SeplatEnergy revenue surges 150% to N4 trillion but profit growth muted by tax, costs
Seplat Energy reported record revenue of N4 trillion in 2025, a 150.4% increase from 2024, driven by offshore expansion and onshore upgrades. However, soaring costs including a N513.9 billion tax liability and N2.8 trillion cost of sales kept earnings growth subdued. Post-tax profit reached N241.6 billion, up 16.2% from 2024, while the company announced a US$5 cent quarterly dividend and US$3.3 cent special dividend. CEO Roger Brown highlighted offshore consolidation and drilling expansion as growth pillars, with first Jack-Up rig delivery planned for Q3 2026. Tony Elumelu-backed Heirs Energies acquired Maurel & Prom's 20.1% stake for $500 million, becoming Seplat's top shareholder.