Seplat Records N1.65trn Revenue, Declares US 16.5 Cents Total Dividend

Kayode Tokede 

Seplat Energy Plc has announced its audited results for the full year ended 31 December 2024, with a N1.65 trillion revenue, about 137 per cent increase over N696.87 billion declared in 2023 financial year. 

The 2024 financial year performance of the company culminated with the transformational acquisition of Mobil Producing Nigeria Unlimited (MPNU) – renamed Seplat Energy Producing Nigeria Unlimited (SEPNU). 

The company’s operating profit also rose to N647.9billion from N163.7billion Year-on-Year whilst profit before tax surged to N561.4billion from N125.5billion Year-on-Year.

For 2024, the confidence in Seplat Energy’s business outlook was underpinned by special dividend, which lifted total 2024 dividend to US16.5 Cents per share, up by 10per cent compared to 2023.

Production (onshore assets) averaged 48,618 barrels of oil equivalent per day (boepd) up two per cent from 2023 (47,758 boepd), and within guidance. Including 19 days of SEPNU production (annualised average contribution of 4,329 kboepd), reported production reached 52,947 boepd, 11per cent higher than 2023.

In the same vein, gross profit for the Company hit N710.1billion from N349.3billion 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 Chief Executive Officer, Seplat Energy, Roger Brown in a statement 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.

“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.”