NNPC records N905bn profit for June, citing steady growth in crude and gas output. Pic: PUNCH
N905bn Profit Reflects Strong Crude Oil Output in June
According to the report, daily crude oil and condensate production rose to 1.68 million barrels per day (mbpd) in June, marking the highest output since January 2025. Of this, crude oil contributed 1.42mbpd, while condensate accounted for 0.26mbpd.
This improved output directly supported the N905bn profit reported for the period.
Despite this, total crude and condensate sales fell slightly to 21.68 million barrels in June from 24.77 million barrels recorded in May. Nonetheless, cumulative production data reflects a positive recovery trend within Nigeria’s upstream sector.
The company’s cumulative contributions to the Federation Account between January and May reached N6.961tn, reinforcing its role in supporting the nation’s revenue base.
The financial performance aligns with previous reports that highlighted NNPC’s earnings growth, with revenue hitting N6tn by May, largely supported by increased output and operational efficiencies across its business segments.
N905bn Profit Boosted by Gas Production Growth
Gas production also played a key role in NNPC’s financial results. Natural gas output increased to 7.581 billion standard cubic feet per day (scf/d) in June from 7.352bn scf/d in May and 6.615bn scf/d in February.
Daily gas sales similarly rose to 4.742bn scf/d in June, reinforcing the company’s efforts to boost gas supply across Nigeria and beyond.
The performance was supported by improved infrastructure availability. The Ajaokuta-Kaduna-Kano (AKK) pipeline project is now 83 per cent complete, with key milestones achieved, including the River Niger crossing, which has helped reduce construction risks. Progress on AKK pipeline infrastructure remains central to Nigeria’s energy strategy.
Pipeline availability across NNPC’s upstream network reached 97 per cent, reflecting reduced incidents of vandalism and operational disruptions. However, retail fuel availability stood at 71 per cent, indicating lingering challenges in distribution, particularly across some regions.
N905bn Profit Underlines NNPC’s Revenue Stability
Beyond its core oil and gas operations, NNPC is advancing infrastructure and social responsibility initiatives. The OB3 pipeline project has reached 96 per cent completion, while review work continues at the Port Harcourt, Warri, and Kaduna refineries.
These efforts are part of the company’s broader strategy to enhance domestic refining capacity.
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Additionally, through the NNPC Foundation, 67,544 NYSC corps members were trained under its Financial Literacy Programme during June alone, bringing the cumulative total to 870,383 nationwide.
Group Chief Executive Officer Bayo Ojulari said the N905bn profit reflects the resilience of the company’s operations amid a challenging economic landscape.
