The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of ₦535 billion in June 2026, representing a 15.8 per cent increase from the ₦462 billion posted in May, as the national oil company reported stronger financial performance despite a slight decline in crude oil production.
According to the company’s latest monthly report summary released on Friday, NNPC generated ₦4.389 trillion in revenue during the month and made cumulative statutory payments of ₦6.286 trillion between January and June 2026.
The report showed that crude oil and condensate production averaged 1.72 million barrels per day (mbpd) in June, marginally below the 1.73 mbpd recorded in May but higher than the 1.68 mbpd achieved in April.
Of the June production volume, 1.47 million barrels per day came from crude oil, while condensate accounted for 250,000 barrels per day.
The production figures indicate a gradual recovery from the 1.51 million barrels per day recorded in February.
Output improved to 1.56 million barrels per day in March before rising further to 1.68 million barrels per day in April and 1.73 million barrels per day in May.
NNPC also reported significant growth in natural gas production, which climbed to 7.841 billion standard cubic feet per day (bscf/d) in June – the highest monthly output recorded within the 12-month reporting period.
The June gas production surpassed the 7.774 bscf/d recorded in May and 7.730 bscf/d in April.
Compared with 6.997 bscf/d produced in October 2025, the latest figure represents an increase of approximately 12 per cent.
Gas sales also improved during the month, rising to 4.970 billion standard cubic feet per day, compared with 4.921 bscf/d in May.
However, the June sales volume remained below the 5.059 bscf/d recorded in March, which remains the highest level within the review period.
On crude sales, the report indicated that NNPC sold 28.23 million barrels of crude oil and condensate in June.
The total comprised 27.23 million barrels of crude oil and one million barrels of condensate.
Although the June sales volume was slightly lower than the 28.64 million barrels recorded in October 2025, it represented a substantial improvement over the 18.95 million barrels sold in May and the 23.65 million barrels reported in April.
Explaining the operational performance, NNPC attributed challenges in its upstream business to disruptions, facility integrity concerns and subsurface issues affecting several producing assets.
The company noted, however, that production losses were partly offset by increased output following the completion of the Assa-Rumuekpe project and the 28-inch Trans Niger Pipeline (TNP) Turnaround Maintenance programme.
On gas infrastructure, NNPC disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline achieved 98 per cent availability during June, while the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline recorded 94 per cent availability.
The company’s upstream pipeline infrastructure maintained 100 per cent availability throughout the month.
NNPC said it is collaborating with relevant stakeholders to accelerate work on the AKK Gas Pipeline with the goal of delivering gas to Abuja before the end of 2026.
The company also revealed that final tie-in activities on the OB3 River Niger Crossing are progressing, with first gas expected by August 2026.
Looking ahead, NNPC said its strategic priorities remain focused on increasing production across its asset portfolio by enhancing facility reliability, reducing unplanned downtime, optimising crude oil export operations and fast-tracking key upstream development projects.
