NNPC posts N535bn profit, remits N6.3tn to federation

The Nigerian National Petroleum Company Limited increased its profit after tax by 15.8 per cent to N535bn in June 2026 despite recording a marginal decline in crude oil and condensate production during the month.

The latest Monthly Financial and Operations Report released by the national oil company showed that profit after tax rose by N73bn from the N462bn recorded in May, while revenue increased to N4.389tn.

The report, obtained by our correspondent on Friday, also showed that the company remitted cumulative statutory payments of N6.286tn to the Federation between January and June 2026.

It read, “NNPC Limited recorded N535bn profit after tax for the month of June, representing a 15.8 per cent increase from the N462bn recorded in May. Total revenue for the month stood at N4.389tn, while cumulative statutory payments to the Federation for the period January to June 2026 increased to N6.286tn, underscoring NNPC Limited’s sustained contribution to national revenue generation.”

Average crude oil and condensate production declined marginally to 1.72 million barrels per day in June from 1.73 million barrels per day in May, representing a 0.58 per cent decrease. However, output was 1.18 per cent higher than the 1.70 million barrels per day recorded in June 2025.

According to the report, production was affected by operational disruptions, facility integrity issues and subsurface challenges across several assets.

It stated, “June production performance was impacted by operational disruptions, facility integrity issues, and subsurface challenges across several assets. However, performance was partially mitigated by production ramp-up following the completion of the Assa-Rumuekpe and 28-inch TNP Turnaround Maintenance.”

Despite the slight production decline, crude oil and condensate sales surged to 28.23 million barrels in June from 18.95 million barrels in May, representing a 48.97 per cent month-on-month increase. The June sales volume was also 6.77 per cent higher than the 26.44 million barrels sold in June 2025.

Gas production also improved, rising to 7,841 million standard cubic feet per day from 7,774 million standard cubic feet per day in May, while gas sales recovered to 4,970 million standard cubic feet per day from 4,921 million standard cubic feet per day.

The report highlighted progress on two major gas infrastructure projects. The Obiafu-Obrikom-Oben Gas Pipeline reached 98 per cent completion, with final tie-in works ongoing.

It stated, “The Obiafu-Obrikom-Oben (OB3) Gas Pipeline progressed to 98% completion, with final tie-in works ongoing towards achieving First Gas in August 2026.”

Construction on the Ajaokuta-Kaduna-Kano Gas Pipeline also advanced to 94 per cent completion. According to the company, “Construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting the target of early gas delivery to Abuja in 2026.”

NNPC said it would continue implementing measures to sustain production growth despite operational challenges.

It stated, “Focus remains on delivering incremental production across the asset portfolio by improving facility reliability and availability, minimizing Unscheduled Downtime, optimising crude export operations, and accelerating the maturation of production opportunities to sustain Upstream production growth.”

The report also showed that upstream pipeline availability remained at 100 per cent during the month, while petrol availability across NNPC Retail Limited stations stood at 53 per cent. It added that all production, sales and financial figures remained provisional and were subject to reconciliation with relevant stakeholders.