Seplat Energy PLC on Monday said profit narrowed in the first quarter alongside falling revenue, as production fell, while it maintained its production guidance for 2024.

In the three months ended March 31, the Nigeria-focused oil and gas producer said pretax profit fell 20% to $69.3 million from $86.1 million a year earlier.

Revenue fell 46% to $179.8 million from $331.0 million. Despite this, Seplat declared a quarterly dividend of 3.0 US cents per share, up 20% from 2.5 cents a year earlier.

Working interest production fell 4.8% to 49,258 barrels of oil equivalent per day from 51,720.

Looking ahead, Seplat said its production guidance for 2024 was unchanged at a rang of 44,000 to 52,000 barrels of oil equivalent per day.

‘Seplat Energy continued its trend of strong operational performance in the first quarter. Oil production on [assets] OMLs 4, 38, 40 and 41 outperformed expectations, benefitting from low pipeline losses and deferments, which were ahead of plan,’ said Chief Executive Officer Roger Brown.

‘Cash flow was down in the first quarter, but this is largely due to timing difference of lifting oil from the terminals. The business remains strong, production is firmly on track this year and price realisations remain supportive of cash generation.’

Balance sheet cash at March 31 fell 25% to $335.8 million from $450.1 million on December 31.

Shares in Seplat Energy were down 5.4% to 158.00 pence each in London on Monday morning.

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