Listed oil and gas companies on the Nigerian Exchange (NGX) generated a total revenue of N4.9 trillion in the first half of 2025.
This represents a 33.45% increase from the same period in 2024, reflecting stronger sales across the sector and growing market demand.
Revenue, often called “the top line,” is the total money a company earns from selling goods and services before subtracting any costs or expenses.
A solid revenue stream is important because it gives companies the ability to cover costs and still generate profit. It also signals growth and resilience, which can attract investors even when operational challenges exist.
This report focuses on the oil and gas companies that generated the highest revenues in the first half of 2025, placing more emphasis on actual figures than on year-on-year performance.
Here are the top Nigerian oil and gas companies by revenue in H1 2025.
TotalEnergies Plc reported revenue of N423.8 billion in H1 2025, down from N529.9 billion in H1 2024.
- White products contributed N295.2 billion, down from N424 billion.
- Lubricants and other products earned N128.6 billion, down from N105.8 billion.
Cost of sales dropped to N375.4 billion from N465.5 billion, but gross profit still fell 24.76% to N48.4 billion.
Administrative expenses spiked 34.94% to N39 billion, reducing operating profit from N35 billion to N10.3 billion.
- This contributed to a pre-tax loss of N1.6 billion, compared to a N30.5 billion profit in H1 2024.
Total assets declined to N449.4 billion from N471.1 billion, while retained earnings dropped to N58.4 billion from N74.9 billion.
