NNPCL releases financial statement, declares N535bn profit after tax from N4.4tn revenue

Nigerian National Petroleum Company Limited, NNPCL has released its financial statement for June 2026.

According to the financial statement released on X on Friday, the state-owned oil company recorded a profit after tax, PAT of N535 billion in June.

This represents a 15.8 per cent increase from the N462 billion recorded in May.

NNPCL noted that the N535 billion PAT was generated from total revenue of N4,389 billion for the month, while cumulative statutory payments to the Federation for the period from January to June 2026 increased to N6,286 billion, underscoring the company’s sustained contribution to national revenue generation.

Average crude oil and condensate production witnessed a slight dip, standing at 1.72 million barrels per day, mmbopd, compared to 1.73 million barrels per day in May. The decline was attributed to operational disruptions, facility integrity issues, and subsurface challenges across several assets.

Natural gas production rose to 7.841 million standard cubic feet per day (mmscf/d) from 7.774 mmscf/d in May, representing a modest 0.86 per cent increase and continuing the company’s upward trajectory in gas production.

The Obiafu-Obrikom-Oben (OB3) Gas Pipeline progressed to 98 per cent completion, with final tie-in works ongoing toward achieving First Gas in August 2026.

Construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting the target of early gas delivery to Abuja in 2026.