Seplat Energy PLC

SEPL

Equity

ISIN NGSEPLAT0008 / Valor 24113779

LSE London Stock Exchange, SETS (2024-12-23)

GBP 1.97-1.75%

Seplat Energy PLC
UMushroom community rating:

0.00 0 votes No rating yet

NegativeNeutralPositive

About company

Seplat Energy PLC is a leading Nigerian independent energy company engaged in the exploration, development, and production of oil and gas. As a joint venture partner with NNPC Exploration and Production Ltd, Seplat Energy plays a significant role in the Nigerian energy sector. The company's operations are not limited to hydrocarbon exploration and production; it also undertakes environmental and sustainability initiatives, as evidenced by its agreement with the Edo State Government to allocate 6,000 hectares of land from protected forest reserves for a large-scale tree planting project. This initiative underscores Seplat Energy's commitment to environmental stewardship alongside its core business activities. Additionally, the company's recognition for excellence in sustainability reporting by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Ltd (NGX RegCo) highlights its dedication to transparent and responsible corporate reporting. Seplat Energy's engagement with shareholders and stakeholders through platforms like its Annual General Meeting further demonstrates its commitment to governance and strategic communication.

Summarized from source with an LLMView SourceSector: Energy

Revenue Decline

In the first quarter of 2024, Seplat Energy PLC reported a significant decrease in revenue, totaling $179.8 million compared to $331.0 million in the same period of 2023. This represents a 45.7% decline year-over-year. The adjusted revenue for Q1 2024, considering overlift and underlift oil volumes, was $236.3 million against $255.6 million in Q1 2023.

Profitability and Earnings

Seplat Energy PLC's gross profit for Q1 2024 stood at $42.7 million, a sharp decrease from $198.3 million recorded in Q1 2023, marking a 78.5% reduction. The company's profit before tax also fell by 19.5% to $69.3 million in Q1 2024 from $86.1 million in the previous year.

Operational Costs and Cash Flow

The company's operational expenses increased slightly with unit production opex rising to $9.6/boe in Q1 2024 from $9.0/boe in Q1 2023. Cash generated from operations significantly dropped to $16.8 million in Q1 2024 from $145.0 million in Q1 2023, primarily due to the timing of liftings.

Dividend Announcement

Despite the financial downturn, Seplat Energy PLC declared a dividend of US3.0 cents per share for Q1 2024. This decision reflects the company's commitment to delivering shareholder value amidst challenging market conditions.

Debt and Investment

Seplat Energy PLC's net debt increased to $385 million at the end of March 2024, up from $305 million at the end of December 2023. The company invested $47.1 million in capital expenditures in Q1 2024, slightly higher than the $44.7 million spent in the same quarter the previous year.

Summarized from source with an LLMView Source

Key figures

57.2%1Y

134%3Y

69.4%5Y

Performance

38.9%1Y

40.5%3Y

49.0%5Y

Volatility