NNPC Posts N25.13tn Revenue in Seven Months, Records N2.55tn Profit 

Emmanuel Addeh in Abuja 

The Nigerian National Petroleum Company Limited (NNPC) generated a cumulative revenue of N25.133 trillion between January and July 2026, mainly driven by relative growth in crude oil output, sustained natural gas production, and expanding operational receipts, a THISDAY analysis has shown.

Analysis of the state-owned oil company’s monthly operational and financial performance summaries also indicated a total Profit After Tax (PAT) of N2.553 trillion in the seven-month period under consideration. 

The monthly breakdown showed that the NNPC kicked off the year in January with a single-month profit of the period, posting a PAT of N385 billion on the back of N2.571 trillion in revenue. However, in February, profit dropped to N136 billion despite top-line revenue growing to N2.680 trillion. 

March recorded a recovery in bottom-line figures as PAT rose to N276 billion with revenue reaching N2.77 trillion, financial performance surged sharply in April, with revenue nearly doubling to N4.971 trillion while PAT expanded to N481 billion. 

Besides, May sustained the high revenue trajectory, pulling in N4.335 trillion in sales and N462 billion in PAT. The momentum continued into June, which yielded N4.389 trillion in total revenue and N535 billion in PAT, the second-highest monthly profit recorded within the seven-month stretch. July closed the period under review with N3.087 trillion in revenue and a PAT of N279 billion.

Nigeria’s oil production has grown slowly but steadily in recent times, mainly because the country is recovering barrels it had previously lost, on the back of improved security and reduced crude theft. For years, Nigeria’s production was crippled by pipeline vandalism, illegal connections and large-scale crude theft, particularly in the Niger Delta. 

Greater collaboration between security agencies, operators and regulators, alongside surveillance technology, has also helped stabilise production and keep pipelines available for crude evacuation. 

Also, there has been an improvement in pipeline and evacuation reliability. Improved operational stability and more reliable evacuation infrastructure has therefore helped production rise for several consecutive months in 2026. 

In the same vein, asset optimisation by operators has been improved, with producers getting more out of existing fields through better maintenance, quicker intervention on shut-in wells and better management of producing assets.

Alongside its corporate profitability, NNPC’s contribution to government coffers grew steadily during the period under review. Total statutory payments made to the federation account accumulated to N7.913 trillion by the end of July. 

Cumulative statutory transfers stood at N726 billion in January, rising to N1.804 trillion by February, N2.888 trillion in March, N3.714 trillion in April, N4.858 trillion in May, N6.286 trillion in June, and culminating in N7.913 trillion in July.

According to the NNPC data, operationally, crude oil and condensate production experienced mild fluctuations but maintained an average above 1.6 million barrels per day (bpd). Daily production stood at 1.64 million bpd in January, dipping slightly to 1.51 million bpd in February and 1.56 million bpd in March. 

But output recovered in April to 1.68 million bpd, peaked in May at 1.73 million bpd, remained strong in June at 1.72 million bpd, before settling at 1.68 million bpd in July this year.

The production figures were primarily anchored by crude oil volumes, which averaged between 1.27 million bpd and 1.47 million bpd, complemented by a relatively consistent condensate production ranging between 0.24 million bpd and 0.26 million bpd.

In terms of sales volume, combined crude oil and condensate sales aggregated to 169.18 million barrels over the seven months, with individual monthly sales totals of 25.75 million barrels in January; 23.08 million barrels in February;  17.27 million barrels in March; 23.65 million barrels in April; 18.95 million barrels in May, 28.23 million barrels in June, and 22.53 mmb in July.

Furthermore, the gas sector emerged as a significant operational highlight, exhibiting steady output expansion over the reporting window. Natural gas production grew from 7,283 million standard cubic feet per day (mmscf/d) in January to 7,458 mmscf/d in February and 7,731 mmscf/d in March. Gas production peaked at 7,841 mmscf/d in June, following output of 7,730 mmscf/d in April and 7,774 mmscf/d in May, before moderating to 7,489 mmscf/d in July. 

Commercial gas sales (reported on an M-2 basis) mirrored the strong supply figures, maintaining monthly sales volumes well above 4,000 mmscf/d, reaching a high of 5,059 mmscf/d in March.

Similarly, midstream and downstream infrastructure recorded strong operational reliability during the period. Upstream pipeline availability averaged high levels across the months, maintaining 100 per cent availability in June and July after ranging between 76 per cent in March and 98 per cent in May. 

Similarly, the OB3 gas pipeline maintained between 96 per cent and 100 per cent availability, while the Ajaokuta-Kaduna-Kano (AKK) pipeline operational availability remained consistently high between 92 per cent and 95 per cent. 

In downstream operations, NNPC Retail Limited (NRL) stations maintained petrol availability of between 52 per cent and 58 per cent, supported by a widespread distribution network across all geopolitical zones.

The report attributed performance fluctuations and operational recovery to ongoing field activities and infrastructure interventions. Early completion of Turn Around Maintenance (TAM) at the Agbami and Renaissance assets boosted early-year performance, while temporary setbacks in February and March were linked to scheduled maintenance and outages along the Forcados and Trans Ramos Pipelines. 

Key strategic infrastructure projects, including the pre-commissioning works on the AKK pipeline and the River Niger crossing for the OB3 pipeline, progressed on schedule to enhance national gas evacuation and energy security, the report added.