SEPLAT Energy’s 2025 financial year was defined by two major developments: the completion of a $326.2 million payment tied to its acquisition of offshore assets from ExxonMobil and the production setback caused by the Yoho platform shutdown in the fourth quarter (Q4).
The company had finalised its $1.28 billion acquisition of Mobil Producing Nigeria Unlimited (MPNU) in December 2024, a landmark deal that doubled its 2P reserves to 887 million barrels of oil equivalent and cemented its position as Nigeria’s largest indigenous independent energy producer. In 2025, Seplat completed $326.2 million in payments to ExxonMobil as part of the transaction financing structure, marking a critical milestone in bedding down the enlarged group.
The significance of the ExxonMobil payment lies not just in its size but in its timing. Despite the substantial cash outflow, Seplat reduced its net debt by 25 percent year-on-year to $673.3 million, down from $897.8 million in 2024. This was supported by strong operational cash generation of $1.165 billion, up 276 percent on the prior year. The figures suggest that the offshore assets are already contributing meaningfully to liquidity, enabling the company to deleverage while meeting acquisition obligations.
Financials and production
Seplat’s profit before tax rose 86.7 percent to $497.8 million, compared with $266.7 million in 2024, while operating profit increased to $675.2 million from $326.7 million. The earnings growth underscores the scale benefits of the offshore consolidation, even after factoring in financing costs and integration expenses.
Seplat oil drilling
However, operational momentum was partly interrupted by the Yoho platform outage, which weighed on Q4 performance. Group production averaged 131,506 barrels of oil equivalent per day (boepd) in 2025, up 148 percent from 52,947 boepd in 2024, reflecting the first full year of offshore consolidation. Yet Q4 production dropped to 119,200 boepd due to the Yoho shutdown and other planned maintenance activities.
READ ALSO: Seplat ANOH project delivers first gas, restarts four wells
Offshore production grew 9 percent year-on-year on a pro-forma basis, but performance was moderated by the Yoho disruption. The restart of the platform is expected in the second quarter (Q2) of 2026, indicating that some deferred volumes could support output recovery next year. The outage highlights the operational risks that come with managing mature offshore infrastructure, even as it provides higher production capacity.
Onshore operations offered stability, delivering 14 percent year-on-year growth supported by new wells and gas infrastructure. Meanwhile, an idle well restoration programme added 48.6 thousand boepd gross capacity from 49 wells, exceeding management expectations and helping to cushion the offshore shortfall.
Dividend payouts reflected management’s confidence in the company’s financial strength. Total dividend declared for 2025 stood at 25 cents per share, equivalent to $150 million, representing a 52 percent increase over 2024. The increase came despite the Yoho outage and the substantial ExxonMobil-related payment, reinforcing the company’s commitment to shareholder returns.
2026 projection
Looking ahead, Seplat has issued 2026 production guidance of 135,000–155,000 boepd, implying roughly 10 percent growth at the midpoint. While crude output is expected to remain broadly flat due to planned maintenance, the anticipated Yoho restart and increased gas contributions are expected to drive incremental volumes. Unit operating costs are projected to decline further to between $13.5 and $14.5 per boe, supported by higher output.
Chief Executive Officer, Mr Roger Brown, said 2025 demonstrated the company’s ability to operate at scale as both an onshore and offshore producer. He noted that the enlarged asset base is generating strong cash flows, lowering cost of debt and positioning the company for long-term growth, including a target to reach 200,000 boepd by 2030.
“At our CMD in September, we laid out our long-term ambition to ‘Build an African Energy Champion,’ with a clear roadmap to grow working interest production to 200 kboepd by 2030,” he said. “In 2025 we delivered the IGE replacement project offshore and the Sapele Gas plant onshore. In recent weeks we were delighted to achieve first gas at the ANOH Gas Plant and are on track to doubling Joint Venture gas volumes at Oso-BRT to 240 MMscfd in 2H 2026.”
READ ALSO: After heavy criticism, Tinubu says $$1.3bn ExxonMobil-Seplat deal to happen in matter of days
He said drilling will be a decisive factor in meeting the company’s long-term growth ambitions. He announced that the
first jack-up drilling rig is contracted and is set to arrive at Oso in the third quarter (Q3) to commence a multi-year, multiwell drilling campaign.
Conclusion and risks
In essence, Seplat’s 2025 performance reflects a balancing act: executing a transformative offshore acquisition and meeting significant payment obligations to ExxonMobil, while navigating operational headwinds from the Yoho outage. The results suggest that while short-term disruptions affected quarterly volumes, the broader financial and strategic trajectory remains firmly upward.
But risks remain. The company is involved in a number of legal suits as defendant. The estimated value of the contingent liabilities for the year ended December 31, 2025, was N125.80 million and $87.65 million as against N724 million and $0.471 million in 2024.
Also, the oil company made provision of N11.212 billion for inter-company receivables, up from N8.42 billion in 2024. The company also reported unrealised foreign exchange loss of N7.718 billion, though lower than N17.551 billion in 2024.
