Sasol is a South African integrated energy and chemicals giant built around Secunda, the world's largest commercial coal-to-liquids (CTL) complex, which converts coal (and Mozambique gas) into synthetic fuels and chemical feedstock. FY2025 (year to June 2025) revenue was ~US$13.7bn (R249.1bn) with EBITDA around US$3.0bn and net income of ~US$0.37bn (R6.8bn), a recovery from the FY2024 net loss driven by large US chemicals (Lake Charles/LCCP) impairments. Group value is overwhelmingly a function of Secunda synfuels economics and the Chemicals business (base and performance chemicals across Africa, America and Eurasia); the ADR trades on the NYSE and Sasol files a 20-F. The company pays no dividend as it prioritises deleveraging (net debt ~US$4.0bn) and heavy sustaining/decarbonisation capital.
Sasol's upstream oil and gas is small relative to the downstream: it holds onshore gas in Mozambique (the Pande and Temane fields plus PSA acreage) feeding Secunda via the ~865km ROMPCO pipeline, producing on the order of 50 mboe/d with roughly 0.5 bnboe of 1P (predominantly gas) reserves. This upstream provides feedstock security rather than standalone value; on standardized-measure terms the discounted future net cash flows of the gas reserves are a tiny fraction of group enterprise value, which sits in synfuels and chemicals. The investment case is therefore a leveraged, carbon-intensive integrated play: cash generation hinges on refining/fuel margins, chemical prices, oil and the ZAR, while the key overhangs are decarbonisation cost, Secunda emissions compliance, high debt, and operational/logistics reliability in South Africa.
Its EV/EBITDA of 4.2x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 9.6% is higher than the 6.5% median, and at $61.50/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Sasol scores 29/100, strongest on valuation (37/100). Sub-scores: value 37, quality 16, growth 30, risk 66 (higher = riskier).
Sasol holds approximately 0.2 billion boe of proved (1P) reserves with FY2025 production of about 56 thousand boe/d (2% liquids), a reserve life of roughly 9.8 years. Break-even: n/a (integrated CTL + chemicals) — value dominated by Secunda synfuels + chemicals; upstream gas a small minority
For Sasol, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| South Africa | 70% | 58 | Gas frontier; regulatory delays, grid crisis, permitting. |
| Mozambique | 20% | 90 | Cabo Delgado insurgency delayed LNG; debt, security. |
| United States | 10% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Secunda Synfuels (CTL) | South Africa | Coal-to-liquids | world's largest commercial CTL complex; core earnings/volume engine and dominant value driver, very high carbon intensity |
| Sasol Chemicals (Sasolburg/Secunda) | South Africa | Chemicals | base + performance chemicals integrated with synfuels feedstock |
| Sasol Chemicals America (Lake Charles) | USA | Chemicals | US Gulf Coast ethylene/derivatives complex (former LCCP); impaired but a large downstream asset |
| Pande & Temane gas fields | Mozambique | Upstream gas | onshore gas feeding Secunda; small vs downstream, provides feedstock security |
| ROMPCO pipeline | Mozambique / South Africa | Gas pipeline | ~865km pipeline transporting Mozambique gas to Secunda (Sasol majority interest) |
| PSA gas development | Mozambique | Upstream gas | Production Sharing Agreement gas/condensate development extending Mozambique supply |
| Natref refinery | South Africa | Refining | crude oil refinery JV (Sasol 64%) producing liquid fuels |
| Captive coal mining | South Africa | Coal mining | operated collieries supplying feedstock coal to Secunda gasifiers |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 52 | 50 | 48 | 50 | 56 |
| Proved reserves (bnboe) | 0.70 | 0.65 | 0.60 | 0.55 | 0.20 |
| Revenue ($bn) | 11.1 | 15.0 | 15.9 | 15.1 | 13.8 |
| EBITDA ($bn) | 2.6 | 3.9 | 3.5 | 3.1 | 2.9 |
| Net income ($bn) | 0.5 | 2.1 | 0.5 | -2.4 | 0.4 |
| Free cash flow ($bn) | 0.9 | 0.9 | 0.3 | -0.0 | 0.7 |
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✓ FY2025 figures verified against primary sources: