The Nigerian National Petroleum Company Limited (NNPCL) recorded a profit after tax of N535 billion in June 2026. This represents a 15.8% increase from the N462 billion recorded in May 2026, according to the company’s monthly financial and operations report.
The June performance marks the highest monthly profit recorded by NNPC Limited since August 2025, when it posted N539 billion. The company generated N4.39 trillion in revenue for the month, while cumulative statutory payments to the Federation for the first six months of 2026 reached N6.29 trillion.
Historical Profit Fluctuations
NNPC's monthly profit performance has experienced significant volatility over the past year. After hitting N539 billion in August 2025, profit after tax fell to N216 billion in September and N447 billion in October, before rising to N502 billion in November.
The company recorded N351 billion in December 2025 and N385 billion in January 2026. Profit subsequently dropped to N136 billion in February and N276 billion in March, before recovering to N481 billion in April, N462 billion in May, and N535 billion in June. The June result represents an increase of N399 billion from the low recorded in February 2026.
Oil and Gas Production Metrics
The company’s crude oil and condensate production averaged 1.72 million barrels per day in June, slightly below the 1.73 million barrels per day recorded in May. NNPC attributed this slight decline to operational disruptions, facility integrity issues, and subsurface challenges across several assets.
In contrast, natural gas production rose to 7.841 million standard cubic feet per day in June from 7.774 million standard cubic feet per day in May, representing a 0.86% increase.
On a national level, Nigeria’s crude oil production rose to an average of 1.56 million barrels per day in June 2026, marking the country’s highest monthly output since April 2020. This allowed Nigeria to exceed its OPEC quota for the second consecutive month, following a production level of 1.530 million barrels per day in May 2026. Prior to May, the last time the country surpassed its quota was in July 2025, with an average daily production of 1.505 million barrels per day.
Pipeline Infrastructure Progress
NNPC reported continued progress on major gas infrastructure projects. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline reached 98% completion, with final tie-in works ongoing to achieve first gas in August 2026.
Additionally, construction and installation of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94% completion. This project supports the target of early gas delivery to Abuja in 2026.
These developments come during volatility in the international oil market, where Brent crude climbed well above $100 per barrel during Middle East supply disruptions before retreating. NNPC's future earnings will increasingly depend on sustaining output and maximizing gas infrastructure value. For context, NNPC remitted N14.706 trillion in statutory payments to the Federal Government throughout 2025.
