Seplat Energy’s $1.1 Billion Earnings Surge in Nine Months, Driven by Mobil Acquisition

Seplat Energy Plc has delivered one of its strongest financial performances to date, reporting Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of $1.1 billion for the first nine months of 2025. The record-breaking result marks a 190 percent year-on-year increase from $383 million in 2024, largely fuelled by the successful acquisition of Mobil Producing Nigeria Unlimited (MPNU), now rebranded as Seplat Producing Nigeria Unit (SEPNU).

The MPNU acquisition proved transformative for Seplat, significantly expanding its production footprint. The newly acquired offshore assets — OMLs 67, 68, 70, and 104 — contributed an average of 77,562 barrels of oil equivalent per day (BOEPD), driving Seplat’s total output up 185 percent to 135,636 BOEPD. This remarkable growth solidifies Seplat’s position as one of Nigeria’s top-performing indigenous oil and gas producers.

Despite a 13 percent drop in oil prices, from $82.9 per barrel in 2024 to $71.9 in 2025, Seplat’s revenue still soared. The company recorded $2.18 billion in total revenue, up from $715 million a year earlier, with gross profit climbing 148 percent to $879.5 million. Increased production volumes helped offset weaker prices, highlighting Seplat’s operational efficiency and resilience in a challenging global market.

Cash flow also strengthened significantly, with net operating cash flow jumping 230 percent to $1.395 billion. Seplat used its liquidity boost to fund capital projects, repay over $1 billion in loans, and maintain strong shareholder returns. CEO Roger Brown announced plans to invest $3 billion between 2026 and 2030, focusing primarily on oil monetisation and offshore expansion projects that will drive long-term growth.

Overall, Seplat’s nine-month results underscore a new era for Nigeria’s indigenous oil producers. The MPNU acquisition has doubled Seplat’s production capacity, improved its cash generation, and positioned the firm as a key player in Nigeria’s evolving energy landscape. As international oil majors divest, Seplat’s success signals how local energy companies are stepping up to power the nation’s oil future.

 source: Business day