Seplat Energy & ExxonMobil — Mobil Producing Nigeria Unlimited

Seplat Energy: Seplat is the central entity; its share price and market cap surged following the MPNU acquisition and strong earnings, benefiting from increased investor confidence.

ExxonMobil — Mobil Producing Nigeria Unlimited: MPNU's acquisition by Seplat expanded its production and asset base, driving the company's improved financial performance.

Seplat Energy: Seplat Energy is undergoing a significant leadership transition with new appointments for Chairman and CEO, aiming to strengthen its position and execute its 2030 strategic roadmap.

ExxonMobil — Mobil Producing Nigeria Unlimited: Roger Brown's tenure as CEO included the landmark purchase of ExxonMobil — Mobil Producing Nigeria Unlimited in 2024, which substantially expanded Seplat Energy's asset base and production capacity.

Seplat Energy: Seplat is the seller, monetizing a 10% stake in its JV for $281.6m to reduce debt and fund a special dividend, while retaining operatorship. The deal enhances its financial flexibility and shareholder returns.

ExxonMobil — Mobil Producing Nigeria Unlimited: The acquired entity (now SEPNU) whose assets are part of the JV. The sale represents about 25% of Seplat's acquisition costs for these assets.

Seplat Energy: Oil producer benefiting from FX unification and acquisition approvals, boosting earnings.

ExxonMobil — Mobil Producing Nigeria Unlimited: Assets acquired by Seplat Energy, part of approved upstream transactions.

Seplat Energy: Seplat Energy reported strong FY2025 results with revenue of $2.726 billion and production of 131,506 boepd, reflecting its own successful integration of Mobil Producing Nigeria assets, and is mentioned as a peer demonstrating indigenous operator capability.

ExxonMobil — Mobil Producing Nigeria Unlimited: The assets acquired by Seplat Energy from ExxonMobil — Mobil Producing Nigeria Unlimited contributed to Seplat's strong 2025 performance, highlighting the trend of asset divestments by international oil companies to indigenous firms.