London · Delayed Price · Currency is GBP · Price in GBX Seplat Energy Earnings Call Transcripts
Fiscal Year 2025
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2025 saw transformational growth with production up 148% and revenue up 144% year-over-year, driven by the Mobil Producing acquisition. Strong cash flow enabled higher dividends, reduced leverage, and robust investment in future growth, with 2026 guidance targeting further production and efficiency gains.
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Production is set to exceed 200,000 boe/d by 2030, with $5–$6 billion in operating cash flow and a new dividend policy targeting $1 billion over five years. Gas business will double output, and robust capital discipline, decarbonization, and stakeholder engagement underpin long-term growth.
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Record H1 2025 results with production at 134.5 kboe/d and $1.4B revenue, driven by strong offshore/onshore performance and successful integration. Liquidity and leverage improved, CapEx and tax rates set to normalize as investments ramp up.
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The meeting highlighted strong financial results, successful Mobil acquisition, and robust dividend payouts. Shareholders approved all resolutions, praised governance and diversity, and management addressed integration, risk, and sustainability strategies.
Fiscal Year 2024
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Production and reserves surged after the MPNU acquisition, with 2024 output at 53,000 boe/d and adjusted EBITDA of $539 million. Dividend increased, leverage remains low, and 2025 guidance targets up to 140,000 boe/d, with investments focused on growth and operational resilience.
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Completion of a major offshore asset acquisition adds 409 million boe, nearly triples revenue, and positions the company as a leading independent in Nigeria. The deal is highly accretive, with low leverage, strong cash flow, and significant gas monetization potential.
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H1 2024 saw stable production and revenue, a 13% rise in EBITDA, and strong cost control. Major progress was made on the ANOH gas project and MPNU acquisition, with robust liquidity and a maintained dividend. Effective tax rate rose sharply, impacting net profit.