Kelechukwu Mgboji Seplat Energy Plc has reported a remarkable financial performance for the 2024 fiscal year, posting a staggering N1.65 trillion in revenue, a 137 per cent increase over the N696.87 billion recorded in 2023.
The impressive earnings growth underscores the company’s strategic expansion, highlighted by its landmark acquisition of Mobil Producing Nigeria Unlimited (MPNU), now Seplat Energy Producing Nigeria Unlimited (SEPNU).
The company’s operating profit soared to N647.9 billion, up from N163.7 billion in the previous year, while profit before tax surged to N561.4 billion, a dramatic rise from N125.5 billion year-on-year.
These robust results have reinforced investor confidence, leading to a 10 per cent increase in total dividends to 16.5 cents per share.
Seplat’s production from onshore assets averaged 48,618 barrels of oil equivalent per day (boepd), a two per cent increase from 2023 levels. Including 19 days of SEPNU production—annualised at 4,329 kboepd—total reported production reached 52,947 boepd, reflecting an 11 per cent uptick from the previous year.
Gross profit also experienced a significant boost, climbing to N710.1 billion from N349.3 billion yearon-year. Operational excellence remained a priority, with the company achieving over 11 million hours without Lost Time Injury (LTI) on Seplat-operated assets in 2024.
Reflecting on the company’s stellar performance, Seplat Energy’s CEO, Roger Brown, hailed 2024 as a “defining year” for the company. “
In addition to delivering key growth projects in our onshore business, we closed out 2024 by finalizing the largest acquisition in our history—SEPNU— unlocking significant scale and low-cost growth potential,” Brown stated.
He emphasised the company’s focus on ramping up production, particularly in its newly acquired offshore assets. “This year, we will prioritize re-opening shutin wells at SEPNU and launch a full-scale drilling campaign for our onshore operations, while preparing for first gas production at ANOH,” he added.
