26th Feb 2026 14:37
(Alliance News) - Seplat Energy PLC on Thursday proposed a higher dividend, on the back of surging profit in 2025.
The Nigeria-focused energy supplier's annual revenue more than doubled to USD2.73 billion from USD1.12 billion in 2024, which Seplat attributed to a full year's contribution from offshore fields.
Pretax profit jumped to USD497.8 million from USD266.7 million in 2024, though attributable profit rose more modestly to USD160.1 million from USD149.0 million.
The company has proposed a final dividend of 25.0 cents per share, up from 16.5 cents on-year. It has proposed a 20% on-year boost for its fourth-quarter dividend to 8.3 cents a share, which includes a special dividend of 3.3 cents per share.
Seplat shares fell 3.7% to 402.25 pence on Thursday afternoon in London.
Looking to the year ahead, it is targeting a daily production range of 135,000 to 155,000 barrels of oil equivalent, compared to 131,506 boepd in 2025. The mid point of the 2026 target range reflects an annual increase of about 10%.
Seplat expects crude and composite production to remain broadly unchanged on-year, with "new well inventory offset by planned downtime for strategic maintenance and integrity activities". It is eyeing an 85% increase in production of natural gas liquids, where it sees improved throughput from the first quarter of 2026.
Additionally, Seplat aims for a 30% rise in gas production, bolstered by an increase from ANOH Gas Processing Co Ltd, a joint venture with the Nigerian Gas Processing & Transportation Co. Seplat sees a further boost to offshore gas sales from the third quarter, once the first phase of the Oso-BRT project has completed. By 2030, the firm targets 200,000 boepd.
The company guided 2026 operational expenditure between USD13.5 and USD14.5 per barrel of oil equivalent, reduced from USD15.7 in 2025, due to an "anticipated increase in production, with operating costs expected to remain relatively stable".
Seplat sees the new year's capital expenditure ranging from USD360 million to USD440 million. Capex totalled USDD266.8 million in 2025, up from USD208.1 million on-year.
Chief Executive Roger Brown commented on the past year: "We benefitted from successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory.
Brown added: "The cash generative nature of our asset base is clearly evident in our results... We are already well positioned to deliver on our planned USD1 billion cumulative return of capital to shareholders by 2030."
By Holly Munks, Alliance News reporter
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