Half Year 2025 Seplat Energy PLC Earnings Call Transcript
Key Points
- Seplat Energy PLC (FRA:134) reported record-setting results with a working interest production of 134,500 barrels of oil equivalent per day, reaching the upper end of their guidance.
- The company achieved a half-year revenue of $1.4 billion, with a strong EBITDA of $735 million and cash flow from operations at $766 million.
- Seplat Energy PLC received credit rating upgrades from Moody's and Fitch, now rated above the Nigerian sovereign, indicating strong credit metrics.
- The company declared a Q2 dividend of $0.406 per share, with cumulative dividends since IPO reaching $1.24 per share.
- Seplat Energy PLC achieved a 25% reduction in CO2 emissions, demonstrating a commitment to environmental sustainability.
- The cost of sales showed elevated numbers due to maintenance of offshore assets and high DD&A costs, impacting overall profitability.
- The company experienced a high effective tax rate, attributed to minimal investments in the offshore business, which is expected to normalize with future investments.
- There were concerns about the sustainability of production from restored Idle wells, with potential for high water production impacting future output.
- Seplat Energy PLC faces challenges with legacy offshore receivables, although approvals have been secured for a significant portion.
- The company has a substantial deferred payment of $257 million due in December, which will impact liquidity and working capital in the second half of the year.
Good morning and welcome to Seplat Energy's PLC's half-year results 2025. (Operator Instructions) I would like to remind all participants 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, John. Hello, everybody. Welcome to Seplat Energy's financial results for the first half of 2025. On the call today from Seplat, we have our CEO, Roger Brown; CFO, Eleanor Adaralegbe; and our COO, Samson Ezugworie. We'll follow normal process with Q&A following the prepared remarks. Before we start, I just draw your attention to the disclaimer and forward-looking statements on slide 2.
And now I'll pass you over to Roger Brown for the introduction. Roger, over to you.
Thanks, James. Hello, everyone. So we start off with the six-months' highlights here, financial and
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