NNPC Posts ₦535bn Profit as Revenue Climbs Despite Slight Drop in Oil Production

By Dorcas Francis Koji

The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a 15.8 per cent increase in profit after tax in June 2026, posting earnings of ₦535 billion despite a marginal decline in crude oil and condensate production during the month.

The figures are contained in the company’s latest Monthly Financial and Operations Report, which also showed improved revenue performance and increased statutory remittances to the Federation.

According to the report, NNPC’s profit after tax rose by ₦73 billion, up from ₦462 billion recorded in May, while total revenue for June stood at ₦4.389 trillion.

The national oil company also disclosed that it remitted a cumulative ₦6.286 trillion in statutory payments to the Federation between January and June 2026, underscoring its continued contribution to government revenue.

Although average crude oil and condensate production declined slightly to 1.72 million barrels per day (mbpd) in June from 1.73 mbpd in May, the figure remained higher than the 1.70 mbpd recorded during the corresponding period in 2025.

NNPC attributed the slight production decline to operational disruptions, facility integrity concerns and subsurface challenges affecting several oil assets. However, it noted that production losses were partly offset by increased output following the completion of maintenance works on the Assa-Rumuekpe project and the 28-inch Trans Niger Pipeline (TNP).

Despite lower production volumes, crude oil and condensate sales recorded significant growth. Sales increased to 28.23 million barrels in June from 18.95 million barrels in May, representing a nearly 49 per cent month-on-month increase. The June sales volume also exceeded the 26.44 million barrels recorded in the same month last year.

The report further showed positive performance in Nigeria’s gas sector. Gas production rose to 7,841 million standard cubic feet per day, while gas sales also improved to 4,970 million standard cubic feet per day, reflecting steady demand and improved operational efficiency.

NNPC reported substantial progress on two strategic gas infrastructure projects aimed at boosting domestic gas supply and strengthening the country’s energy network.

According to the report, construction of the Obiafu-Obrikom-Oben (OB3) Gas Pipeline has reached 98 per cent completion, with final tie-in works ongoing ahead of the planned commencement of gas delivery in August 2026.

Similarly, the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project advanced to 94 per cent completion, positioning the project for early gas delivery to Abuja later in the year.

The company said it remains focused on increasing production by improving facility reliability, reducing unplanned shutdowns, optimising crude export operations and accelerating the development of new production opportunities across its upstream assets.

The report also indicated that upstream pipeline availability remained at 100 per cent throughout June, while petrol availability across NNPC Retail Limited filling stations stood at 53 per cent during the reporting period.

NNPC noted that all operational, production, sales and financial figures remain provisional and are subject to reconciliation with relevant industry stakeholders.