Seplat CEO Roger Brown targets higher cash flow on U.S.-Iran conflict

Seplat Energy CEO Roger Brown has said the ongoing tensions between the United States and Iran could trigger higher oil prices, creating additional cash flow opportunities for the company.

Brown made the remarks during Seplat’s 13th Annual General Meeting (AGM) held on May 20, 2026, where shareholders approved several company resolutions.

According to the CEO, Seplat prepared its 2025 budget using conservative oil price assumptions of between $65 and $70 per barrel before recent geopolitical tensions pushed crude prices upward.

Speaking on the potential impact of the conflict, Brown said, “We will likely see higher oil prices while the Iran-U.S. squabbles exist, and we will likely benefit from additional cash flow.” 

What the CEO is saying

According to Roger Brown, the company expects additional cash flow from higher crude oil prices, which will be directed toward operations, reducing leverage, and creating more value for shareholders.

• He added that the company’s core fundamentals remain strong, describing Nigeria as a reliable supplier of hydrocarbons to the global energy market.
• Brown also disclosed that issues affecting the Seplat gas plant had been resolved, adding that the company recently delivered its first LPG, comprising butane, into the local market.

Speaking on the significance of the development, he said the achievement was “very material and important to Nigeria,” especially as the country seeks to deepen domestic gas utilization.

• Asked about the state of the company’s reserves, Brown said, “We have a billion barrels of 2P reserves. Roughly half of it is oil and roughly half is gas.” 

He added that Seplat also holds about 1.5 billion barrels in 2C resources, with a significant portion tied to its gas business, bringing the company’s combined 2P and 2C reserves to roughly 2.5 billion barrels.

• “We have a lot of resource to produce well into the future. Our onshore gas operations remain strong, with substantial reserves,” Brown said, while noting that the company is also advancing offshore projects expected to create long-term value for shareholders.

At the meeting, 100% of shareholders holding 412,229,915 shares of the company approved the total dividend equivalent to N113.78 per share for the period ended December 31, 2025.

Get up to speed

Before the Annual General Meeting, the board of Seplat Energy proposed a final dividend of 5 U.S. cents and a special dividend of 3.3 U.S. cents per share for shareholder approval.

The combined payout translated to N113.78 per share using an exchange rate of N1,370.89 recommended by the board, based on the Central Bank of Nigeria’s official rate as of May 14, 2026.

Based on the company’s 599.9 million outstanding shares, the total dividend was valued at about N68.26 billion and was likely paid from FY2025 retained earnings of N342.4 billion, which rose 9.5% year-on-year.

For FY2025, Seplat reported a pretax profit of N755.5 billion, up from N394.6 billion in the previous year, supported by stronger revenue growth across its operations.

Revenue climbed to N4.1 trillion from N1.6 trillion, driven mainly by crude oil sales of N3.7 trillion, alongside gas sales of N279.4 billion and natural gas liquids revenue of N81.7 billion.

What you should know 

• Shareholders of Seplat Energy approved the appointment of Larry Ettah as an independent non-executive director and Tony Elumelu as a non-executive director.
• At the meeting, shareholders further re-elected Udoma Udo Udoma as an independent non-executive director, alongside Christopher J.N. Okeke as a non-executive director.
• Seplat shares were priced at N11,486.20 in the pre-market session on the Nigerian Exchange Group, with the stock delivering a year-to-date return of 97.73%.

Seplat Energy CEO Roger Brown has said the ongoing tensions between the United States and Iran could trigger higher oil prices, creating additional cash flow opportunities for the company.

Brown made the remarks during Seplat’s 13th Annual General Meeting (AGM) held on May 20, 2026, where shareholders approved several company resolutions.

According to the CEO, Seplat prepared its 2025 budget using conservative oil price assumptions of between $65 and $70 per barrel before recent geopolitical tensions pushed crude prices upward.

Speaking on the potential impact of the conflict, Brown said, “We will likely see higher oil prices while the Iran-U.S. squabbles exist, and we will likely benefit from additional cash flow.” 

What the CEO is saying

According to Roger Brown, the company expects additional cash flow from higher crude oil prices, which will be directed toward operations, reducing leverage, and creating more value for shareholders.

• He added that the company’s core fundamentals remain strong, describing Nigeria as a reliable supplier of hydrocarbons to the global energy market.
• Brown also disclosed that issues affecting the Seplat gas plant had been resolved, adding that the company recently delivered its first LPG, comprising butane, into the local market.

Speaking on the significance of the development, he said the achievement was “very material and important to Nigeria,” especially as the country seeks to deepen domestic gas utilization.

• Asked about the state of the company’s reserves, Brown said, “We have a billion barrels of 2P reserves. Roughly half of it is oil and roughly half is gas.” 

He added that Seplat also holds about 1.5 billion barrels in 2C resources, with a significant portion tied to its gas business, bringing the company’s combined 2P and 2C reserves to roughly 2.5 billion barrels.

• “We have a lot of resource to produce well into the future. Our onshore gas operations remain strong, with substantial reserves,” Brown said, while noting that the company is also advancing offshore projects expected to create long-term value for shareholders.

At the meeting, 100% of shareholders holding 412,229,915 shares of the company approved the total dividend equivalent to N113.78 per share for the period ended December 31, 2025.

Get up to speed

Before the Annual General Meeting, the board of Seplat Energy proposed a final dividend of 5 U.S. cents and a special dividend of 3.3 U.S. cents per share for shareholder approval.

The combined payout translated to N113.78 per share using an exchange rate of N1,370.89 recommended by the board, based on the Central Bank of Nigeria’s official rate as of May 14, 2026.

Based on the company’s 599.9 million outstanding shares, the total dividend was valued at about N68.26 billion and was likely paid from FY2025 retained earnings of N342.4 billion, which rose 9.5% year-on-year.

For FY2025, Seplat reported a pretax profit of N755.5 billion, up from N394.6 billion in the previous year, supported by stronger revenue growth across its operations.

Revenue climbed to N4.1 trillion from N1.6 trillion, driven mainly by crude oil sales of N3.7 trillion, alongside gas sales of N279.4 billion and natural gas liquids revenue of N81.7 billion.

What you should know 

• Shareholders of Seplat Energy approved the appointment of Larry Ettah as an independent non-executive director and Tony Elumelu as a non-executive director.
• At the meeting, shareholders further re-elected Udoma Udo Udoma as an independent non-executive director, alongside Christopher J.N. Okeke as a non-executive director.
• Seplat shares were priced at N11,486.20 in the pre-market session on the Nigerian Exchange Group, with the stock delivering a year-to-date return of 97.73%.