Seplat Energy reported revenue from oil and gas sales of $951.8 million in 2022, a 29.8% increase from the $733.2 million achieved in 2021.
This information was disclosed in its audited financial report as of December 2022.
The report showed that crude oil revenue was 35.8% higher than for the same period in the previous year at $839.5 million (2021: $618.4 million), reflecting higher average realized oil prices of $101.7 per barrel for the period compared to the $70.5 per barrel recorded in 2021. The total volume of crude lifted in the period was 8.3 MMbbls, 6.8% lower than the 8.9 MMbbls lifted in 2021. The lower volumes lifted in 2022 resulted from a drop in production output, especially in the third quarter, because of the prolonged unavailability of the export terminals.
Gas sales revenue declined marginally by 2.1% to close the year at $112.5 million from the $114.8 million recorded in 2021. This was due to the weaker average realized gas prices following price reviews conducted in the second quarter of the year, which showed a drop of 1.1% between 2021 and 2022. Nevertheless, gas sales volumes improved despite the effect of oil evacuation curtailments and increased by 4.1% to 41.0 bscf, compared to 39.4 bscf in 2021.
Gross profit increased by 63.0% to $464.7 million from $285.2 million in 2021. Non-production costs consisted primarily of $180.8 million in royalties, which were higher compared to $129.8 million in 2021 because of higher oil prices, and DD&A of $128.7 million, which was lower compared to $141.1 million in 2021, reflecting lower depletion of reserves because of decreased production compared to the prior year.
After adjusting for non-cash items, which include impairment and exchange losses, the EBITDA of $416.9 million equates to a margin of 43.8% for the period compared to the $371.8 million recorded in 2021.
