Nigerian National Petroleum Company (NNPC) Limited recorded a 15.8 per cent increase in profit after tax to ₦535 billion in June 2026, despite a slight decline in crude oil and condensate production during the month.
Gatekeepers News reports that according to the company’s latest Monthly Financial and Operations Report released on Friday, profit after tax rose by ₦73 billion from ₦462 billion recorded in May, while total revenue increased to ₦4.389 trillion.
NNPC also disclosed that it remitted cumulative statutory payments of ₦6.286 trillion to the Federation between January and June 2026.
The report stated, “NNPC Limited recorded ₦535bn profit after tax for the month of June, representing a 15.8 per cent increase from the ₦462bn recorded in May. Total revenue for the month stood at ₦4.389tn, while cumulative statutory payments to the Federation for the period January to June 2026 increased to ₦6.286tn, underscoring NNPC Limited’s sustained contribution to national revenue generation.”
Average crude oil and condensate production declined slightly 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, production remained 1.18 per cent higher than the 1.70 million barrels per day recorded in June 2025.
Explaining the decline, the company said, “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 marginal drop in production, crude oil and condensate sales rose sharply to 28.23 million barrels in June from 18.95 million barrels in May, representing a 48.97 per cent month-on-month increase. Sales volume was also 6.77 per cent higher than the 26.44 million barrels recorded in June 2025.
Gas production also improved during the month, increasing to 7,841 million standard cubic feet per day from 7,774 million standard cubic feet per day in May, while gas sales rose to 4,970 million standard cubic feet per day from 4,921 million standard cubic feet per day.
On infrastructure projects, NNPC said the Obiafu-Obrikom-Oben (OB3) Gas Pipeline had reached 98 per cent completion.
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.”
The company added that construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline had reached 94 per cent completion.
According to the report, “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.”
Looking ahead, NNPC said it would continue implementing measures to boost production despite ongoing 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 further noted that upstream pipeline availability remained at 100 per cent in June, while petrol availability across NNPC Retail Limited stations stood at 53 per cent. It added that all production, sales and financial figures remain provisional and are subject to reconciliation with relevant stakeholders.
