By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Times ReportersTimes Reporters
  • Home
  • News
  • Politics
  • Business
    • Economy
  • Sports
  • Entertainment
  • About Us
  • Bookmarks
Search
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Reading: Seplat Energy’s Revenue Rises to N1.652trillion in 2024FY
Share
Sign In
Notification Show More
Latest News
Senator Sani Musa Provides ₦50m Relief, Food Supplies to Niger Flood Survivors
Business Environment Metro News
Knight Frank Nigeria Celebrates 60 Years of Excellence in Real Estate
Business Metro News
Niger Courts Dangote Group’s Partnership To Unlock Crude Oil Potentials
Business Metro News
ELRA grants penalty waiver for early 2025 lease registrations
Business News
Children’s Day Celebration: Mayor of Orumba North Fetes children, tasks them on education
Metro News
Aa
Times ReportersTimes Reporters
Aa
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Search
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Have an existing account? Sign In
Follow US
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Times Reporters > Business > Oil & Gas > Seplat Energy’s Revenue Rises to N1.652trillion in 2024FY
BusinessNewsOil & Gas

Seplat Energy’s Revenue Rises to N1.652trillion in 2024FY

Publisher
By Publisher Published March 4, 2025
Share
8 Min Read
SHARE

… Declares US 16.5 Cents Total Dividend Per Share for 2024FY

CHIDI UGWU, ABUJA

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.

- Advertisement -
Ad image

Seplat Energy grew its revenue for the period to N1.652tn from N696.9bn Year-on-Year with cash generated from its operations rising to N567.5bn from N340.6bn Year-on-Year).

Production (onshore assets) averaged 48,618 barrels of oil equivalent per day (boepd) up 2% 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, 11% higher than 2023.

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

In the same vein, gross profit for the Company hit N710.1bn from N349.3bn 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.

Operational highlights

• Production (onshore assets) averaged 48,618 boepd up 2% 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, 11% higher than 2023.

• YE 2024 independently audited 2P reserves up 85% to 886 MMboe (YE 2023: 478 MMboe), 65% liquids.

• Group 2P+2C increases by 125% to 1,217 MMboe (YE 2023: 540 MMboe), 55% liquids.

• Organic reserve replacement ratio in Seplat’s onshore assets of 176%, reflects positive drilling results.

• ANOH gas plant is planning to test with third party dry gas in 1H 2025, tunnelling operations on OB3 resumed during 1Q 2025.

• Trans Niger Pipeline (‘TNP’) resumed 24hr operations in 4Q 2024. OML 53 oil production grew 60% on 2023, on improved export availability.

• Sapele Integrated Gas Plant (‘IGP’) was commissioned in 4Q 2024 and achieved first commercial gas sales in early 2025.

• Carbon emissions intensity for Seplat onshore assets: 32.3 kg CO2/boe (2023: 29.4 kg CO2/boe). End of routine flaring on track for H2 2025.

• Achieved more than 11.0 million hours (2023: 8.7 million hours) without Lost Time Injury (LTI) on Seplat-operated assets in 2024.

Financial highlights

• Revenue $1,116 million up 5% (FY 2023: $1,061 million), including 19 days contribution from SEPNU. Underlying adjusted revenue stable at $961 million (FY 2023: $962 million).

• Seplat Onshore unit production opex of $12.3/boe (2023: $10.4/boe)

• Cash generated from operations of $384 million, down 26% on 2023, impacted by; timing of liftings, one-off costs predominately associated with SEPNU acquisition and working capital acquired on consolidation of SEPNU.

• Cash capex of $208 million (FY 2023: 184 million).

• Balance sheet remains robust, year-end cash at bank $469.9 million (2023: $450.1 million), excluding $132.2 million restricted cash.

• Net debt at year end 2024 of $898 million (YE 2023: $306 million). Pro-forma ND/EBITDA 0.7x.

SEPNU highlights post completion

• Strong production performance since completion, averaging net 81.1 kboepd, FY 2024 average working interest production 69.4 kboepd.

