The Nigerian National Petroleum Company Limited (NNPC) recorded a profit after tax of N2.275 trillion in the first six months of 2026, supported by stronger crude oil prices and improved revenue generation during the period.
The company’s monthly financial and operational reports showed that earnings improved despite fluctuations in production and profitability. Rising global oil prices, driven largely by tensions in the Middle East and concerns over potential supply disruptions, contributed to the stronger financial performance.
NNPC reported a profit after tax of N535 billion in June, its highest monthly profit so far in 2026. The figure represents a 15.8 per cent increase from the N462 billion posted in May, reflecting an additional N73 billion in earnings within one month.
Profitability varied throughout the first half of the year. The company earned N385 billion in January before profits dropped sharply to N136 billion in February. Earnings recovered to N276 billion in March and climbed further to N481 billion in April before easing slightly in May. June then recorded the strongest monthly result of the year.
According to the company, cumulative statutory payments to the Federation reached N6.286 trillion between January and June 2026, highlighting its contribution to government revenue during the period.
NNPC also disclosed that total revenue for June stood at N4.389 trillion.
On the operational side, average crude oil and condensate production slipped slightly to 1.72 million barrels per day in June from 1.73 million barrels per day recorded in May. However, production remained higher than the 1.70 million barrels per day achieved in the corresponding period of 2025.
The company attributed the slight decline in output to operational disruptions, facility integrity challenges and subsurface issues across some producing assets. It added that ongoing production ramp-ups following maintenance activities at key facilities helped cushion the impact.
Despite the lower production, crude oil and condensate sales rose significantly. Sales volume 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 volume also exceeded the 26.44 million barrels sold in June last year.
Gas operations also recorded modest growth, with production rising to 7,841 million standard cubic feet per day, while gas sales improved to 4,970 million standard cubic feet per day.
NNPC has published monthly operational and financial reports since April 2025 as part of its transparency and accountability initiative, providing regular updates on the performance of Nigeria’s national oil company.
