…achieves 11 million Hours Without Lost Time Injury
Seplat Energy PLC, leading Nigerian independent energy Company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its audited results for the twelve months ended 31 December 2024, with a strong operational and strategic progress in 2024 culminating with the transformational acquisition of Mobil Producing Nigeria Unlimited (MPNU) – renamed Seplat Energy Producing Nigeria Unlimited (SEPNU). 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 10% compared to 2023.
The year 2024 proved to be a watershed moment for the company. Seplat Energy PLC’s audited results for the twelve months ending December 31, 2024, reveal a narrative of robust operational performance and strategic foresight. This decision underscores Seplat Energy’s commitment to delivering consistent returns to its shareholders, even amidst a period of significant expansion and investment.
The financial performance of Seplat Energy in 2024 was nothing short of remarkable. The company witnessed a substantial surge in revenue, reaching N1.652 trillion, a significant leap from the N696.9 billion recorded in the preceding year. This growth was mirrored in the cash generated from operations, which rose to N567.5 billion from N340.6 billion. The company’s operating profit also experienced a significant uptick, climbing to N647.9 billion from N163.7 billion, while profit before tax surged to N561.4 billion from N125.5 billion. Gross profit also doubled, hitting N710.1 billion, showcasing a strong operational capability and business model.
Operationally, Seplat Energy demonstrated consistent performance in its onshore assets, with production averaging 48,618 barrels of oil equivalent per day (boepd), a 2% increase from 2023. When including the 19-day contribution from SEPNU, the company’s reported production reached 52,947 boepd, an 11% increase overall. The company’s reserves also saw substantial growth, with independently audited 2P reserves increasing by 85% to 886 MMboe, and Group 2P+2C reserves increasing by 125% to 1,217 MMboe. These figures highlight the company’s successful exploration and development activities.
The acquisition of SEPNU has been a transformative event for Seplat Energy. The integration of SEPNU has proceeded smoothly, with strong production performance observed since the acquisition’s completion. The company is actively working on its 100-day integration plan and collaborating with its joint venture partner to enhance asset integrity and reliability.
Looking ahead to 2025, Seplat Energy has provided robust production and capital expenditure guidance, reflecting its confidence in continued growth. The company’s focus will be on optimizing production from both its onshore assets and SEPNU, while also progressing key projects such as the ANOH gas plant. The company has also committed to holding a Capital Markets Day in the third quarter of 2025, where it will outline its medium to long-term growth ambitions.
Roger Brown, the Chief Executive Officer of Seplat Energy, aptly described 2024 as a defining year for the company. The successful acquisition of SEPNU, combined with strong performance across its existing assets, has positioned Seplat Energy for sustained growth and value creation. The company’s commitment to operational excellence, strategic acquisitions, and shareholder returns underscores its position as a leading player in the Nigerian energy sector. Ultimately, 2024 has set the stage for a promising future for Seplat Energy, as it continues to navigate the dynamic landscape of the energy industry.
