NNPCL posts N535bn profit after tax in June, up 15.8% from May
Nigerian National Petroleum Company Limited (NNPCL) announced a profit after tax of N535 billion for June 2026, up 15.8% from the N462 billion recorded in May. The profit came from total revenue of N4.389 trillion for the month, while cumulative statutory payments to the Federation from January to June rose to N6.286 trillion, underscoring the firm's continued contribution to national revenue. Average crude oil and condensate output slipped slightly to 1.72 million barrels per day, down from 1.73 million barrels per day in May, a dip the company blamed on operational disruptions, facility integrity issues and subsurface challenges. Natural gas production, however, rose to 7.841 million standard cubic feet per day, up 0.86% from 7.774 mmscf/d the previous month, continuing its upward trend. The Obiafu-Obrikom-Oben (OB3) gas pipeline is now 98% complete, with final tie-in work underway for first gas in August 2026, and the Ajaokuta-Kaduna-Kano (AKK) pipeline stands at 94% completion, supporting planned early gas delivery to Abuja next year.
What does this mean for you? With profits rising despite a slight oil dip and gas output climbing, NNPCL's strengthened cash flow could influence fuel pricing, investment opportunities in the energy sector, and the government's revenue outlook. Will you consider how the company's growing gas infrastructure and steady fiscal contribution might affect your energy costs or investment decisions?