Seplat Energy Reports N1.652 Trillion Revenue in 2024, Declares US 16.5 Cents Dividend Per Share
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 financial year ended December 31, 2024. The company showcased significant operational and strategic progress, highlighted by its transformational acquisition of Mobil Producing Nigeria Unlimited (MPNU), now renamed Seplat Energy Producing Nigeria Unlimited (SEPNU).
The confidence in Seplat Energy’s business outlook was reinforced by a special dividend declaration, bringing the total 2024 dividend to US 16.5 cents per share — a 10% increase from 2023.
Financial Performance
Seplat Energy’s revenue surged to N1.652 trillion, up from N696.9 billion year-on-year, with cash generated from operations rising to N567.5 billion from N340.6 billion. The company recorded an operating profit of N647.9 billion, a significant rise from N163.7 billion in 2023, while profit before tax soared to N561.4 billion, up from N125.5 billion.
Gross profit reached N710.1 billion, compared to N349.3 billion the previous year, reflecting the company’s consistent operational excellence and strategic investments.
Operational Highlights
- Average production (onshore assets) stood at 48,618 boepd, up 2% from 2023.
- Including 19 days of SEPNU production, total reported production reached 52,947 boepd, 11% higher than 2023.
- Seplat’s independently audited 2P reserves rose by 85% to 886 MMboe, with 65% liquids.
- The company achieved 11.0 million hours without Lost Time Injury (LTI) on Seplat-operated assets in 2024.
- The Sapele Integrated Gas Plant (IGP) was commissioned in Q4 2024, achieving its first commercial gas sales in early 2025.
- Carbon emissions intensity for Seplat onshore assets was 32.3 kg CO2/boe, with the company on track to end routine flaring by H2 2025.
SEPNU Acquisition
Following the completion of the SEPNU acquisition, Seplat Energy recorded:
- Average production of 81.1 kboepd post-acquisition.
- Strong integration progress with its 100-day integration plan well advanced.
- Ongoing collaboration with JV partners to increase investments and strengthen asset integrity for long-term growth.
Dividend Declaration
Seplat Energy declared a Q4 2024 dividend of US 3.6 cents per share, bringing the total core dividend to US 13.2 cents per share — a 10% increase from 2023. Additionally, the Board recommended a US 3.3 cents per share special dividend, raising the total 2024 dividend to US 16.5 cents per share.
2025 Outlook
For 2025, Seplat Energy has set ambitious targets:
- Average production guidance of 120-140 kboepd.
- Capital expenditure of $260-320 million, including 13 new wells onshore and key offshore infrastructure projects.
- Unit operating costs expected between $14.0-15.0/boe.
- Strategic maintenance and integrity activities for SEPNU assets.
- A Capital Markets Day in Q3 2025 to outline medium-to-long-term growth ambitions.
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CEO Statement
Roger Brown, Chief Executive Officer of Seplat Energy, described 2024 as a defining year for the company. He emphasized the transformative impact of the SEPNU acquisition, adding, “Our confidence in the future trajectory of the enlarged business, combined with our strong financial position, means that we are delighted to declare a special dividend for 2024. We remain committed to creating significant shared value and enhancing prosperity for all stakeholders in Nigeria and beyond.”
Seplat Energy continues to position itself as a leading force in Nigeria’s energy landscape, driving operational excellence, sustainability, and long-term growth.
