NNPC profit falls 35.4% to N2.28 trillion in H1 2026 as earnings trail 2025 by N1.25 trillion

NNPC Limited recorded N2.28 trillion in profit after tax in the first half of 2026, representing a 35.4% decline from the N3.53 trillion recorded in the corresponding period of 2025.

The figures are based on Nairametrics’ review of NNPC’s monthly financial performance database.

Despite the year-on-year decline, the state-owned energy company remained profitable throughout the first half of 2026, with monthly earnings strengthening from March and reaching a year-high of N535 billion in June.

What the data is saying

NNPC’s profit after tax stood at N385 billion in January 2026 before falling to N136 billion in February, its lowest monthly profit for the period.

• The data shows that earnings subsequently improved to N276 billion in March and N481 billion in April.
• NNPC recorded N462 billion in profit in May before posting N535 billion in June, bringing its cumulative first-half earnings to N2.28 trillion.
• The June result was the company’s strongest monthly profit in 2026.
• NNPC’s first-half 2026 performance was significantly below the exceptionally strong earnings recorded during the same period of 2025.
• The company began 2025 with a loss of N161 billion in January before recording a N987 billion profit in February. It reported another loss of N7 billion in March but subsequently returned to profitability, recording N748 billion in April, N1.054 trillion in May and N904 billion in June.

The six-month performance produced a cumulative profit of approximately N3.53 trillion, exceeding the N2.28 trillion recorded in the first half of 2026 by about N1.25 trillion.

More Insights

NNPC remained profitable through the second half of 2025, although monthly earnings were more volatile and generally lower than the exceptionally strong results recorded in May and June.

According to Nairametrics’ review of the company’s financial database, NNPC recorded N180 billion in profit in July 2025, N539 billion in August, N216 billion in September, N447 billion in October, N502 billion in November and N351 billion in December.

• The figures show that while the company sustained profitability for most of 2025, earnings fluctuated significantly during the year.
• The 2026 performance also points to an improvement as the year progressed. After recording its weakest monthly profit of N136 billion in February, NNPC reported stronger earnings in March, April, May and June, culminating in N535 billion in June.
• According to NNPC’s data, the company generated N2.571 trillion in revenue in January 2026 while crude oil and condensate production averaged 1.64 million barrels per day (mmbopd). Revenue increased to N2.680 trillion in February despite production declining to 1.51 mmbopd, before rising to N2.774 trillion in March as production recovered to 1.56 mmbopd.
• The company’s revenue surged to N4.971 trillion in April, supported by production of 1.68 million barrels per day, while revenue stood at N4.335 trillion in May as output climbed to 1.73 million barrels per day, the highest production level recorded during the first half of the year.
• In June, NNPC posted N4.389 trillion in revenue, with crude oil and condensate production averaging 1.72 million barrels per day, according to the company’s operational data.
• The revenue and production figures are particularly relevant given the volatility in the international oil market. Brent had climbed well above $100 per barrel during the height of the Middle East supply disruption before retreating sharply as fears of prolonged disruption eased.
• For Nigeria, the combination of higher production and a more volatile crude price environment means NNPC’s earnings will increasingly depend on its ability to sustain output, reduce operational disruptions and maximise the value of its crude and gas production.

Also, the company remitted N6.286 trillion to the Federation Account between January and June 2026, compared with N8.162 trillion during the corresponding period of 2025, reflecting a year-on-year decline in statutory payments to the government.

Nairametrics earlier reported that NNPC Ltd remitted N14.706 trillion in statutory payments to the Federal Government between January and December 2025.

What you should know

Nairametrics earlier reported that Nigeria’s crude oil production rose to an average of 1.56 million barrels per day (mbpd) in June 2026, marking the country’s highest monthly crude oil output since April 2020.

Nigeria has faced significant challenges in meeting its OPEC production quota in recent years due to crude oil theft, pipeline vandalism, underinvestment, and operational disruptions.

June marked the second consecutive month that Nigeria exceeded its OPEC quota after producing 1.530 million bpd in May 2026.