Seplat Energy - H122 Results - August 2022
Seplat has released an impressive set of half year results, buoyed by strong oil prices and resilient gas prices, despite short-term downwards pressure from the Domestic Supply Obligation under the Nigerian PIA. Revenue was up 71%, with oil sold at an average price of $107/bbl and gas $2.76 Mscf – at the same time operating costs fell 17% to $8.1/boe, leading to a $209.9m PBT, $418.6m net debt, and $350m cash at hand. Leverage is low, at 0.78x net debt to LTM EBITDA, and cash flow from operations was $330m for the half.
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