Seplat Energy Plc has repaid the final $100 million steadiness of the debt it incurred to amass ExxonMobil’s Nigerian oil and gasoline assets, bringing all acquisition-related borrowing for the transaction to an finish.
The firm disclosed this on Thursday, October 29, 2026, in its unaudited monetary outcomes for the 9 months ended September 30, 2026.
The full debt reimbursement is coming two years after Seplat Energy Plc, a world oil firm listed on each the Nigerian Exchange Limited and the London Stock Exchange, in December 2024, accomplished the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil Corporation.
Seplat’s debt reimbursement
Seplat’s newest reimbursement adopted earlier efforts to cut back the advance cost facility (APF) used to assist finance the acquisition. During the second quarter of 2026, the corporate repaid and cancelled $200 million of the power, leaving an impressive steadiness of $100 million on the finish of September.
The firm subsequently cleared the remaining steadiness on October 27, 2026, two days earlier than publishing its nine-month outcomes.
- Seplat acknowledged in its monetary report that, “On 27 October, the Company repaid the $100 million balance on the APF. As such, all debt raised to acquire MPNU in 2024 has been repaid.”
The reimbursement comes as the corporate’s debt place has improved considerably. Seplat reported internet debt of $234.9 million on the finish of September 2026, down 65% from $673.3 million on the finish of 2025.
Its internet debt-to-EBITDA ratio, which compares its internet debt with earnings earlier than curiosity, taxes, depreciation and amortisation, additionally declined to 0.14 occasions from 0.53 occasions on the finish of 2025. This signifies that the corporate’s debt burden has lowered relative to its earnings.
How Seplat’s $1.28 billion ExxonMobil deal reached completion
The acquisition dates again to February 25, 2022, when Seplat introduced an settlement to amass Mobil Producing Nigeria Unlimited from ExxonMobil for $1.28 billion. The transaction concerned assets in Nigeria’s shallow-water oil and gasoline sector.
However, the deal confronted regulatory and authorized delays for greater than two years.
The acquisition expanded Seplat’s offshore operations and gave it pursuits in 4 oil mining leases, alongside related infrastructure. These included the Qua Iboe export terminal and a 51% curiosity within the Bonny River pure gasoline liquids restoration plant, amongst different assets.
Seplat studies larger revenue, discovers oil and gasoline, declares dividend
The debt reimbursement was disclosed alongside an replace on Seplat’s working and monetary efficiency for the primary 9 months of 2026.
During the interval, the corporate reported income of $2.76 billion, equivalent to about N3.78 trillion, representing a 27% enhance in US greenback phrases in contrast with the corresponding interval of 2025. Adjusted EBITDA rose 38% to $1.53 billion, whereas revenue after tax elevated to $260.2 million, or about N355.6 billion, from $146.6 million in the identical interval final yr.
- Seplat additionally introduced an oil and gasoline discovery on the Aku-01 exploration effectively after the reporting interval. Preliminary inside estimates point out a midcase gas-in-place useful resource of 157 billion cubic ft and an oil-in-place useful resource of 19 million barrels. The firm mentioned the oil discovery was not a part of the unique effectively plan.
Alongside the working replace, Seplat declared a third-quarter dividend of 19 US cents per share, value roughly $114 million. This contains a core dividend of 5 cents per share and a particular dividend of 14 cents per share, bringing dividends declared to date in 2026 to 40 cents per share.
- The firm retained its full-year dividend steering of $270 million, equal to 45 cents per share. It additionally expects to pay a further transaction dividend of about $140 million, or 23.3 cents per share, following the anticipated sale of a ten% curiosity within the NNPCL-SEPNU three way partnership to NNPC Ltd. within the fourth quarter of 2026.
If the transaction is accomplished and the deliberate cost proceeds, Seplat expects complete shareholder distributions for 2026 to achieve roughly $410 million.
