This was Seplat's first set of quarterly results including the acquired ExxonMobil offshore assets (SEPNU) for a full quarter. Revenue jumped 350% YoY, or by 220% excluding over/underlift on production up 167% to 132kboed, despite lower realisations, with a near sextupling in oil volumes lifted to 9.9mmbbl. That drove a tripling in profit before tax to US$207.4m, generating EPS of USc0.03 (1Q24 USc0.00). Strong cash flow generation saw a reduction in net debt to US$747.1m with leverage at 0.6x (YE24 US$897.7, 0.7x). In a clear mark of the company's confidence in its outlook, the quarterly dividend was hiked 28% QoQ to USc4.6 and up 53% YoY, putting the full year dividend on-track for USc18.4, up 12% on the FY24 dividend, which included USc3.3c of special dividend. Guidance for FY25 was firmly maintained.
