The Nigerian National Petroleum Company Limited (NNPCL) recorded a profit after tax (PAT) of N535 billion in June 2026, representing a 15.8% increase from the N462 billion recorded in May. The figure is contained in the company’s monthly financial and operations report for June 2026 and marks the highest monthly profit recorded by NNPC Limited since August 2025. The June performance came as the company reported N4.39 trillion in revenue for the month.
What the data is saying
Checks by Nairametrics on the NNPC database show the June profit was also the company’s highest monthly PAT since August 2025, when it recorded N539 billion. NNPC’s total revenue stood at N4.39 trillion in June, while cumulative statutory payments to the Federation for the first six months of 2026 reached N6.29 trillion.
The company’s crude oil and condensate production averaged 1.72 million barrels per day (mbopd) in June, slightly below the 1.73 million barrels per day recorded in May. Natural gas production rose to 7.841 million standard cubic feet per day (mmscf/d) in June from 7.774 million standard cubic feet per day in May, representing a 0.86% increase. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline reached 98% completion, with final tie-in works ongoing towards achieving first gas in August 2026. Construction and installation of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94% completion. The AKK project is supporting the target of early gas delivery to Abuja in 2026. NNPC attributed the slight decline in crude oil and condensate production to operational disruptions, facility integrity issues and subsurface challenges across several assets.
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NNPC’s monthly profit performance has fluctuated significantly since August 2025, with June’s result representing a strong recovery from the lower profit recorded earlier in 2026. In August 2025, NNPC recorded N539 billion in profit after tax, the highest monthly figure before June 2026.
Profit after tax fell to N216 billion in September and N447 billion in October, before rising to N502 billion in November. The company recorded N351 billion in December 2025 and N385 billion in January 2026. PAT subsequently fell to N136 billion in February and N276 billion in March before rising to N481 billion in April, N462 billion in May and N535 billion in June. The June result therefore represents an increase of N399 billion from the N136 billion recorded in February 2026. Nairametrics also 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.
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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. Before May, the last time the country surpassed its quota was in July 2025, when average daily production reached 1.505 million bpd, according to OPEC data. This is 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. What you should know
While crude oil and condensate production declined slightly in June, NNPC reported an increase in natural gas production and continued progress on major gas infrastructure projects. The latest performance highlights the company’s continued contribution to government revenue, while developments in gas production and infrastructure remain central to its operations. Nairametrics reported that NNPC Ltd remitted N14.706 trillion in statutory payments to the Federal Government between January and December 2025.
