NNPC Reports N2.27tn First-Half Profit Driven by Global Crude Rally

The Nigerian National Petroleum Company (NNPC) Limited generated a cumulative profit after tax of N2.275tn during the first six months of 2026, supported by elevated global crude oil prices stemming from geopolitical tensions in the Middle East.

An analysis of the state-owned oil firm’s monthly financial disclosures indicates that earnings recovered strongly in June, with profit after tax rising by 15.8% month-on-month to N535bn from N462bn recorded in May. The June figure represents the company’s highest monthly profit of the year to date.

The strong half-year performance occurred despite notable month-to-month volatility across the six-month period. Profit after tax stood at N385bn in January before dropping to N136bn in February. Earnings subsequently rebounded to N276bn in March, peaked temporarily at N481bn in April, and saw a slight decline in May prior to June’s rally.

During the first half of 2026, NNPC Limited maintained its contributions to public revenue while navigating production fluctuations. Cumulative statutory payments to the Federation Account reached N6.286tn between January and June, while total revenue generated for the month of June alone stood at N4.389tn.

Crude oil and condensate sales volumes surged by 48.97% month-on-month in June to 28.23 million barrels, up from 18.95 million barrels in May. Meanwhile, average crude oil and condensate output experienced a slight 0.58% dip in June to 1.72 million barrels per day (mbpd), down from 1.73 mbpd in May, largely due to localized facility integrity issues and operational disruptions.

Natural gas production rose slightly to 7,841 million standard cubic feet per day (mmscfd) in June, compared to 7,774 mmscfd recorded in the previous month. Company filings noted that turnaround maintenance on major infrastructure, including the Assa-Rumuekpe pipeline and the 28-inch Trans-Niger Pipeline, helped mitigate operational headwinds and supported overall performance through the end of the second quarter.