{"id":71267,"date":"2023-04-27T17:48:55","date_gmt":"2023-04-27T16:48:55","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=71267"},"modified":"2023-04-27T17:48:55","modified_gmt":"2023-04-27T16:48:55","slug":"seplat-energy-grows-2023-q1-pbt-by-3-2-to-n39-5bn","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/seplat-energy-grows-2023-q1-pbt-by-3-2-to-n39-5bn\/","title":{"rendered":"Seplat\u00a0Energy\u00a0Grows\u00a02023 Q1\u00a0PBT By 3.2% To N39.5bn"},"content":{"rendered":"

… Q1 Gross profit hits N91.1bn, rising by 69 per cent<\/p>\n

\u2026 Declares US 3 cents Q1 dividend per share<\/p>\n

Seplat\u00a0Energy\u00a0Plc, a leading Nigerian independent\u00a0 energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited\u00a0results\u00a0for the three months ended 31 March 2023, recording a rise in profit before tax by 3.2 per cent to N39.5bn from N34.7bn year-on-year.<\/p>\n

\"\"The company also reported that its\u00a0core 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.<\/p>\n

The\u00a0energy\u00a0Company\u2019s also grew its Q1 revenue by 36.9 per cent to N152bn from N100.6bn year-on-year,\u00a0driven by higher production volumes; as its gross profit for the period soars to N91.1bn from N48.8bn year-on-year, rising by 69 per cent.<\/p>\n

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).<\/p>\n

In its operations,\u00a0 Seplat\u00a0Energy\u2019s\u00a0 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.<\/p>\n

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.<\/p>\n

\u00a0Financial highlights<\/b><\/p>\n

\u2022 Revenues up 37% to $331.0 million (including overlift of $75.4 million), driven by higher production volumes<\/p>\n

\u2022 Strong cash generation of $139.9 million, capex of $44.7 million<\/p>\n

\u2022 Balance sheet strengthened with $459.7 million cash at bank, net debt down to $288.2 million ($130 million MPNU cash deposit not included)<\/p>\n

\u2022 Unit production opex of $9.0\/boe<\/p>\n

\u2022 Average realised oil price of $82.32\/bbl<\/p>\n

\u2022 Average realised gas price climbed to $2.88\/Mscf following price renegotiation with clients leading to upward price adjustments.<\/p>\n

Operational highlights<\/b><\/p>\n

\u2022 Working interest production increased by 8.6% to 51,720 boepd, in upper half of guidance range<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u2022 Amukpe-Escravos Pipeline (AEP) supporting higher export volumes from key Western Assets<\/p>\n

\u2022 New OP-15 well boosting liquids production at OML 40, with Oben-34 well boosting gas production<\/p>\n

\u2022 Achieved more than 3.8 million hours without Lost Time Injury (LTI) at Seplat-operated assets<\/p>\n

\u2022 Full-year guidance retained at 45-55 kboepd<\/p>\n

\u2022 Carbon intensity figure of 26.4kg\/boe<\/p>\n

Corporate updates<\/b><\/p>\n

\u2022 Core annual dividend target raised by 20% to US 12 cents; Q1 dividend declared of US 3 cents per share<\/p>\n

\u2022 Applications submitted for conversion of Oil Mining Leases under the new PIA regime<\/p>\n

\u2022 The Company announced its Board of Directors\u2019 Succession Forward Plan on 25 April 2023.<\/p>\n

\u00a0Update on proposed acquisition of Mobil Producing Nigeria Unlimited (MPNU)<\/b><\/p>\n

\u2022 We remain confident that the proposed acquisition will be brought to a successful conclusion and continue to engage with all relevant parties.<\/p>\n

Commenting on the impressive results, Mr. Basil Omiyi, Independent Chairman, said:\u00a0\u201cSeplat Energy\u2019s management and staff have once again delivered excellent performance, with production volumes up, unit production cost down and strong cash generation enabling the Board to increase our annual core dividend target from US 10 cents to US 12 cents per share, paid in equal quarterly dividends. As a result, we have declared a Q1 2023 dividend of US 3 cents per share.<\/p>\n

\u201cThe year has started strongly, and we are now seeing the benefits of the AEP, through which we are exporting significant amounts of oil. On the ANOH gas plant, our partners have made good progress in the quarter on delivering the OB3 and Spur pipelines, as well as the necessary gas wells, and we maintain Q4 2023 for first gas. We continue to engage with all relevant parties in the proposed acquisition of MPNU and are confident of a successful outcome.<\/p>\n

\u201cI wish to thank all our staff for remaining focused on delivering this strong performance, united in their support of Seplat\u2019s management team, against a backdrop of unnecessary distractions that will not derail our progress and ambition to become Nigeria\u2019s leading energy supplier.<\/p>\n

\u201cThe Board announced its Succession Forward Plan earlier this month and I look forward to steering this national energy champion in my final year as Chairman, fully resolved to implement the strong corporate governance that will enable Seplat Energy to grow and achieve its ambition to create a sustainable business that maximises returns for all stakeholders, while delivering an energy transition that drives social and economic benefits for all Nigerians.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Seplat\u00a0Energy\u00a0Plc, a leading Nigerian independent\u00a0 energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces its unaudited\u00a0results\u00a0for the three months ended 31 March 2023, recording a rise in profit before tax by 3.2 per cent to N39.5bn from N34.7bn year-on-year.<\/p>\n","protected":false},"author":6,"featured_media":59697,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[8958],"coauthors":[2391],"class_list":["post-71267","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-seplat-energy-plc"],"yoast_head":"\nSeplat\u00a0Energy\u00a0Grows\u00a02023 Q1\u00a0PBT By 3.2% To N39.5bn - National Wire<\/title>\n<meta name=\"description\" content=\"Seplat\u00a0Energy\u00a0Plc, a leading Nigerian independent\u00a0 energy company listed on both the Nigerian Exchange Limited and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/seplat-energy-grows-2023-q1-pbt-by-3-2-to-n39-5bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seplat\u00a0Energy\u00a0Grows\u00a02023 Q1\u00a0PBT By 3.2% To N39.5bn - 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