NNPCL Records ₦2.275 Trillion Half-Year Profit as Global Oil Price Rally Boosts Earnings
The Nigerian National Petroleum Company Limited (NNPCL) has reported a profit after tax of ₦2.275 trillion for the first six months of 2026, reflecting improved earnings driven largely by stronger international crude oil prices and resilient operational performance. The figures were released in the company’s latest monthly financial and operational reports.
According to the report, global oil prices rose significantly during the first half of the year, particularly in June, following geopolitical tensions in the Middle East and concerns over possible disruptions to crude oil supplies through the Strait of Hormuz. The surge in crude prices translated into stronger revenue for Nigeria’s national oil company despite fluctuations in monthly production and profitability.
NNPCL’s monthly performance showed mixed results during the period. The company posted a profit of ₦385 billion in January, before earnings declined sharply to ₦136 billion in February. Profit rebounded to ₦276 billion in March, climbed further to ₦481 billion in April, eased slightly to ₦462 billion in May, and reached ₦535 billion in June, representing the company’s strongest monthly performance so far in 2026.
The June result represents a 15.8 percent increase over the ₦462 billion recorded in May, highlighting a strong recovery in the company’s financial performance after months of volatility.
Beyond profitability, NNPCL disclosed that it remitted ₦6.286 trillion in statutory payments to the Federation between January and June 2026, reinforcing its role as one of Nigeria’s largest contributors to government revenue. Total revenue for June alone stood at ₦4.389 trillion.
The report also indicated that average crude oil and condensate production stood at approximately 1.72 million barrels per day in June, slightly below May’s output. The company attributed the marginal decline to operational disruptions, facility integrity issues and subsurface challenges across some producing assets, although these were partly offset by increased production following the completion of key maintenance projects.
Industry analysts say the latest financial performance demonstrates how favourable global oil prices continue to strengthen Nigeria’s petroleum sector. However, they also note that sustaining profitability will depend on improving crude oil production, reducing oil theft, attracting fresh investment into upstream operations and ensuring greater operational efficiency across the energy industry.
