NNPC profit rises 33% to N7.2 trillion in 2025 despite revenue decline

NNPC Limited’s profit after tax rose 33% to N7.2 trillion in 2025 from N5.4 trillion in 2024, despite a 24% decline in revenue to N34.5 trillion.

The results, contained in a statement signed by Andy Odeh, Chief Corporate Communications Officer of NNPC Limited, were announced following the company’s Annual General Meeting and second Earnings Call with financial and business analysts.

NNPC said the revenue decline was principally driven by lower crude oil prices and reduced white product volumes following market deregulation in 2024, while stronger earnings reflected the resilience of its operations.

NNPC earnings improve despite lower revenue

Several key financial indicators strengthened during the year, pointing to higher profitability and cash generation despite the decline in revenue.

• EBITDA increased 22% to N18.0 trillion, while operating cash flow rose 16% to N12.8 trillion.
• Earnings per share increased 32% to N35.9, while return on equity improved by 200 basis points to 16%.
• The company declared a dividend of N5.8 trillion, representing a 35% increase from the previous year.
• NNPC said the results provide a stronger platform for its next phase of growth and investment.

The company’s financial performance came alongside increased oil and gas production, with crude oil and condensate output reaching its highest average level in five years.

Oil and gas production reaches new highs

Crude oil and condensate production averaged 1.77 million barrels per day in 2025, while natural gas output averaged 7.2 billion standard cubic feet per day.

• Total crude oil and condensate production reached 565.8 million barrels, up 5%, while NNPC Limited’s equity share increased 11% to 223.7 million barrels.
• Natural gas production rose 9% to 2,606.2 billion standard cubic feet, with the company’s equity share increasing 11% to 1,154.9 billion standard cubic feet.
• NNPC completed the River Niger crossing for the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and fully completed the 40-inch, 623-kilometre mainline.

The company commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300 million standard cubic feet per day ANOH Gas Processing Plant to start-up readiness.

It also acquired 500 CNG-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform.

These projects form part of NNPC’s efforts to expand its oil and gas production and develop infrastructure across the value chain.

NNPC expands workforce and sustainability programmes

NNPC said its talent-to-value transformation continued in 2025, with 1,023 full-time employees joining the company, including more than 1,000 graduates deployed after a one-year internship and training programme.

Women now occupy 23% of leadership positions at the company, compared with an industry average of 17%, according to NNPC.

• “Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” said Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited.
• “We are strengthening earnings, growing production and investing in the people and assets that will sustain value for our shareholders, communities and the Nigerian people,” he said.

On sustainability, NNPC said it completed 6,028 cataract surgeries, planted 80,000 trees and developed its Net Zero 2050 strategy. It also maintained reporting under the Oil and Gas Methane Partnership, Oil and Gas Decarbonization Charter and United Nations Global Compact frameworks.

NNPC targets 3 million barrels per day

NNPC Limited said it is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030, alongside natural gas output of 12 billion standard cubic feet per day by 2030.

The company plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030 while completing major gas infrastructure projects, including AKK, the Escravos-Lagos Pipeline System and OB3.

Nairametrics earlier reported that the company recorded a Profit After Tax of N5.4 trillion from total revenue of N45.1 trillion for the full year ended 2024.

It also generated N29.21 trillion from crude oil sales in 2024, more than double the N14.07 trillion it earned from the same stream in 2023.