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Seplat Energy Records N39.5bn Profit Before Tax In Q1 2023
***Revenue growth hits N152bn
Seplat Energy Plc has announced its unaudited results for the three months ended March 31, 2023, recording a rise in profit before tax of 3.2 percent to N39.5 billion from N34.7 billion year-on-year.
The indigenous independent energy company also reported that its core annual dividend target has been raised by 20 percent to 12 cents; declaring a first quarter dividend payout of 3 cents per share.
According to the energy company, its first quarter revenue also grew by 36.9 percent to N152 billion from N100.6 billion year-on-year, driven by higher production volumes; as its gross profit for the period soars to N91.1 billion from N48.8 billion year-on-year, rising by 69 percent.
Seplat Energy recorded a strong Q1 cash generation of $139.9 million and capex of $44.7 million; with Balance Sheet strengthened with $459.7 million cash at bank, net debt down to $288.2 million ($130 million MPNU cash deposit not included).
In its operations, Seplat Energy’s working interest production increased by 8.6 per cent to 51,720 boepd, in upper half of guidance range for the period. The Amukpe-Escravos Pipeline (AEP) is supporting higher export volumes from key Western Assets. The new OP-15 well is boosting liquids production at OML 40, with Oben-34 well boosting gas production.
The Company achieved more than 3.8 million hours without Lost Time Injury (LTI) at Seplat-operated assets in Q1. Full-year guidance is retained at 45-55 kboepd, and Carbon intensity figure stands at 26.4kg/boe.
• Revenues up 37 percent to $331.0 million (including overlift of $75.4 million), driven by higher production volumes
• Strong cash generation of $139.9 million, capex of $44.7 million.
• Balance sheet strengthened with $459.7 million cash at bank, net debt down to $288.2 million ($130 million MPNU cash deposit not included).
• Unit production opex of $9.0/boe.
• Average realised oil price of $82.32/bbl.
• Average realised gas price climbed to $2.88/Mscf following price renegotiation with clients leading to upward price adjustments.
• Working interest production increased by 8.6% to 51,720 boepd, in upper half of guidance range
• Amukpe-Escravos Pipeline (AEP) supporting higher export volumes from key Western Assets
• New OP-15 well boosting liquids production at OML 40, with Oben-34 well boosting gas production
• Achieved more than 3.8 million hours without Lost Time Injury (LTI) at Seplat-operated assets• Full-year guidance retained at 45-55 kboepd
• Carbon intensity figure of 26.4kg/boe
• Core annual dividend target raised by 20 percent to US 12 cents; Q1 dividend declared of US 3 cents per share
• Applications submitted for conversion of Oil Mining Leases under the new PIA regime
• The Company announced its Board of Directors’ Succession Forward Plan on 25 April 2023.
Update on proposed acquisition of Mobil Producing Nigeria Unlimited (MPNU)
Seplat said it remain confident that the proposed acquisition will be brought to a successful conclusion and continue to engage with all relevant parties.