Despite facing a marginal decline in crude oil and condensate production during June 2026, the Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a significant improvement in its financial performance, as its profit after tax climbed to N535bn during the month.
The increase reflected stronger earnings by the national oil company, which continued to record growth across key areas of its operations. The latest figures indicated that NNPC was able to improve its financial position even amid operational challenges affecting production activities within some of its assets.
Figures from the company’s latest Monthly Financial and Operations Report showed that the June profit grew by 15.8 per cent from the N462bn recorded in May. The report also indicated that NNPC’s revenue reached N4.389tn during the month, reflecting stronger business performance across its operations.
The state-owned energy company also revealed that it made cumulative statutory remittances of N6.286tn to the Federation between January and June 2026, highlighting its continued contribution to government revenue.
According to the report, “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.”
Despite the financial gains, the company recorded a marginal decline in crude oil and condensate production, with output falling from 1.73 million barrels per day in May to 1.72 million barrels per day in June. This represented a 0.58 per cent decrease.
However, the June 2026 production figure was still higher than the 1.70 million barrels per day recorded during the same period in 2025, indicating a year-on-year improvement of 1.18 per cent.
NNPC attributed the slight decline in production to operational difficulties affecting some of its assets, including facility integrity concerns and subsurface challenges.
The company explained, “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.”
While production dipped slightly, crude oil and condensate sales recorded significant growth during the month. Sales volumes rose to 28.23 million barrels in June, compared with 18.95 million barrels in May, representing a 48.97 per cent increase on a month-to-month basis.
The June sales figure was also higher than the 26.44 million barrels recorded in June 2025, reflecting a 6.77 per cent improvement year-on-year.
Gas operations also witnessed growth, with average gas production increasing to 7,841 million standard cubic feet per day from 7,774 million standard cubic feet per day in May. Gas sales similarly improved, rising from 4,921 million standard cubic feet per day to 4,970 million standard cubic feet per day.
The report highlighted continued progress on key gas infrastructure projects aimed at expanding domestic gas supply and supporting economic development.
The Obiafu-Obrikom-Oben (OB3) Gas Pipeline reached 98 per cent completion, with final connection activities underway ahead of the expected delivery of first gas.
NNPC 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.”
Similarly, construction work on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, bringing the country closer to its target of supplying gas to Abuja and other key locations.
The company noted, “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 remained focused on sustaining production growth by improving operational efficiency, reducing downtime and maximising opportunities across its upstream assets.
The company 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 indicated that upstream pipeline availability remained at full capacity during the month, standing at 100 per cent. However, petrol availability across NNPC Retail Limited stations was recorded at 53 per cent.
NNPC added that all production, sales and financial figures contained in the report were provisional and remained subject to reconciliation with relevant stakeholders.
The latest performance figures suggest that while operational challenges continue to affect production levels, the company’s improved revenue generation, rising sales volumes and progress on major gas projects are strengthening its financial outlook.