NNPC posts ₦535 billion profit, records 1.72 million barrels daily oil output in June

The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of ₦535 billion in June 2026, while its crude oil and condensate production rose to 1.72 million barrels per day, the company’s latest monthly report stated. The profit figure recorded is ₦73 billion (15.8 per cent) higher than the ₦462 billion posted in May. According to the company’s Monthly Report Summary published on Friday, NNPC generated ₦4.389 trillion in revenue during the month and made statutory payments of ₦6.286 trillion between January and June. A review of the report’s graphical representation indicated that crude oil and condensate production decreased from 1.73 million barrels per day in May to 1.72 million barrels per day in June. The June figure comprised 1.47 million barrels per day of crude oil and 250,000 barrels per day of condensate. Although the June output was marginally lower than the 1.73 million barrels per day recorded in May, it represented an improvement over the 1.68 million barrels per day produced in April. The company’s oil production fell to 1.51 million barrels per day in February, then recovered to 1.56 million barrels per day in March and 1.68 million barrels per day in April. Gas production rises NNPC said natural gas production increased to 7.841 billion standard cubic feet per day in June, the highest monthly volume recorded during the 12 months covered by the report. Gas production rose from 7.774 billion standard cubic feet per day in May to 7.730 billion standard cubic feet per day in April. The June figure represented an increase of about 12 per cent from the 6.997 billion standard cubic feet per day recorded in October 2025. The company also reported that gas sales stood at 4.970 billion standard cubic feet per day in June, compared with 4.921 billion standard cubic feet per day in May. However, the June gas sales volume was lower than the 5.059 billion standard cubic feet per day recorded in March, which was the highest level during the period under review. Oil sales decline Crude oil and condensate sales declined to 28.23 million barrels in June from 28.64 million barrels in October 2025, the report showed. The June sales comprised 27.23 million barrels of crude oil and one million barrels of condensate. The volume, however, was higher than the 18.95 million barrels recorded in May and the 23.65 million barrels reported in April. ALSO READ: EDITORIAL: NNPCL’s reckless disregard for Senate oversight NNPC said the performance of its upstream operations was affected by operational disruptions, facility integrity issues and subsurface challenges across several assets. “However, performance was partially mitigated by production up-flop following the completion of the Assa-Rumuekpe and 28-inch TNP Turnaround Maintenance,” the company said. The report showed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline recorded 98 per cent availability during the month, while the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline achieved 94 per cent availability. The company also reported 100 per cent availability for its upstream pipeline infrastructure. NNPC said it was working with relevant stakeholders to accelerate activities on the AKK Gas Pipeline and achieve early gas delivery to Abuja in 2026. It added that final tie-in works were ongoing on the OB3 River Niger Crossing to enable first gas by August 2026. The company said its strategic focus remained on delivering incremental production across its assets by improving facility reliability and availability, reducing unscheduled downtime, optimising crude oil exports and accelerating major upstream projects. Discover more from Premium Times Nigeria Subscribe to get the latest posts sent to your email.