Post-Acquisition Boom: Seplat Clears $326m ExxonMobil Balance as Revenue Soars 144%

Seplat Energy Plc has confirmed the payment of an additional $326.2 million to ExxonMobil in 2025, finalising the financial obligations related to its landmark acquisition of Mobil Producing Nigeria Unlimited (MPNU).

The latest disbursement brings the total consideration for the acquisition, which was completed in December 2024, to $1.12 billion.

According to Seplat’s earnings report released on Thursday, the company paid $64.3 million to settle loans and working capital items that ExxonMobil had covered on behalf of MPNU at the time of the ownership change. In the fourth quarter of 2025, Seplat settled a deferred payment of $258 million and a final reconciliation payment of $4 million.

Seplat said no contingent payments regarding 2025 performance are due on the transaction. The company said the joint venture-related element of these deferred costs has been recovered from its JV partner, reflecting positive working capital movements.

‘Transformational change’

The acquisition has already begun to drive significant growth for the energy company. Seplat’s full-year 2025 results show a 144% year-on-year surge in total revenue, climbing to $2.73 billion from $1.12 billion in 2024. This growth was fueled by a 185% increase in crude liftings and a 54% rise in gas sales, largely attributed to the new offshore operations and the commencement of gas sales from the Sapele Integrated Gas Plant.

Despite a dip in average realized oil prices—which fell from $80.04/bbl in 2024 to $70.29/bbl in 2025—the volume growth was enough to drive profit before tax up by 87% to $497.8 million. Net income also rose 13% to $159.1 million.

“The Group’s 2025 result clearly evidences the first year of transformational change seen post the MPNU acquisition,” Seplat said in the report. “During the year we generated substantial cash flows, which were deployed to enhance our balance sheet position, increase investments in our assets and deliver record distributions to shareholders.”

Challenges in Q4 and future outlook

While the full-year picture was strong, the fourth quarter of 2025 presented operational hurdles. Revenue declined 29% quarter-on-quarter due to a shutdown on the Yoho production platform and extensive turnaround maintenance offshore.

Looking ahead to 2026, Seplat says it will focus on optimizing its financial position and implementing the transition to the Petroleum Industry Act, a milestone already achieved for its onshore operated assets in late 2025.