Seplat Energy Plc has reported a remarkable surge in revenue for the nine months ended September 30, 2025, underscoring strong operational performance and robust financial management.
According to the interim management report, revenue for the period climbed to $2.18 billion, representing a 204 percent increase compared to $715 million in the same period of 2024.
This significant growth was driven by higher production levels, with average output reaching 135,636 barrels of oil equivalent per day (boepd) up 185 percent from reported 9M 2024 levels and 18 percent above pro-forma 2024 production.
Third-quarter production averaged 137,888 boepd, slightly higher than the second quarter. Onshore output rose by 5 percent, effectively offsetting a minor decline in offshore production caused by planned downtime.
The strong revenue trajectory translated into substantial cash generation. After-tax cash flow from operations exceeded $1.39 billion, a 239 percent year-on-year increase.
This robust performance enabled Seplat to reduce net debt to $386 million, lowering net leverage to 0.27x ND/EBITDA, and strengthening its balance sheet with cash reserves of $579.8 million.
Reflecting this financial strength, Seplat declared a third-quarter dividend of 7.5 US cents per share a 63 percent increase quarter-on-quarter and 108 percent year-on-year.
This payout includes a base dividend of 5.0 US cents and a special dividend of 2.5 US cents per share.
Chief Executive Officer Roger Brown stated that the revenue surge demonstrates Seplat’s capacity to operate at scale following the MPNU acquisition, supporting both debt reduction and increased shareholder returns.
“Our strong cash flow, backed by record revenue, allows us to deliver meaningful dividends while investing in operational excellence and long-term growth,” Brown said.
Looking ahead, Seplat has narrowed its 2025 production guidance to 130,000–140,000 boepd and reaffirmed capital expenditure guidance of $270–290 million.
The company aims to sustain high revenue growth while completing key projects, such as the ANOH gas plant, and ending routine onshore flaring by year-end.