NNPC Posts N535bn Profit in June, Highest in 10 Months

By Victor Idajili

The Nigerian National Petroleum Company Limited, NNPC Ltd, recorded a profit after tax of N535 billion in June 2026 — a 15.8% rise from the N462 billion posted in May.

The figure, contained in the company’s June 2026 monthly financial and operations report, is NNPC’s strongest monthly profit since August 2025 when it made N539 billion.

Revenue for the month stood at N4.39 trillion. Between January and June 2026, the company made cumulative statutory payments of N6.29 trillion to the Federation.

Crude oil and condensate output averaged 1.72 million barrels per day in June, slightly down from 1.73 mbopd in May. NNPC blamed the dip on operational disruptions, facility integrity issues and subsurface challenges across some assets.

Natural gas production however improved. Output rose to 7.841 million standard cubic feet per day from 7.774 mmscf/d in May, representing a 0.86% increase.

Two major gas projects also made progress. The Obiafu-Obrikom-Oben, OB3, Gas Pipeline is now 98% complete, with final tie-in works ongoing ahead of first gas in August 2026. The Ajaokuta-Kaduna-Kano, AKK, Gas Pipeline reached 94% completion, as NNPC pushes to deliver gas to Abuja later in 2026.

June’s result marks a strong recovery after months of volatility. After hitting N539 billion in August 2025, PAT dropped to N216 billion in September, rose to N447 billion in October, and N502 billion in November. 

It fell again to N351 billion in December 2025 and N385 billion in January 2026, before sliding to N136 billion in February and N276 billion in March. The company then rebounded with N481 billion in April, N462 billion in May, and now N535 billion in June.

That means June’s profit is N399 billion higher than the February low of N136 billion.