• First 100 day integration plan well advanced.

• 2025 work program and budget discussions with JV partner progressed but subject to final approval. Strong alignment on increasing investment to improve integrity and reliability and strengthen the asset base for long term growth.

Special Dividend

• Q4 2024 declared dividend of US$ 3.6c/shr, total core dividend declared for 2024 of US 13.2c/shr, up 10% on 2023

• The Board recommends a US$ 3.3c/shr special dividend for 2024. Reflecting the strength of balance sheet and confidence in our outlook.

• Total dividend declared for 2024 US$ 16.5c/shr, also up 10% on 2023.

2025 Outlook

• 2025 average production guidance of 120-140 kboepd (Seplat Onshore 48-56 kboepd, SEPNU 72-84 kboepd).

• Initial 2025 capex guidance $260-320 million. (Seplat Onshore $180-220 million, SEPNU $80-100 million). Plan includes 13 new wells onshore, replacement of an inlet gas exchanger on East Area Project (EAP) NGL project offshore and other capex projects.

• Unit operating costs for the group are expected to be $14.0-15.0/boe. Strategic maintenance and integrity activities will be the focus for SEPNU in 2025. Targeting short cycle oil growth and laying a foundation for sustained improvements in uptime to support our longer term growth ambitions.

• Capital Markets Day in 3Q 2025, where we will detail our medium to long term growth ambitions.

Roger Brown, Chief Executive Officer, 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.

Our confidence in the future trajectory for the enlarged business, combined with our strong financial position,

means that we are delighted to declare a special dividend again for 2024, lifting the total dividend for 2024 to $16.5 cents per share, an uplift of 10% from 2023.

The Seplat Energy team is rightly proud of its achievements in 2024, and we fully intend to continue our mission to create significant shared value and enhance prosperity for all our stakeholders in Nigeria and beyond.”

Like this:

Like Loading...

Related

You Might Also Like

Senator Sani Musa Provides ₦50m Relief, Food Supplies to Niger Flood Survivors

Knight Frank Nigeria Celebrates 60 Years of Excellence in Real Estate

Niger Courts Dangote Group’s Partnership To Unlock Crude Oil Potentials

ELRA grants penalty waiver for early 2025 lease registrations

Children’s Day Celebration: Mayor of Orumba North Fetes children, tasks them on education

TAGGED: Revenue, Seplat energy

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Publisher March 4, 2025
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Copy Link Print
Share
Previous Article Reps C’ttee Approves 2025 Budget for South East Development Commission
Next Article World Obesity Day: CAPPA Renews Call For Healthy Food Policies
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe
Telegram Follow

– Member of –

- Advertisement -
Ad imageAd image

Latest News

Senator Sani Musa Provides ₦50m Relief, Food Supplies to Niger Flood Survivors
Business Environment Metro News June 1, 2025
Knight Frank Nigeria Celebrates 60 Years of Excellence in Real Estate
Business Metro News June 1, 2025
Niger Courts Dangote Group’s Partnership To Unlock Crude Oil Potentials
Business Metro News June 1, 2025
ELRA grants penalty waiver for early 2025 lease registrations
Business News June 1, 2025

You Might also Like

BusinessEnvironmentMetroNews

Senator Sani Musa Provides ₦50m Relief, Food Supplies to Niger Flood Survivors

June 1, 2025
BusinessMetroNews

Knight Frank Nigeria Celebrates 60 Years of Excellence in Real Estate

June 1, 2025
BusinessMetroNews

Niger Courts Dangote Group’s Partnership To Unlock Crude Oil Potentials

June 1, 2025
BusinessNews

ELRA grants penalty waiver for early 2025 lease registrations

June 1, 2025
Times ReportersTimes Reporters
Follow US

© 2024 Times Reporters | Deigned by AuspiceWeb Graphics. All Rights Reserved.

  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
Join Us!

Subscribe to our newsletter and never miss our latest news!

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?
%d