Nigeria’s Seplat Power PLC has reported $809.3 million in income for the primary quarter (Q1), up 350 % from the identical three-month interval in 2024 as larger oil and gasoline volumes offset decrease costs.
Web revenue got here at $23.3 million, or 3.1 cents per share, in comparison with a web lack of $1.9 million for Q1 2024.
Petroleum volumes lifted rose 450 % year-on-year to 9.9 million barrels, benefiting from the acquisition of Mobil Producing Nigeria Limitless, renamed Seplat Power Producing Nigeria Limitless, from Exxon Mobil Corp. The acquisition gave Seplat a 40 % stake in 4 oil mining leases together with over 90 shallow-water and onshore platforms and 300 producing wells. Oil volumes lifted in Q1 2024 totaled 1.8 million barrels.
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“Manufacturing deferment within the interval was 19 % onshore (1Q 2024: 22 %) and 23 % offshore”, Seplat stated in its quarterly report. “Onshore deferments have been forward of plan given decreased third-party associated downtime, whereas offshore was in step with plan”.
Crude income rose 404 % year-on-year to $959.8 million as the quantity enhance greater than compensated for a drop in common realized oil value to $76.42 a barrel.
Pure gasoline liquid (NGL) volumes lifted totaled 138,000 barrels. NGL income was $5 million.
Seplat offered 14.9 billion customary cubic ft of gasoline, up 49 % as a result of startup of a brand new plant and new contribution from the ExxonMobil acquisition. That offset a decline within the common realized gasoline value to $3.01 per thousand cubic ft to drive a 53 % development in gasoline income to $44.5 million.
Working curiosity manufacturing totaled about 131,500 barrels of oil equal a day, up 167.1 % in opposition to Q1 2024.
Adjusted earnings earlier than curiosity, taxes, depreciation and amortization got here at $400.6 million, up 224.9 % in comparison with Q1 2024. Working revenue elevated 190.7 % to $238.2 million. Operations generated $306.5 million in money, in comparison with $16.8 million for Q1 2024. Free money stream was $176.4 million for Q1 2025.
“We stay conservative in our strategy, however our confidence sooner or later trajectory for our enterprise, mixed with our robust monetary place, implies that we’re delighted to extend our quarterly dividend to $ 4.6c/share, a 28 % enhance in our quarterly dividend versus 4Q 2024”, chief government Roger Brown stated.
“Our property are high-quality, and whereas we’ll stay agile to the prevailing oil value atmosphere, our marketing strategy is designed to be sturdy at decrease oil costs and our gasoline revenues, that are largely delinked to grease costs, present long-term stability for the enterprise”.
Seplat ended Q1 with NGN 2.9 trillion ($1.81 billion) in present property together with NGN 514.1 billion in money and money equivalents. Present liabilities stood at NGN 2.42 trillion.
To contact the creator, e-mail jov.onsat@rigzone.com
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