Seplat Energy - Q1 Update
Seplat reported a 1.6% YoY increase in operating profit to $103.7m for 1Q23 as higher working interest production, up 8.6% YoY to 51.7kboed, more than offset lower oil prices. Diluted EPS tripled to US$0.10 benefitting from a low tax charge which more than offset higher finance charges. Production guidance was maintained at 45-55kboed. Adjusted EBITDA slipped 5.1% to US$140.2m with cash generated from operations down 21.7% to $139.9m, impacted by a negative working capital swing, but net debt fell almost $80m from YE22 to US$288.2m, demonstrating the net cash generative power of the business. In a mark of management's confidence, Seplat hiked the full-year dividend by 20% to 12c per share with the first quarter dividend increased to 3.0c from 2.5c. The ANOH gas project remains very much on-track for current guidance of a 4Q23 start-up. Subsequently, Seplat announced favourable results in High Court rulings against the vexatious charges it has been facing.
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