Seplat Energy (SEPL) Q1 2025 earnings summary

Executive summary

• Achieved robust production and cost performance in Q1 2025, with production up 167% year-over-year to 131,561 boepd, exceeding guidance midpoint.

• Revenue surged 350% to $809 million, driven by the consolidation of SEPNU and strong onshore and offshore performance.

• Net income reached $23.3 million, reversing a loss in Q1 2024, and EPS improved to $0.03.

• Declared a quarterly dividend of $0.046 per share, up 28% from Q4 2024, reflecting financial strength and confidence in outlook.

• Early repayment of $250 million reduced RCF to $100 million; gross debt down 21% and net debt down 17% sequentially.

Financial highlights

• Revenue: $809.3 million (+350% year-over-year); Adjusted for overlifts, $755.8 million (+220%).

• Adjusted EBITDA: $400.6 million (+225% year-over-year), margin 49.5%.

• Operating profit: $238.2 million (+191% year-over-year), margin 29.4%.

• Net income: $23.3 million (vs. $1.9 million loss in Q1 2024).

• Cash generated from operations: $306.5 million (+1,721% year-over-year).

• Free cash flow: $176.4 million (vs. negative $32.2 million in Q1 2024).

• Capex: $40.2 million (down from $47.1 million in Q1 2024).

• Net debt: $747 million (down from $898 million at YE 2024); pro-forma ND/EBITDA improved to 0.56x.

Outlook and guidance

• 2025 production guidance maintained at 120-140 kboepd (Onshore: 48-56 kboepd; SEPNU: 72-84 kboepd).

• Capex guidance unchanged at $260-320 million (Onshore: $180-220 million; SEPNU: $80-100 million).

• Unit operating cost expected at $14-15/boe, with costs to rise as drilling and maintenance ramp up.

• Capital Markets Day in September 2025 to outline medium- and long-term growth plans.