Full Year 2024 Seplat Energy PLC Earnings Call Transcript
Key Points
- Seplat Energy PLC (SEPLF) successfully completed the acquisition of MPNU, significantly increasing oil production and reserves.
- The company reported strong adjusted EBITDA of $539 million, with a substantial contribution from both onshore and SEPNU operations.
- Seplat Energy PLC (SEPLF) increased its dividend from $0.15 to $0.165 per share, reflecting confidence in business stability.
- The company achieved a 200% organic reserve replacement ratio, indicating strong asset management and future production potential.
- Seplat Energy PLC (SEPLF) has a motivated workforce post-acquisition, with 1,000 employees from SEPNU eager to expand and grow the assets.
- The company faced significant one-off costs related to the acquisition, impacting cost of sales and G&A expenses.
- There are concerns about the high historical tax rates on the MPNU asset, which the company aims to optimize in 2025.
- Seplat Energy PLC (SEPLF) needs to refinance its notes and RCF by mid-2025, which could pose financial challenges.
- The company is dealing with aging infrastructure and bottlenecking issues in some of its offshore assets.
- Operational costs are expected to be higher in 2025 due to maintenance and integrity work, impacting short-term profitability.
Good morning, and welcome to Seplat Energy PLC full-year results 2024. (Operator Instructions) I would like to remind everyone that this call is being recorded.
I will now hand over to James Thompson, Head of Investor Relations, to open the presentation. Please go ahead.
Thank you, Christa. Hello, everybody. Good afternoon. Good morning. Welcome to Seplat Energy's financial results for the full-year 2024, and our first since the completion of the acquisition of MPNU. On the call today, are our CEO, Roger Brown; CFO, Eleanor Adaralegbe; and COO, Samson Ezugworie.
After the presentation, we will move straight to the Q&A. Before we just start, I'll just draw attention to the forward-looking statement on slide 2.
And now I'll pass the call over to Roger. Over to you.
Thank you, and good morning, good afternoon, everyone. And we're delighted to come
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