Seplat Energy says rising geopolitical tensions between the United States and Iran could boost crude oil prices and strengthen the company’s cash flow position.
Roger Brown, Chief Executive Officer of Seplat Energy, made the disclosure during the company’s 13th Annual General Meeting (AGM) held on May 20, 2026, where shareholders approved several resolutions, including dividend payments and board appointments.
According to Brown, Seplat prepared its 2025 budget using conservative oil price assumptions of between $65 and $70 per barrel before recent geopolitical developments pushed crude prices higher.
“We will likely see higher oil prices while the Iran-U.S. squabbles exist, and we will likely benefit from additional cash flow,” Brown said.
The Seplat CEO explained that any additional revenue generated from rising crude prices would be channelled into strengthening operations, reducing leverage, and delivering more value to shareholders.
Brown maintained that the company’s fundamentals remain strong and described Nigeria as a dependable supplier of hydrocarbons to the global energy market.
He also revealed that operational issues affecting Seplat’s gas plant had been resolved, adding that the company recently delivered its first Liquefied Petroleum Gas (LPG) shipment, including butane, into the domestic market.
According to him, the milestone is particularly important as Nigeria intensifies efforts to deepen domestic gas utilisation and improve energy access.
Speaking on the company’s reserves profile, Brown disclosed that Seplat currently holds about one billion barrels of 2P reserves, split almost evenly between oil and gas assets.
He added that the company also controls approximately 1.5 billion barrels in 2C resources, much of which is tied to its gas operations, bringing Seplat’s combined 2P and 2C reserves to roughly 2.5 billion barrels.
“We have a lot of resource to produce well into the future. Our onshore gas operations remain strong, with substantial reserves,” he said, noting that the company is also advancing offshore projects expected to create long-term shareholder value.
At the AGM, shareholders approved a total dividend payout equivalent to N113.78 per share for the financial year ended December 31, 2025.
Before the meeting, Seplat’s board had proposed a final dividend of 5 U.S. cents and a special dividend of 3.3 U.S. cents per share. Using the Central Bank of Nigeria official exchange rate of N1,370.89 as of May 14, 2026, the combined payout translated to N113.78 per share.
Based on Seplat’s 599.9 million outstanding shares, the total dividend was valued at approximately N68.26 billion and is expected to be funded from retained earnings of N342.4 billion, which increased by 9.5 per cent year-on-year.
For the 2025 financial year, Seplat reported a pretax profit of N755.5 billion, compared to N394.6 billion in the previous year. Revenue surged to N4.1 trillion from N1.6 trillion, driven largely by crude oil sales of N3.7 trillion, alongside gas revenue of N279.4 billion and natural gas liquids revenue of N81.7 billion.
Shareholders also approved the appointment of Larry Ettah as an independent non-executive director and Tony Elumelu as a non-executive director.
In addition, Udoma Udo Udoma and Christopher J.N. Okeke were re-elected to the board.
Seplat shares traded at N11,486.20 during the pre-market session on the Nigerian Exchange Group, with the stock delivering a year-to-date return of 97.73 per cent.
