NNPC Posts Record Profit as Revenue Hits N4.39 Trillion
The Nigerian National Petroleum Company Limited (NNPC Ltd.) reported a significant increase in its profit after tax for June 2026, reaching N535 billion, which represents a 15.8 per cent rise from May's N462 billion.
This improvement in financial performance was accompanied by a revenue of N4.389 trillion generated during the month. The company's cumulative statutory remittances to the Federation between January and June 2026 rose to N6.286 trillion, demonstrating its substantial contribution to government revenue.
The NNPC attributed the marginal decline in crude oil and condensate production to operational disruptions, facility integrity challenges, and subsurface issues affecting several oil assets. However, the company's gas production showed a stronger performance, increasing by 0.86 per cent to 7.841 million standard cubic feet per day.
The NNPC continues to focus on improving profitability and expanding its gas infrastructure, despite operational challenges in crude oil production. 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.