The Nigerian National Petroleum Company Limited (NNPC Ltd.) posted a profit after tax of ₦535 billion in June 2026, representing a 15.8 per cent increase from the ₦462 billion recorded in May, despite a marginal decline in crude oil and condensate production during the period.
According to the company's latest Monthly Financial and Operations Report, total revenue rose to ₦4.389 trillion, while cumulative statutory remittances to the Federation Account reached ₦6.286 trillion between January and June 2026, underscoring NNPC Ltd.'s continued contribution to government revenue.
The report showed that average crude oil and condensate production slipped slightly to 1.72 million barrels per day (bpd) in June from 1.73 million bpd recorded in May, reflecting a 0.58 per cent month-on-month decline. However, production remained 1.18 per cent higher than the 1.70 million bpd achieved in June 2025.
NNPCL attributed the marginal production decline to operational disruptions, facility integrity challenges and subsurface issues across several producing assets. The company, however, noted that the impact was partly offset by increased output following the completion of the Assa-Rumuekpe project and the 28-inch Trans Niger Pipeline turnaround maintenance programme.
Despite the lower production level, crude oil and condensate sales recorded a significant rebound. Sales volume climbed to 28.23 million barrels in June, compared with 18.95 million barrels in May, representing a 48.97 per cent increase. The figure also exceeded the 26.44 million barrels sold in the corresponding period of 2025 by 6.77 per cent.
Gas operations also posted stronger performance during the month. Average gas production increased to 7,841 million standard cubic feet per day (mmscfd) from 7,774 mmscfd in May, while gas sales improved to 4,970 mmscfd, up from 4,921 mmscfd recorded a month earlier.
The report highlighted steady progress on two of Nigeria's strategic gas infrastructure projects. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline reached 98 per cent completion, with final tie-in activities underway ahead of the planned commencement of first gas in August 2026.
Similarly, construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, with NNPCL stating that the project remains on course to deliver natural gas to Abuja later this year, supporting domestic gas utilisation and industrial development.
NNPCL said it would continue implementing measures aimed at sustaining production growth across its upstream portfolio by improving facility reliability, reducing unplanned downtime, optimising crude export operations and accelerating the development of new production opportunities.
The report further disclosed that upstream pipeline availability remained at 100 per cent throughout June, while product availability across NNPC Retail Limited stations averaged 53 per cent during the month. The company noted that all operational and financial figures remain provisional and are subject to reconciliation with relevant stakeholders.