Q3 2024: Seplat Energy grows revenue to N1.071trn

Seplat Energy Plc has recorded N1.071 trillion for the third quarter of 2024, an increase from the N478.1 billion posted in the same period of 2023.

The company disclosed this in its unaudited results filed with the Nigerian Exchange Ltd. (NGX) and the London Stock Exchange on Tuesday.

The company’s Chief Executive Officer (CEO), Mr Roger Brown, said that the energy company also generated N633.8 billion cash from its operations, rising from N213.8 billion generated year-on-year.

He added that Seplat’s operating profit rose to N411.3 billion in the period under review, compared to N91.3 billion recorded in the corresponding quarter of 2023.

According to him, the company increased its dividend by 20 per cent to declare US3.6 cents dividend per share for the nine month ended.

The Seplat boss stated that the firm’s total core dividend declared was US9.6 cents per share.

Brown noted that the energy firm achieved 8.2 million-man hours with Lost Time Injury (LTI).

He said the indigenous energy company also grew its working interest production averaged 48,152 boepd, around the midpoint of guidance, within the period under review.

This, he stated, was against 47,525 boepd reported in the same quarter of the previous year.

Brown noted that the first nine months of 2024 had seen Seplat Energy delivered a strong operational performance.

He said that the energy company’s production had been consistent, drilling improved and main maintenance activities had been executed successfully.

Brown also hinted that the company had brought two new fields on stream, most recently at Abiala, and were approaching completion of the Sapele gas plant.

“Further delays to the start up at ANOH are frustrating, but we have been pleased to see the commitment of our government partner in tackling the technically challenging river crossing.

“Based on the latest estimates received, and maintaining a cautious stance on any risk of further delays, we update our guidance for first gas to Q2 2025.

“Commodity prices remained supportive, combined with operational uptime and timely cash calls from our joint venture partner, helped cash generation improve year-over-year, enhancing our balance sheet position.

“We were delighted in recent days to receive Ministerial consent for the acquisition of MPNU. The transaction will be transformational for Seplat Energy, and every effort is now on completing the transaction,” he said.