Seplat Energy - FY Results Quick Take
Yesterday Seplat released a strong set of FY results, with oil prices providing a significant tailwind – indeed, enough to more than offset the significant downtime experienced at the Forcados Oil Terminal in the year. The board recommended a 2.5c dividend, in line with the other three quarterly dividends last year. The market outlook is positive, with the oil price environment remaining buoyant and no sign of OPEC+ imposing further production limits on Nigeria – in fact they were increased during the period, and Nigeria isn't even hitting its limit yet. On the gas side, de-regulation of the DSO market and buoyant gas prices in unregulated markets should offer significant upside potential in the coming years.We would recommend reading, alongside this results note, our 25th February note on the acquisition of ExxonMobil's shallow water assets. We will update this note when a new consensus, which includes the impact of this, is available.
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