The Nigerian National Petroleum Company Limited (NNPC) recorded a profit after tax of N535 billion in June 2026, representing a 15.8 per cent increase from the N462 billion posted in May, despite a slight decline in crude oil and condensate production.
According to the company’s latest Monthly Financial and Operations Report, revenue for the month rose to N4.389 trillion, while cumulative statutory remittances to the Federation reached N6.286 trillion between January and June 2026.
The report stated, “NNPC Limited recorded N535bn profit after tax for the month of June, representing a 15.8 per cent increase from the N462bn recorded in May. Total revenue for the month stood at N4.389tn, while cumulative statutory payments to the Federation for the period January to June 2026 increased to N6.286tn, underscoring NNPC Limited’s sustained contribution to national revenue generation.”
Average crude oil and condensate production dipped slightly to 1.72 million barrels per day in June from 1.73 million barrels per day recorded in May, a decline of 0.58 per cent. However, production remained 1.18 per cent higher than the 1.70 million barrels per day achieved in June 2025.
NNPC attributed the lower output to operational disruptions, facility integrity concerns and subsurface challenges affecting several assets.
It stated, “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 decline in production, crude oil and condensate sales increased significantly, rising by 48.97 per cent to 28.23 million barrels in June from 18.95 million barrels in May. Compared to June 2025, sales were up by 6.77 per cent from 26.44 million barrels.
Gas performance also improved during the month. Production increased 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.
The report highlighted progress on key gas infrastructure projects, noting that the Obiafu-Obrikom-Oben Gas Pipeline had reached 98 per cent completion, with final tie-in works underway ahead of the planned first gas delivery in August 2026.
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.”
Construction of the Ajaokuta-Kaduna-Kano Gas Pipeline also advanced to 94 per cent completion.
According to the company, “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.”
NNPC said it remained focused on boosting production by improving facility reliability, reducing unplanned downtime, optimising crude export operations and accelerating new production opportunities.
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 showed that upstream pipeline availability stood at 100 per cent throughout June, while petrol availability across NNPC Retail Limited stations was 53 per cent. It added that all operational and financial figures remain provisional pending reconciliation with relevant stakeholders.