Seplat Petroleum Development Company has declared total revenue of $880.2 million (or 41% increase from 2012) for the financial year ended 31st December, 2013, and the company is rewarding its shareholders with N16.50 kobo per share.
Addressing financial journalist immediately after its 1st annual general meeting in Lagos, the chairman of the company, Dr ABC Orjiako, said that in spite of the challenges in the operating environment, Seplat Petroleum achieved a maximum growth in all its operations.
The firm which operates crude has shown tremendous improvement in it’s in the last three years, as its production grew from 11.5 million barrels in 2011 to 18.8 million barrels in 2013.
Despite a harsh operating environment underlined by uncertainties about passage of the Petroleum Industry Bill, persisted theft, huge exposure to subsidies and reduced demand for Nigerian crude oil blends in the United States, among others, Seplat had continued to grow exceptionally.
Seplat had continued to deliver growth holistically since inception in line with our strategy. Operated crude oil has grown significantly over a three year period, from 11.5 million barrels to in 2011 to 18.8 million barrels in 2013. With an exist gross production rate at 31st December, 2013 of 61.7 thousand barrels per day, Operated average daily production for 2013 of 51.4 thousand barrels per day and total annual operated production of 18.8 million barrels, Seplat recorded total revenue of US$880.2 million, a 41 per cent growth over 2012 figure”, he added .
Orjiako further stated that in line with the company’s commitment to its dividend policy to its esteem shareholders, the company has already rewarded them with N16.50 per share held by investors.
“The future of our company is very bright. We shall strive to maintain our leadership position in the indigenous E& P industry in Nigeria and our focus is following our growth strategy to seek and ensure delivery of our commitment not only to capital growth but also to remain profitable and dividend paying. We shall seek to deliver tangible reward to all stakeholders”, he assured.
