Seplat Energy’s 2025: big volume step-up, fatter cash flows, and a beefier dividend
Seplat Energy has posted a striking set of audited numbers for the year to 31 December 2025. Revenue jumped 144.2% to $2,725.9 million, with adjusted EBITDA up 136.6% to $1,275.4 million. Cash generation was the stand-out – cash from operations surged 276% to $1,165.6 million. The board has responded with a 52% uplift in the full-year dividend to USD 25.0c per share, equivalent to $150 million.
The transformation is driven by the first full year of the offshore consolidation landing in the results. That pushed working interest production to 131,506 boepd, up 148% year on year, despite planned downtime late in the year.
Key numbers you should know
| Metric (FY 2025) | FY 2025 | FY 2024 (restated) | Change |
|---|---|---|---|
| Revenue | $2,725.9m | $1,116.2m | +144.2% |
| Adjusted EBITDA | $1,275.4m | $539.0m | +136.6% |
| Operating profit | $675.2m | $326.7m | +106.7% |
| Profit before tax | $497.8m | $266.7m | +86.7% |
| Cash from operations | $1,165.6m | $310.0m | +276.0% |
| Cash capex | $266.8m | $208.1m | +28.3% |
| Net debt (YE) | $673.3m | $897.8m | -25.0% |
| Net debt / EBITDA | 0.53x | n/a | – |
| Unit production opex | $15.7/boe | $16.5/boe | -5% |
| Production | 131,506 boepd | 52,947 boepd | +148.4% |
| Average realised oil price | $70.29/bbl | $80.04/bbl | -12.2% |
| Average realised gas price | $2.95/Mscf | $3.06/Mscf | -3.6% |
| Total 2025 dividend | USD 25.0c/shr | not disclosed here | +52% |
Note: revenue excludes underlift of $25.4 million. All figures are in US dollars unless stated.
Operational engine: volume-led growth despite outages
Production averaged 131,506 barrels of oil equivalent per day (boepd). For context, boepd converts gas and liquids into a single comparable unit. The ramp-up came from a full year of offshore contribution, while onshore still managed 14% growth thanks to the Sapele Gas Plant and new wells.
Fourth quarter production dipped to 119,200 boepd due to the Yoho platform shutdown and planned maintenance – the restart is expected in 2Q 2026. Importantly, Seplat ran a highly successful idle-well restoration drive, adding 48.6 kboepd of gross capacity from 49 wells, which should help underpin volumes.
On liquids, the EAP IGE project hit a combined peak NGL recovery of about 33 kboepd in February 2026, up from a 2025 peak of roughly 20 kboepd. On gas, the ANOH plant achieved first gas in January 2026 at 50-70 MMscfd, with around 60 kbbl of condensate currently in storage. Emissions intensity on operated onshore assets improved by 24% to 24.3 kg CO2/boe – a quiet but meaningful efficiency win.
Margins and costs: lower opex offsets softer prices
Realised prices were lower year on year – oil at $70.29/bbl and gas at $2.95/Mscf. Even so, volumes and cost control did the heavy lifting. Unit production opex fell 5% to $15.7/boe, and gross profit more than doubled to $904.5 million. Adjusted EBITDA of $1,275.4 million shows the offshore scale-up is translating directly into cash profits.
Cash capex came in at $266.8 million. Seplat also made total completion payments of $326.2 million to ExxonMobil, with no contingent consideration due for 2025. That combination – strong operating cash, disciplined spend, and limited extras – helped trim net debt to $673.3 million and push leverage down to 0.53x EBITDA. The balance sheet looks robust.
Dividends and capital returns: 52% higher and still investing
The board declared a 4Q 2025 dividend of USD 8.3c per share, up 11% quarter on quarter and 20% year on year. That is split between a USD 5.0c base dividend and a USD 3.3c special. Total dividends for 2025 are USD 25.0c per share, or $150 million.
Management highlights the cash generative nature of the enlarged asset base and reiterates a plan to deliver $1 billion of cumulative capital returns to 2030. That is an ambition, not guidance, but this year’s result gives it credibility.
Reserves and resources: mixed picture, but more potential in the funnel
Year-end 2P reserves – that is proven plus probable barrels with a high confidence of recovery – stood at 1,001 MMboe, down about 42 MMboe from 1,043 MMboe. The company puts this down to a 2025 focus on maintenance and integrity investment. Liquids are 67% of that total.
Offsetting that, 2P plus 2C (adding contingent resources that are less mature) increased by 181 MMboe to 2,486.6 MMboe, now 55% liquids. Management cites positive offshore revisions from stronger well performance and a gas resource upgrade following inclusion of Edop. In short, booked reserves dipped, but the broader resource base stepped up.
2026 outlook: more gas and NGL, costs down again
Seplat guides to 135-155 kboepd in 2026 – the midpoint implies roughly 10% growth on 2025. The mix will shift. Crude and condensate are expected to be flat year on year, with new wells offset by strategic maintenance. NGL output should jump 85% with the EAP project complete, and gas is guided up 30% helped by ANOH, Sapele IGP, and Oso-BRT phase 1 in 3Q 2026, which targets doubling offshore gas sales to 240 MMscf/d gross.
Initial capex is set at $360-440 million for 17 new wells – 15 onshore and 2 offshore – with a jack-up rig arriving at Oso in 3Q to kick off a multi-year programme. Unit production opex is expected to fall again to $13.5-14.5/boe, helped by higher volumes.
What it means for investors
Why the update is positive
- Scale is delivering – huge volume uplift has flowed through to EBITDA and cash.
- Balance sheet strengthening – net debt down 25% and leverage at 0.53x provides flexibility for growth and dividends.
- Dividend momentum – a 52% increase signals confidence in sustainable free cash flow.
- Operational execution – idle-well restorations, EAP delivery, and ANOH first gas provide multiple growth legs into 2026.
- Cost trajectory – lower unit opex in 2025 with further reduction guided for 2026 supports margins even if prices stay subdued.
What to watch
- Yoho restart in 2Q 2026 – any slippage would dent near-term volumes.
- Project delivery – Oso-BRT phase 1 in 3Q 2026 and the offshore drilling ramp are key to hitting guidance.
- Reserves trend – 2P dipped this year; investors will want to see additions from drilling and project maturation.
- Realised prices – 2025 growth was volume-led with lower prices; pricing remains an external swing factor.
Jargon buster
- boepd – barrels of oil equivalent per day, a way to add oil and gas output into a single figure.
- NGL – natural gas liquids like propane and butane recovered from gas streams.
- 2P reserves – proven plus probable reserves with a high likelihood of recovery.
- 2C resources – contingent resources that are potentially recoverable but not yet commercial.
- Underlift – when a company lifts less than its share of production in the period; revenue here excludes a $25.4 million underlift.
- LTI – lost time injury, a safety incident resulting in time off work.
Final take
This is a strong delivery year for Seplat Energy. Offshore consolidation, better uptime onshore, and firm cost control combined to produce a step change in cash flow and dividends. Guidance for 2026 leans into gas and NGL growth with another cut to unit costs – exactly what you want to see after a scale-up year.
The moving parts are clear – Yoho’s restart, the Oso-BRT gas push, and the new drilling campaign. If execution holds, the company looks set to compound volumes and cash again. For those following the story, the numbers back up the ambition to build a larger African energy champion.
Useful link
A copy of the results presentation will be made available on the company’s website: seplatenergy.com.
