Nigerian National Petroleum Company (NNPC) Limited recorded a 47.9 percent decline in profit after tax (PAT) in July 2026, with earnings falling to N279 billion from N535 billion recorded in June.
Gatekeepers News reports that the company disclosed this in its July Monthly Report Summary, published on Tuesday.
NNPC’s revenue also fell by 29.5 percent, from N4.38 trillion in June to N3.08 trillion in July.
The decline was largely linked to weaker crude oil and gas sales. NNPC said crude oil and condensate sales dropped by 20.2 percent, with 22.53 million barrels sold in July compared with 28.23 million barrels in June.
Gas sales also declined by 7.8 percent, falling to 4.58 million metric standard cubic feet per day (mmscfd) from 4.97 mmscfd in the previous month.
The company also reported a 2.3 percent decline in crude oil and condensate production, from 1.72 million barrels per day (bpd) in June to 1.68 million bpd in July.
The July production figure consisted of 1.44 million bpd of crude oil and 240,000 bpd of condensate. Crude production fell by two percent, while condensate production declined by four percent during the month.
Despite the weaker financial performance, NNPC said upstream pipeline availability remained at 100 percent for the second consecutive month. The Obiafu-Obrikom-Oben (OB3) pipeline also recorded 100 percent availability, while the Ajaokuta-Kaduna-Kano (AKK) gas pipeline recorded 95 percent availability.
NNPC further disclosed that it remitted N7.91 trillion to the Federation Account between January and July 2026.
The latest result represents a significant month-on-month reversal after NNPC recorded N535 billion in profit in June. BusinessDay also reported the 48 percent decline, attributing it to the sharp reduction in crude oil sales during the period.
