The Nigerian National Petroleum Company Limited (NNPC Ltd) has posted its strongest financial performance in nearly a year, reporting a profit after tax of ₦535 billion for June 2026. The figure represents a 15.8% increase from the ₦462 billion recorded in May and marks the company’s highest monthly profit since August 2025. The impressive result highlights a strong rebound in earnings and reinforces NNPC’s growing role in supporting Nigeria’s economy through increased revenue generation and strategic investments in the energy sector.
According to the company’s June 2026 financial and operations report, NNPC generated ₦4.39 trillion in revenue during the month, while cumulative statutory remittances to the Federation reached ₦6.29 trillion in the first half of the year. Although crude oil and condensate production dipped slightly to 1.72 million barrels per day, the company achieved stronger performance in natural gas production, which climbed to 7.841 million standard cubic feet per day, reflecting continued momentum in Nigeria’s push to expand its gas industry and diversify energy revenue.
NNPC also reported significant progress on two of the country’s largest gas infrastructure projects. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline is now 98% complete, with final connection works underway ahead of its planned first gas delivery in August 2026. Meanwhile, construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline has reached 94% completion, bringing Nigeria closer to expanding domestic gas supply and supporting industrial growth, particularly with plans for early gas delivery to Abuja later this year.
Despite the encouraging financial results, the company acknowledged that operational challenges continue to affect crude oil production. NNPC attributed the slight decline in output to facility integrity concerns, operational disruptions, and subsurface challenges across several producing assets. Nevertheless, the broader outlook remains positive as Nigeria continues to improve oil production. The country recorded an average crude output of 1.56 million barrels per day in June, its highest monthly production level since April 2020 and the second consecutive month of exceeding its OPEC production quota after years of struggling with oil theft, pipeline vandalism, and underinvestment.
The latest results demonstrate NNPC’s resilience amid a rapidly changing global energy market. While fluctuations in international crude oil prices remain a major factor, sustained improvements in production efficiency, expanding gas operations, and timely completion of critical infrastructure projects could strengthen the company’s earnings in the months ahead. With profit rising by nearly ₦400 billion compared to the low of ₦136 billion recorded in February 2026, NNPC appears to be regaining momentum, positioning itself as a key driver of Nigeria’s energy security, government revenue, and long-term economic growth.
source: nairametrics
