Seplat Energy Plc, a Nigerian independent energy company listed both on the Nigerian Exchange Limited and the London Stock Exchange, has recorded a rise in revenue by 31 per cent to N478.1 billion from N258.7 billion year-on-year. The company also declared a third quarter 2023 dividend of US3 cents per share, in line with higher core annual dividend of US 12 cents.
The energy Company in its unaudited results for the nine months ended 30 September 2023 also grew its gross profit to N245.6 billion from N118.5 billion year-on-year while production during the period averaged 48,152 boepd, up 11 per cent on with liquids production up 17 per cent.
Operations benefited from improved uptime at Forcados Oil Terminal and availability of the Amukpe-Escravos pipeline, supporting strong revenue, modestly offset by higher costs. Robust cash generation further strengthened the balance sheet.
Seplat Energy achieved more than 6.4 million hours without Lost Time Injury (LTI) at Seplat-operated assets. The Company expressed increasing confidence that President Tinubu’s administration will approve its acquisition of ExxonMobil’s share capital of Mobil Producing Nigeria Unlimited (MPNU).
Revenue up 31.0 per cent to $810.4 million (including an overlift of $127.8 million) from $618.6 million in the third quarter of 2022 (including an underlift of $60.3 million). Adjusted revenue was flat YoY as improved production mitigated lower oil price realisations.
Average realised oil price $82.76/bbl (9M 2022: $108.25/bbl); average gas price improved to $2.87/Mscf (9M 2022: $2.80/Mscf).
Unit production opex of $9.7/boe, (9M 2022: $9.3/boe).
Cash generation of $365.1 million, flat YoY, funding capex of $125.4 million.
Balance sheet strengthened in the quarter, $391.0 million cash at bank (9M 2022: $305 million), $128 million MPNU cash deposit not included.
Net debt at end September fell to $347.6 million (9M 2022: $452.2 million), a further $11 million of RBL borrowings were repaid in the third quarter of 2023 ($22 million YTD). Net Debt to TTM EBITDA improved to 0.9x.
