fall within guidance.
Reported production reached 52,947 boepd, or 11% higher than 2023 figures when 19 days of SEPNU production of annualized average contribution of 4,329 kboepd are included.
The Company’s operating profit also rose from N163.7 billion year-on-year to N647.9 billion, whilst profit before tax surged from N125.5 billion year-on-year to N561.4 billion.
“In the same vein, gross profit for the Company hit N710.1bn from N349.3bn Year-on-Year, as the company achieved more than 11.0 million hours (2023: 8.7 million hours) without Lost Time Injury (LTI) on Seplat-operated assets in 2024,” the company stated.
Chief Executive Officer, Roger Brown, said: “2024 was truly a defining year for Seplat Energy. In addition to delivering key growth projects in our existing onshore business, we closed out 2024 by completing the acquisition of SEPNU, the largest in the Company’s history, which adds 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 prize in the offshore shallow water, operating a closed loop system from well-head production to hydrocarbon sales at the terminal.”
In providing an outlook for 2025, Mr Brown stated that “this year we will focus on re-opening previously shut in wells in SEPNU, alongside another full drilling campaign for our onshore assets and we look forward to delivering first gas at ANOH. We will also accelerate the subsurface work and contracting needed to commence an infill drilling campaign at SEPNU.”
“Our confidence in the future trajectory for the enlarged business, combined with our strong financial position, means that we are delighted to declare a special dividend again for 2024, lifting the total dividend for 2024 to $16.5 cents per share, an uplift of 10% from 2023,” he explained.
“The Seplat Energy team is rightly proud of its achievements in 2024, and we fully intend to continue our mission to create significant shared value and enhance prosperity for all our stakeholders in Nigeria and beyond,” Mr Brown declared.
