NNPC Posts ₦7.2tn Profit as Oil Production Hits Five-Year High
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a ₦7.2 trillion profit after tax for 2025, alongside a sharp rise in crude oil and condensate production to its highest level in five years.
The company disclosed this in its audited financial results for the year ended December 31, 2025, released after its Annual General Meeting and second earnings call with financial and business analysts.
NNPC’s profit after tax increased by 33 per cent from ₦5.4 trillion in 2024 to ₦7.2 trillion in 2025, despite a 24 per cent decline in revenue to ₦34.5 trillion.
According to the company, the decline in revenue was largely linked to lower crude oil prices and reduced volumes of white petroleum products following the deregulation of the downstream market in 2024.
Despite the revenue pressure, NNPC said its improved earnings reflected stronger operational performance across its businesses.
The company’s earnings before interest, taxes, depreciation and amortisation rose by 22 per cent to ₦18 trillion, while operating cash flow increased by 16 per cent to ₦12.8 trillion.
NNPC also declared a ₦5.8 trillion dividend, representing a 35 per cent increase from the previous year, while return on equity improved by two percentage points to 16 per cent.
Production reaches multi-year highs
Beyond its financial performance, NNPC recorded significant growth in oil and gas production during the year.
Crude oil and condensate production averaged 1.77 million barrels per day, which the company described as its highest level in five years.
Total oil and condensate production reached 565.8 million barrels, representing a 5 per cent increase, while NNPC’s equity share rose by 11 per cent to 223.7 million barrels.
The company also recorded higher natural gas production, with output averaging 7.2 billion standard cubic feet per day, its highest level in three years.
Total natural gas production stood at 2,606.2 billion standard cubic feet, up 9 per cent, while NNPC’s equity share increased by 11 per cent to 1,154.9 billion standard cubic feet.
The production gains come as the company continues to focus on increasing output and improving the performance of its oil and gas assets.
NNPC said it completed the River Niger crossing for the Ajaokuta-Kaduna-Kano gas pipeline and achieved full completion of the 40-inch, 623-kilometre AKK mainline.
It also commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300 million standard cubic feet per day ANOH Gas Processing Plant to start-up readiness.
As part of its downstream and energy transition initiatives, NNPC acquired 500 CNG-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform programme.
Looking ahead, NNPC said it is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
The company also plans to increase natural gas production to 12 billion standard cubic feet per day by 2030 and mobilise $60 billion in upstream, midstream and downstream investments over the period.
Source: NNPC Limited
