Business News
Seplat Energy Revenue Hits $809 Million in Q1 2025
Seplat Energy Plc’s revenue increased by 350% year over year in Q1 2025, reaching an impressive $809.3 million, a significant jump from $179.8 million recorded in Q1 2024.
This remarkable growth is the direct result of Seplat acquisition of Mobil Producing Nigeria Unlimited (MPNU) in December 2024, which has decisively bolstered Seplat’s operational capacity.
Seplat Q1 2025 Results
Financial Highlights
- Total Revenue: $809.3 million, up from $179.8 million recorded Q1 2024
- Gross Profit: $353.0 million, compared to $42.7 million recorded in Q1 2024
- Adjusted EBITDA: $400.6 million, up from $122.8 million as reported in Q1 2024, due to improved operational efficiency
- Profit After Tax: $23.3 million, up from a $1.9 million loss in Q1 2024
Crude Oil Segment
- Crude Oil Revenue: $759.8 million, up from $150.8 million in Q1 2024, due to the surging oil lifting volumes.
- Oil Volumes Lifted: 9.9 million barrels in Q1 2025
- Average Realized Oil Price: $76.42 per barrel , down from $85.2 per barrel
Gas and NGL Performance
- Gas Revenue: $44.5 million, driven by a 50% rise in gas production volumes to 14.9 billion standard cubic feet
- Natural Gas Liquids (NGLs): $5.0 million due to producing 304,000 barrels equivalent during Q1.
Production & Operational Performance
- Average Daily Production: Averaged 131,561 barrels of oil equivalent per day (boepd), a 167% increase from 49,258 boepd in Q1 2024
- Total Production: 11.8 million barrels of oil equivalent, up from 4.5 million recorded in Q1 2024
- Crude Oil Production: 9 million barrels, a 224% increase from 2.8 million barrels posted in Q1 2024
- Gas Production: 14.9 billion standard cubic feet (Bscf) for Q1 2025, up 50% from 10 Bscf in Q1 2024
- Natural Gas Liquids (NGLs): 304,000 barrels were produced in Q1
- Onshore Production: 56,196 boepd, a 14% increase from Q1 2024 due to strong performance at the Oben Gas Plant and the first contribution from the Sapele Gas Plant. Seplat Energy
- Offshore Production (SEPNU): 75,365 boepd, within guidance, with 88% crude & condensate, 4% NGL, and 8% gas.
| Metrics | Q1 2024 | Q1 2025 | Effect of MPNU Acquisition |
| Revenue | $179.8M | $809.3M | +350% YoY |
| Gross Profit | $42.7M | $353.0M | +727% YoY |
| Adjusted EBITDA | $122.8M | $400.6M | +226% YoY |
| Oil Volumes Lifted | 1.8M bbl | 9.9M bbl | +450% YoY |
| Profit After Tax | -$1.9M | $23.3M | Reversal to Profit |
| Diversification | Limited | Enhanced | Added offshore, gas, and NGL assets |
Key Drivers of Seplat’s Q1 Revenue Growth
The primary driver of Seplat Q1 revenue growth is a surge in oil and gas production following its acquisition of Mobil Producing Nigeria Unlimited (MPNU) assets. These critical assets include 11 oil and gas blocks, 48 producing fields, 3 export terminals, and over 600 km of subsea pipelines.
Seplat Crude oil revenue in Q1 surged by 404% to $759.8 million in Q1 2025, compared to $150.8 million in Q1 2024. The surge in revenue was attributed to a 450% rise in crude oil volumes lifted, which reached 9.9 million barrels, up from 1.8 million barrels in Q1 2024. Although the average realized oil price fell from $85.2 per barrel to $76.42 per barrel, the substantial increase in crude lifting volume compensated the 11% fall in price.
At the same time, gas revenue saw a 53% increase, surging to $44.5 million. Rising gas sales volume, which reached 14.9 billion standard cubic feet (Bscf), up from 10.0 Bscf in Q1 2024, supported revenues. The revenue increase was primarily due to improved production at the Oben gas plant, the start of commercial operations at the Sapele gas plant, and contributions from the recently acquired SEPNU assets.
Seplat’s 2025 Outlook
Regarding its production targets, Seplat wants to maintain its 2025 production guidance at between 120,000 and 140,000 barrels of oil equivalent per day. This forecast includes:
Onshore Operations at between 48,000 and 56,000 boepd due to the contribution of additional wells drilled in 2024. Furthermore, the expansion of the ANOH gas project in the second half of 2025, the second Modular Refinery Unit at the Sapele Gas Plant, and the completion of the Abiala Early Production Facility will support operations.
Seplat Energy Producing Nigeria Unlimited (SEPNU) production is expected to range between 72,000 and 84,000 boepd. This growth is attributed to rehabilitating idle wells and other investments to improve the reliability of natural gas liquids (NGL) facilities.