NNPC profit falls 35.4% to N2.28 trillion in H1 2026 as earnings trail 2025 by N1.25 trillion

NNPC Limited recorded N2.28 trillion in profit after tax in the first half of 2026, a 35.4% decline from the N3.53 trillion posted in the same period of 2025. The state-owned energy company stayed profitable throughout the six months, with earnings strengthening from March and reaching a year-high of N535 billion in June.

Monthly breakdown shows weak start, strong finish

NNPC's profit after tax stood at N385 billion in January 2026 before falling to N136 billion in February, its lowest monthly profit for the period. Earnings improved to N276 billion in March and N481 billion in April. The company recorded N462 billion in May and N535 billion in June, bringing cumulative first-half earnings to N2.28 trillion.

The 2026 performance was well below the exceptionally strong results recorded in H1 2025. NNPC began 2025 with a loss of N161 billion in January before posting a N987 billion profit in February. It recorded another loss of N7 billion in March, but returned to profitability with N748 billion in April, N1.054 trillion in May and N904 billion in June. That produced a cumulative profit of about N3.53 trillion, roughly N1.25 trillion higher than the H1 2026 figure.

Second-half 2025 profits were more volatile and generally weaker than the May and June peaks. NNPC recorded N180 billion in July 2025, N539 billion in August, N216 billion in September, N447 billion in October, N502 billion in November and N351 billion in December.

Revenue and production data

NNPC generated N2.571 trillion in revenue in January 2026 while crude oil and condensate production averaged 1.64 million barrels per day. Revenue rose to N2.680 trillion in February despite production falling to 1.51 million barrels per day. In March, revenue climbed to N2.774 trillion as production recovered to 1.56 million barrels per day.

Revenue surged to N4.971 trillion in April, supported by production of 1.68 million barrels per day. It stood at N4.335 trillion in May as output climbed to 1.73 million barrels per day, the highest production level in the first half. In June, NNPC posted N4.389 trillion in revenue, with production averaging 1.72 million barrels per day.

The figures come amid volatility in the international oil market. Brent traded well above $100 per barrel during the height of the Middle East supply disruption before retreating sharply as fears of prolonged disruption eased.

Federation Account remittances and outlook

NNPC remitted N6.286 trillion to the Federation Account between January and June 2026, compared with N8.162 trillion in the same period of 2025. That reflects a year-on-year decline in statutory payments to the government.

For Nigeria, the combination of higher production and a more volatile crude price environment means NNPC's earnings will increasingly depend on sustaining output, reducing operational disruptions and maximising the value of its crude and gas production. June 2026 crude oil production averaged 1.56 million barrels per day, the highest monthly output since April 2020, and marked the second consecutive month Nigeria exceeded its OPEC quota after producing 1.530 million barrels per day in May. Still, lower profits and remittances could put additional pressure on government revenues and the naira if the trend continues.