Seplat Petroleum Development Company annual profit decreases

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11 April 2016, Oil, Gas

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Revenue for the year ended December 31, 2015 was $570.48 million, compared to $775.02 million for the year ended December 31, 2014.

Gross profit for the year ended December 31, 2015 was $248.78 million, compared to $459.43 million for the year ended December 31, 2014.

Operating profit for the year ended December 31, 2015 was $157.86 million, compared to $289.58 million for the year ended December 31, 2014.

Austin Avuru, Seplat's CEO, said "In 2015 we delivered on what was in our control, posting best-in-class reserves and production growth and taking our gas business across a transformational threshold with further expansion still to come. We acted quickly and decisively in response to the weak oil price environment, adjusting our work programme and cost structures, and against a bleak industry backdrop remained firmly profitable with a strong balance sheet underpinning us. Having started the year strongly, our 2016 full year production expectation has been impacted by the current shut-in of the Forcados terminal.

"However, we are much better positioned to withstand such interruptions than in prior years. Our gas business takes on additional importance by providing a continuous revenue stream that is de-linked to the oil price and our enlarged portfolio offers us scope for greater diversification. Finally, I would like to re-emphasize our strong focus remains on protecting the business and managing for value through driving further cost reductions, optimizing operations, deleveraging and strengthening the balance sheet in preparation for opportunities that will inevitably follow this current downturn."

Source: MarketLine

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