Seplat Energy pays total dividend of $16.5 cent for 2024

…Completes acquisition of Mobil Producing Nigeria Unlimited

Seplat Energy Plc has declared a total dividend payout of N253.33 per share ($16.5 cent per share) for the 2024 financial year.

This represents an increase of 10 per cent against the amount paid the previous year.

The company also recorded revenue of $1.116 billion, indicating a surge of 5 per cent against $1.061 billion achieved in the corresponding period of 2023.

Addressing financial journalist in Lagos at the company’s post -Annual General Meeting, the chairman of Seplat Energy Plc, Senator Udoma Udo Udoma said “2024 was truly a defining year for Seplat Energy, adding that the completion of acquisition of Mobil Producing Nigeria Unlimited (MPNU) in 2024 financial year has doubled the company’s production and increased its reserves. He said that the acquired assets have a world-class history as some of Nigeria’s most important oil fields and, as the new operator of these assets, we intend to invest to increase production for the benefit of all our stakeholders.

“Merging the business, which we now call Seplat Energy Producing Nigeria Unlimited (SEPNU), with Seplat Energy has created a Nigerian energy powerhouse. 

I am especially pleased to report that the closing cash consideration of $800 million at completion was funded entirely from cash, new and available debt facilities, with no dilution of shareholdings.  This speaks volumes to the strength of our business.

According to him, “the 2024 financial year was truly transformational for the development of our business. Our core business delivered another year of safe and reliable operations, achieving key targets for production and operating efficiency, which supported another year of strong cash flow generation and shareholder returns.

“We delivered a year of strong production, with revenues over $1 billion dollars, at $1.116 billion. This was achieved through safe and reliable operations, with 11-million-man hours without any lost-time injury (LTI).

Also speaking the Chief Executive Officer Seplat Energy, Mr Rogers Brown said “The increased reserves and production that the Seplat Energy Producing Nigeria Unlimited (SEPNU) assets add to Seplat Energy’s operations is significant, making us to consolidate on our position as the leader, and this is a significant responsibility of stewardship of Nigeria’s natural resources, which we do not take lightly.

“Along with the oil and gas producing assets we gain operating control of dedicated shallow water infrastructure and three export terminals, namely Qua Iboe Terminal, Bonny River Terminal and the Yoho Floating Storage and Offloading (FSO) facility, as well as Natural Gas Liquids (NGL) plants at East Area Project (EAP) and Oso.

He, however, said that following the successful coming together of Seplat and SEPNU a new integration project has been launched. This marks the beginning of an exciting chapter for Seplat Energy as the company unifies two exceptional teams, cultures, and visions into one organization. The integration process aims to enhance our capabilities, drive sustained growth, and maximize the potential of our combined strengths.

The Chief Finance Officer of Seplat Energy, Mrs. Eleanor Adaralegbe, said “For our financial results, 2024 results benefited from higher production particularly oil production from the consolidation of SEPNU for the final 19 days of the year; total revenue reached a record of $1.116 billion (N1.652 trillion), reflecting a higher output partially offset by modestly lower oil price realizations. 

“The group adjusted EBITDA reached $539 million(N796bn) including a $99 million contribution from SEPNU and this represented a 20.3 per cent increase in 2023. She said that with profit after taxes of nearly $235 million, our net profit was approximately $145 million as the company generated $383 million cash from operations and our Net debt increased to $898 million following the completion of the acquisition of MPNU but despite this, our pro forma net leverage of 0.7 times was flat on 2023 as the company maintained its strong balance sheet.

“We maintained good credit ratings in international markets, and this helped us to refinance our $650 million bond in March 2025, where our yield priced inside the comparable Nigerian Government Sovereign bond, a first for Seplat. We look forward to further improvements in key financial metrics in 2025 as a bigger company.”