By Boluwatife Oshadiya | July 31, 2026
Key Points
- NNPC Ltd reports a 15.8% month-on-month rise in profit after tax to ₦535 billion in June 2026
- Revenue reaches ₦4.39 trillion as cumulative statutory remittances hit ₦6.29 trillion in the first half of 2026
- Gas production increases while the OB3 and AKK gas pipeline projects move closer to completion
Main Story
The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of ₦535 billion in June 2026, a 15.8% increase from the ₦462 billion reported in May, according to the company’s June 2026 Monthly Financial and Operations Report.
The performance represents the state-owned energy company’s strongest monthly profit since August 2025, when it posted a profit after tax of ₦539 billion. During the month under review, NNPC also generated ₦4.39 trillion in revenue, while cumulative statutory payments to the Federation reached ₦6.29 trillion in the first six months of 2026.
Operational data showed that crude oil and condensate production averaged 1.72 million barrels per day (mbpd) in June, marginally lower than the 1.73 million barrels per day recorded in May. In contrast, natural gas production rose to 7.841 million standard cubic feet per day (mmscfd) from 7.774 mmscfd in the previous month.
“The slight decline in crude oil and condensate production was driven by operational disruptions, facility integrity issues and subsurface challenges across several assets,” NNPC Ltd said in its June 2026 Monthly Financial and Operations Report.
The report also highlighted continued progress on the company’s strategic gas infrastructure projects. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline has reached 98% completion, with final tie-in works underway ahead of planned first gas delivery in August 2026. Meanwhile, construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline has advanced to 94% completion, supporting the company’s target of delivering gas to Abuja later this year.
NNPC’s earnings have fluctuated considerably over the past year. After recording a then-record ₦539 billion profit in August 2025, profit declined to ₦216 billion in September before recovering to ₦502 billion in November. Earnings later dropped to ₦136 billion in February 2026 before rebounding steadily to ₦535 billion in June, representing a recovery of ₦399 billion over four months.
What’s Being Said
“The slight decline in crude oil and condensate production was driven by operational disruptions, facility integrity issues and subsurface challenges across several assets,” NNPC Ltd stated in its June 2026 Monthly Financial and Operations Report.
Independent industry observers note that while crude oil output remains below Nigeria’s production targets, stronger gas production and sustained progress on critical pipeline infrastructure are expected to support the country’s energy transition objectives and improve domestic gas supply over the medium term.
What’s Next
- NNPC expects the OB3 Gas Pipeline to achieve first gas delivery in August 2026 following completion of final tie-in works.
- Construction of the AKK Gas Pipeline will continue towards early gas delivery to Abuja later in 2026.
- Investors and policymakers will monitor whether the improvement in June profitability is sustained in the company’s subsequent monthly operational reports.
Bottom Line: NNPC’s June results signal a strong recovery in profitability despite marginally weaker crude oil production. The combination of higher earnings, growing gas output and steady progress on strategic pipeline projects reinforces the company’s increasing role in government revenue generation while highlighting the importance of gas infrastructure to Nigeria’s long-term energy strategy.
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