Seplat pays $0.05 dividend to shareholders amid prevailing global challenges
Seplat Petroleum Development Company Plc, a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has announced its unaudited results for the nine months ended 30 September 2020, recording increased operational efficiencies and further reduction in costs.
The Company has continued its expansion into midstream gas processing to reduce carbon emissions by displacing inefficient and expensive diesel generated electricity, and this is aimed at ensuring that Seplat remained at the forefront of Nigeria’s exciting energy transition and provide sustainable energy for a young and rapidly growing population.
Despite the restraints of the COVID-19 pandemic and the recent unrest in Nigeria, Seplat announced a $0.05 dividend payout to shareholders for the period whilst remaining confident that its cost-cutting initiatives and prudent management of cash would enable further reductions in debt, and support dividend payments and investment for growth.
Commenting on the results, which were released to the NSE and LSE on Friday, Mr. Roger Brown, the Chief Executive Officer of the Company, said: “Seplat’s third-quarter performance has again demonstrated the resilience of our business in challenging times and in addition to voluntarily reducing our debt leverage by US$100 million, we are maintaining our commitment to shareholders by declaring an interim dividend of US$0.05 per share, as we have in previous years. The business continues to operate effectively despite the restraints of the COVID-19 pandemic and the recent unrest in Nigeria.
“We continue to hedge our oil business against further price volatility and are pursuing further cost-cutting initiatives to ensure that we will remain profitable even at lower prices experienced earlier in the year.
“We have strengthened our oversight with the appointment of two independent directors, Arunma Oteh and Xavier Rolet, who bring considerable local and international business and governance expertise to the Board.
“I have taken over the leadership of Seplat at a challenging time for our industry, but I am confident that our actions to increase operational efficiencies, further reduce costs and continue our expansion into midstream gas processing to reduce carbon emissions by displacing inefficient and expensive diesel generated electricity, will ensure that Seplat remains at the forefront of Nigeria’s exciting energy transition and provide sustainable energy for a young and rapidly growing population.”
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