Half Year 2024 Seplat Energy PLC Earnings Call Transcript
Key Points
- Seplat Energy PLC (SEPLF) reported strong first-half production of 48,000 barrels of oil equivalent, aligning with their guidance.
- Adjusted EBITDA increased by 13% to $267 million, indicating robust cost performance.
- The ANOH Gas Project is progressing well, with significant milestones achieved, including the inauguration of the gas plant by President Tinubu.
- The company maintained its quarterly dividend of $0.3 per share, reflecting a commitment to shareholder returns.
- Seplat Energy PLC (SEPLF) has made significant progress in its strategic growth ambitions, including the Mobil Producing Nigeria Unlimited (MPNU) acquisition and the operational readiness of the TNP pipeline.
- First-half production slightly decreased from 50,000 barrels of oil equivalent last year to 48,000 this year.
- Operating costs increased to $9.7 per barrel of oil equivalent, higher than the same period last year.
- Net debt increased due to several payments made in the first half of the year.
- The effective tax rate rose to 72%, impacting profit after tax.
- The company faced delays in the Mobil Producing Nigeria Unlimited (MPNU) acquisition due to regulatory and court challenges.
Good day, ladies and gentlemen, and welcome to the Seplat Energy PLC half-year results 2024. The presentation will commence shortly. After the presentation, we will conduct a Q&A session. (Operator Instructions) If you have joined us via Zoom webinar, please note this call is being live streamed to a webcast for a wider audience and will be recorded. By participating in the Zoom webinar, you are agreeing that recordings made during this event may be shared by Seplat Energy PLC.
I would now like to hand over to James Thompson, Head of Investor Relations, to open the presentation.
Thank you very much, Victoria. Hello, everybody. Good afternoon. Welcome to Seplat Energy's financial results for the first half of 2024. On the call today, we have our CEO, Roger Brown; CFO, Eleanor Adaralegbe; and our COO, Samson Ezugworie. We'll first present our business and financial highlights followed by the outlook, and after this, we'll move to Q&A. Before we start, I'd encourage you to take note of the forward
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