Seplat Energy Hits Trillion Mark in Record Q1 Profits as Crude Oil Output Triples
Seplat Energy Plc has reported a remarkable financial performance for the first quarter of 2025, with revenue and profit figures reaching record highs following a significant increase in crude oil production and operational scale.
According to the company’s audited results for the period ending March 31, 2025, revenue surged to ₦1.228 trillion, a dramatic increase from ₦268.6 billion recorded in the same period last year.
Gross profit skyrocketed to ₦535.4 billion, up from ₦63.8 billion year-on-year, while profit before tax rose to ₦314.6 billion from ₦103.5 billion in Q1 2024.
Seplat also reported a strong cash generation of ₦464.9 billion, compared to ₦25.2 billion in the previous year’s first quarter. The energy company attributed the stellar performance to robust production output, improved cost efficiency, and the integration of newly acquired offshore assets.
Average daily production for the quarter stood at 131,561 barrels of oil equivalent per day (boepd) a 167% jump from 49,258 boepd in Q1 2024 exceeding the midpoint of its 2025 guidance range of 120,000 to 140,000 boepd.
Seplat also achieved over 7.3 million man hours without Lost Time Injury (LTI), demonstrating strong safety performance across its operations. This includes 2.5 million hours from Seplat’s onshore assets and 4.8 million hours from Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing Nigeria Unlimited), which the company recently acquired.
Speaking on the results, Chief Executive Officer Roger Brown expressed confidence in the company’s trajectory.
“2025 has started positively for Seplat. As we deliver the business at a significantly enhanced scale, our focus is on the successful integration of the combined companies,” he said. “We are seeing the benefits of our continuous drilling programme, investments in asset integrity, and the strategic advantage of having multiple evacuation routes.”
Brown added that the company remains cautious amid global economic uncertainties, but its strong financial position has allowed it to proactively reduce debt. Seplat repaid $250 million from its Revolving Credit Facility (RCF), lowering the outstanding balance to $100 million. In light of its performance, the company has increased its quarterly dividend to $4.6 cents per share, marking a 28% increase from Q4 2024.
The company also announced leadership changes on its board. Mr. Bello Rabiu and Mr. Babs Omotowa, both Non-Executive Directors, resigned following their appointments to the NNPC Limited board. In their place, Mrs. Bashirat Odunewu has been appointed as the new Senior Independent Non-Executive Director.
With its strategic acquisition of Mobil Producing Nigeria Unlimited now complete, Seplat has significantly expanded its offshore footprint, reinforcing its position as Nigeria’s leading independent energy company.
“Our assets are high quality,” Brown concluded. “While we remain agile to oil price fluctuations, our gas revenues offer long-term stability, and our business plan is built to remain resilient even in a low-price environment.”
