Seplat Energy Plc, a Nigerian independent energy company, has reported a rise in its revenue to N3.356 trillion for the nine months ended Sept. 30, 2025.
This is compared with N1.071 trillion recorded in the same period of 2024.
The energy company, listed on the Nigerian Exchange Ltd. and the London Stock Exchange, disclosed this in a statement on Thursday.
The company’s gross profit increased significantly to N1.356 trillion, compared with N531.5 billion posted in the corresponding period of 2024.
Its cash generated from operations grew to N2.152 trillion from N633.8 billion year-on-year.
In the same period, operating profit rose to N1.096 trillion, up from N411.3 billion in 2024, and earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at N1.715 trillion, against N573.4 billion reported a year earlier.
Seplat Energy declared a dividend of 7.5 US cents per share for the third quarter, consisting of a 5.0 US cents base dividend and a 2.5 US cents special dividend.
This represented a 63 per cent increase quarter-on-quarter and 108 per cent year-on-year growth.
The company’s average daily production for the period stood at 135,636 barrels of oil equivalent per day (boepd), representing a 185 per cent increase from the 47,525 boepd achieved in the same period of 2024.
The company said its first Liquefied Petroleum Gas (LPG) cargo was sold to the domestic market during the period, improving local energy access and promoting clean cooking.
It added that the ANOH gas plant remained on track to deliver first gas in the fourth quarter of 2025.
According to Seplat, the production growth was driven by improved onshore output and strong offshore performance, supported by the restoration of idle wells which added about 33,400 barrels per day in gross capacity.
On sustainability, Seplat reported a 21 per cent reduction in carbon emissions intensity from its onshore assets, bringing it down to 25.2 kg CO₂ per barrel of oil equivalent (boe), while maintaining its target to end routine flaring by the end of 2025.
Financially, Seplat said its unit production operating cost stood at $14.1 per boe, within its guidance range of $14 to $15.
It also recorded adjusted EBITDA of $1.112 billion, representing a 190 per cent year-on-year growth.
The company said its balance sheet remained strong, with cash at bank totalling $579.8 million as at September 2025.
Its net debt declined by 43 per cent to $386 million from $676 million in the previous quarter.
Seplat confirmed that it had repaid and refinanced some of its key facilities, including the Westport senior reserve-based loan.
It has also fully repaid its 100 million dollar revolving credit facility (RCF), leaving the 350 million dollar RCF undrawn and fully available.
Looking ahead, the company narrowed its 2025 production guidance to between 130,000 and 140,000 boepd, and its capital expenditure outlook to between $270 million and $290 million dollars, while maintaining its cost guidance at $14.0 to $15.0 per boe.
Commenting on the results, Roger Brown, Chief Executive Officer, Seplat Energy Plc, said, “At our Capital Market Day (CMD) in September, we set out our medium term vision for the Company.
“Targeting 200 kboepd working interest production and $1 billion in cumulative dividends in our roadmap to 2030.
“As we approach the first anniversary of the MPNU acquisition, we are clearly displaying our ability to operate a business at scale.
“We delivered a third consecutive quarter of production growth at the upper end of production guidance, and we are pleased to be able to narrow production to 130-140 kboepd.
“Our financial performance year to date has been extremely robust, generating after tax cash flows in excess of $1 billion, enabling significant deleveraging to 0.27x ND/EBITDA, well below our target levels.
“In addition, while we anticipate some cash outflow in 4Q 2025, our strong cash generation year to date supports declaring a special dividend of 2.5 US cents/share, delivering a total dividend to shareholders this quarter of 7.5 US cents/share.
“This is aligned with the new dividend policy of returning an increasing share of free cash flow to shareholders, laid out at the CMD.
“We have continued the momentum into the final quarter of the year, making substantial progress in the past few days to ending routine flaring onshore, a commitment we have made for 4Q 2025.
“And we expect to complete the PIA conversion process for our onshore business imminently, which will further support the delivery of our ambitious 2030 roadmap laid out at the CMD.”
