National oil company records strongest monthly performance in June amid higher crude prices, increased sales and improved gas output…..
The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a profit after tax of N2.275 trillion in the first six months of 2026, supported by stronger international crude oil prices and improved market conditions during a period of heightened global energy uncertainty.
An analysis of the company’s monthly financial and operational reports showed that NNPC’s earnings benefited from a surge in crude prices, particularly in June, after escalating tensions in the Middle East raised concerns over possible disruptions to oil shipments through the Strait of Hormuz, one of the world’s most important energy routes.
The increase in global oil prices provided a boost for Nigeria, where crude exports remain a major source of government revenue and foreign exchange earnings.
NNPC ended the six-month period on a stronger note after recording a N535 billion profit after tax in June, representing a 15.8 per cent increase from the N462 billion posted in May.
The June result, which added N73 billion to the company’s monthly earnings, was the highest monthly profit recorded by the national oil company in 2026.
The company’s performance, however, fluctuated significantly during the first half of the year, reflecting changes in oil prices, production levels and operational conditions within Nigeria’s oil and gas sector.
NNPC began the year with a profit after tax of N385 billion in January, but earnings dropped sharply to N136 billion in February, a decline of N249 billion or 64.7 per cent compared with the previous month.
The company recovered in March, with profit rising to N276 billion, representing a monthly increase of N140 billion or 102.9 per cent.
The upward trend continued in April when NNPC posted N481 billion in profit after tax, its strongest monthly performance at the time, following a gain of N205 billion or 74.3 per cent compared with March.
Profitability slowed slightly in May as earnings fell by N19 billion, or 3.9 per cent, to N462 billion before rebounding in June to reach the half-year peak of N535 billion.
The figures indicate that although NNPC’s earnings remained volatile throughout the period, the company closed the first half of the year with stronger financial momentum.
The monthly disclosures, which NNPC began publishing in April 2025 as part of efforts to improve transparency and accountability, have provided regular insight into the company’s financial and operational performance.
In its June report, the company disclosed that it made cumulative statutory payments of N6.286 trillion to the Federation between January and June 2026.
The report stated that June revenue stood at N4.389 trillion, while the company’s contribution to government revenue continued to reflect its importance to Nigeria’s fiscal position.
Production dips slightly as sales rise
NNPC reported that average crude oil and condensate production declined marginally to 1.72 million barrels per day in June, compared with 1.73 million barrels per day in May, representing a decrease of 0.58 per cent.
Despite the slight drop, June output was higher than the 1.70 million barrels per day recorded during the same period in 2025.
The company attributed the production decline to operational disruptions, facility integrity challenges and subsurface issues affecting some assets.
However, it said the impact was partly reduced by increased production following the completion of maintenance work on the Assa-Rumuekpe and 28-inch TNP pipelines.
Despite the lower production figure, crude oil and condensate sales recorded significant growth, rising to 28.23 million barrels in June from 18.95 million barrels in May.
The increase represents a 48.97 per cent month-on-month rise, while June sales were also 6.77 per cent higher than the 26.44 million barrels sold during the same month in 2025.
Gas output records improvement
The company also reported growth in gas production and sales during the month.
Gas production increased to 7,841 million standard cubic feet per day (mmscfd) in June from 7,774 mmscfd in May.
Gas sales also improved, rising to 4,970 mmscfd from 4,921 mmscfd over the same period.
The latest figures highlight the continued role of stronger oil prices, improved sales performance and operational recovery in supporting NNPC’s earnings during the first half of 2026.
