NNPCL revenue, profit after tax drop significantly to N3.08tn, N279bn

The Nigerian National Petroleum Company Limited, NNPCL, recorded a significant decline in revenue and profit after tax, PAT, in July 2026, amid lower crude oil sales and production.

The state-owned oil company disclosed this in its monthly financial and operational report released on Tuesday.

NNPCL’s revenue fell by 29.5 per cent to N3.08 trillion in July, down from N4.38 trillion recorded in June.

The decline was driven largely by a 20.2 per cent drop in crude oil and condensate sales. The company sold 22.53 million barrels in July, compared with 28.23 million barrels in the previous month.

Similarly, NNPCL’s profit after tax plunged by 47.9 per cent to N279 billion in July, from N535 billion in June.

Gas sales also declined by 7.8 per cent to 4.58 million standard cubic feet per day (mmscfd) in July, compared with 4.97 mmscfd in June.

Meanwhile, NNPCL said it remitted N7.91 trillion to the Federation Account between January and July 2026.

The company also reported a 2.3 per cent decline in crude oil and condensate production, which fell to 1.68 million barrels per day (bpd) in July from 1.72 million bpd in June.

The July production figure comprised 1.44 million bpd of crude oil and 240,000 bpd of condensate, compared with 1.47 million bpd of crude and 250,000 bpd of condensate in June.

Crude oil production consequently declined by two per cent, while condensate output dropped by four per cent during the period.

Natural gas production also fell by 4.5 per cent to 7.48 mmscfd in July from 7.84 mmscfd in June.

Meanwhile, the Obiafu-Obrikom-Oben, OB3, pipeline recorded 100 per cent availability, while the Ajaokuta-Kaduna-Kano, AKK, gas pipeline recorded 95 per cent availability.