Seplat Energy Plc has reported a robust financial performance for the first quarter of 2025, with revenue hitting ₦1.228 trillion, a significant rise from the ₦268.6 billion posted in the same period last year. The remarkable growth is attributed to increased production capacity and operational scale, following the successful acquisition of Mobil Producing Nigeria Unlimited (MPNU).

In its audited financials, the company announced a gross profit of ₦535.4 billion, up from ₦63.8 billion year-on-year. Cash flow from operations also surged to ₦464.9 billion, compared to ₦25.2 billion in Q1 2024. Additionally, Seplat posted a profit before tax of ₦314.6 billion, nearly triple its performance a year earlier.

Seplat said average daily production for the quarter reached 131,561 barrels of oil equivalent per day (boepd), marking a 167% increase from 49,258 boepd recorded in Q1 2024 and exceeding the midpoint of its 2025 guidance range. The company also emphasized its ongoing commitment to safety, reporting over 7.3 million man-hours without any Lost Time Injury (LTI) — including 2.5 million hours from onshore-operated assets and 4.8 million from MPNU.

As a result of its improved cash position, Seplat proactively reduced its Revolving Credit Facility by $250 million, bringing the balance down to $100 million. Reflecting its strong financial footing, the board approved a 28% increase in quarterly dividend, raising it to $4.6 cents per share from the previous quarter.

Chief Executive Officer, Roger Brown, described the start of 2025 as “positive,” noting that the company is making strong progress with the integration of its expanded operations. He credited the performance to sustained drilling activities, investment in asset integrity, and diversified evacuation routes. Brown added that Seplat remains cautious amid global economic uncertainties but confident in its long-term outlook, with a business plan designed to remain resilient even in a lower oil price environment.

Following recent changes in its board composition, Seplat announced the resignation of Mr. Bello Rabiu and Mr. Babs Omotowa, who were appointed to the board of NNPC Limited. In their place, the board unanimously appointed Mrs. Bashirat Odunewu as the new Senior Independent Non-Executive Director.

The MPNU acquisition, which was finalized earlier this year, significantly expands Seplat’s offshore asset portfolio and positions the company as a dominant force in Nigeria’s energy sector, reinforcing its status as a leading indigenous independent energy company.