NNPC records N535bn profit in June

The Nigerian National Petroleum Company Limited (NNPC) announced a significant financial performance for June 2026, recording a Profit After Tax (PAT) of N535 billion. This figure marks a notable 15.8% increase from the N462 billion profit achieved in May, underscoring the company's sustained profitability.

According to the company's monthly financial and operations report, NNPC Limited generated a total revenue of N4.389 trillion in June. Furthermore, its cumulative statutory payments to the Federation for the period spanning January to June 2026 have risen to N6.286 trillion, highlighting NNPC's substantial contribution to national revenue generation.

Despite the strong financial results, the report indicated a slight dip in average crude oil and condensate production, which stood at 1.72 million barrels per day (mmbopd) in June, down from 1.73 mmbopd in May. This marginal decrease was attributed to operational disruptions, facility integrity issues, and subsurface challenges across various assets.

Conversely, natural gas production saw a modest increase, rising to 7.841 million standard cubic feet per day from 7.774 mmscf/d in May. This upward trend in gas production continues, supported by progress on key infrastructure projects like the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, which is nearing 98% completion, and the Ajaokuta-Kaduna-Kano Gas Pipeline, at 94% completion. These projects are expected to facilitate gas delivery and further bolster NNPC's operational capacity.