The Nigerian National Petroleum Company Limited (NNPCL) recorded a profit after tax (PAT) of N535 billion in June 2026, representing a 15.8 per cent increase from the N462 billion recorded in May.
The figure, contained in the company’s monthly financial and operations report for June 2026, marks the highest monthly profit recorded by NNPCL since August 2025.
The June performance came as the company reported revenue of N4.39 trillion during the month, while cumulative statutory payments to the Federation for the first six months of 2026 reached N6.29 trillion.
Checks on the NNPCL database showed that the June profit was the company’s highest monthly PAT since August 2025, when it recorded N539 billion.
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.
However, natural gas production increased 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 per cent rise.
NNPCL attributed the slight decline in crude oil and condensate production to operational disruptions, facility integrity challenges and subsurface issues across some of its assets.
The company also reported progress on major gas infrastructure projects, with the Obiafu-Obrikom-Oben (OB3) Gas Pipeline reaching 98 per cent completion.
Final tie-in activities are ongoing on the OB3 pipeline, with the company targeting first gas in August 2026.
The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project also advanced to 94 per cent completion, supporting plans to deliver gas to Abuja in 2026.
NNPCL’s monthly profit performance has fluctuated significantly since August 2025, with June’s result representing a strong recovery from lower earnings recorded earlier in 2026.
The company recorded N216 billion profit after tax in September 2025 before rising to N447 billion in October and N502 billion in November.
Profit declined to N351 billion in December 2025 and N385 billion in January 2026 before dropping further to N136 billion in February and N276 billion in March.
The company later recovered, recording N481 billion in April, N462 billion in May and N535 billion in June 2026.
The June result represents an increase of N399 billion compared with the N136 billion recorded in February 2026.
Meanwhile, Nigeria’s crude oil production rose to an average of 1.56 million barrels per day (mbpd) in June 2026, the country’s highest monthly crude output since April 2020.
Nigeria has struggled to consistently meet its OPEC production quota in recent years due to challenges including 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 barrels per day 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 barrels per day, according to OPEC data.
The increase in production comes amid volatility in the global oil market, where crude prices experienced significant movements following concerns over supply disruptions linked to tensions in the Middle East.
For Nigeria, higher production and changing crude prices mean NNPCL’s future earnings will depend on its ability to sustain output, reduce operational challenges and maximise returns from oil and gas resources.
While crude oil and condensate production declined slightly in June, the company recorded growth in natural gas production and continued progress on strategic gas infrastructure projects.
The latest performance highlights NNPCL’s contribution to government revenue, while gas expansion remains a key focus of the company’s long-term operations.
NNPCL remitted N14.706 trillion in statutory payments to the Federal Government between January and December 2025.
