NNPC posts N535bn June profit as revenue hits N4.39tn

The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a Profit After Tax (PAT) of N535 billion in June 2026, representing a 15.8 per cent increase from the N462 billion posted in May, according to the company’s latest financial and operational report.

The June report, released on Friday, also showed that the national oil company generated N4.389 trillion in revenue during the month, while its cumulative statutory remittances to the Federation between January and June 2026 rose to N6.286 trillion, reinforcing its contribution to government revenue.

Despite the improved financial performance, crude oil and condensate production declined slightly to an average of 1.72 million barrels per day, down from 1.73 million barrels per day recorded in May.

NNPC attributed the marginal drop in production to operational disruptions, facility integrity challenges and subsurface issues affecting several oil assets.

However, the company recorded stronger performance in gas production, which increased by 0.86 per cent to 7.841 million standard cubic feet per day, up from 7.774 million standard cubic feet per day in May, reflecting continued growth in its gas development programme.

On major gas infrastructure projects, the report disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline has reached 98 per cent completion, with final tie-in activities underway ahead of the planned commencement of gas supply in August 2026.

Similarly, construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline has advanced to 94 per cent completion, with the project remaining on course to begin gas delivery to Abuja later this year.

The report highlights NNPC’s continued focus on improving profitability, expanding gas infrastructure and sustaining its contributions to Nigeria’s economic growth despite operational challenges in crude oil production.