… Q1 Gross profit hits N91.1bn, rising by 69 percent
Seplat Energy Plc has announced its unaudited results for the three months ended 31 March 2023, recording a rise in profit before tax by 3.2 percent to N39.5bn from N34.7bn year-on-year. The company also reported that its core annual dividend target has been raised by 20 per cent to US 12 cents; declaring a Q1 dividend payout of US 3 cents per share.
The Energy Company’s also grew its Q1 revenue by 36.9 percent to N152bn from N100.6bn year-on-year, driven by higher production volumes; as its gross profit for the period soars to N91.1bn from N48.8bn 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.
Financial highlights
- Revenues up 37% 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.
Operational highlights
- 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
