By Stephen Simon
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a 33 per cent increase in profit after tax to ₦7.2 trillion for the financial year ended December 31, 2025, up from ₦5.4 trillion recorded in 2024.
The company disclosed this in its audited results released after its Annual General Meeting and second Earnings Call with financial and business analysts. Despite a 24 per cent decline in revenue to ₦34.5 trillion, NNPC Ltd said the result reflected stronger earnings capacity and operational resilience amid lower crude oil prices and reduced white product volumes following the deregulation of the downstream sector.
Other key financial indicators also recorded growth during the year. Earnings before interest, taxes, depreciation and amortisation rose by 22 per cent to ₦18 trillion, while earnings per share increased by 32 per cent to ₦35.9. Operating cash flow grew by 16 per cent to ₦12.8 trillion, while return on equity improved by two percentage points to 16 per cent. The company also declared a dividend of ₦5.8 trillion, representing a 35 per cent increase.
On operations, NNPC Ltd said crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years. Total oil and condensate production reached 565.8 million barrels, representing a five per cent increase, while the company’s equity share rose by 11 per cent to 223.7 million barrels. Natural gas production also increased by nine per cent to 2,606.2 billion standard cubic feet.
The company said it completed the Ajaokuta-Kaduna-Kano, AKK, 40-inch, 623-kilometre mainline and the River Niger crossing, while the ANOH-OB3 Custody Transfer Metering Station was commissioned. It also advanced the 300 million standard cubic feet per day ANOH Gas Processing Plant towards start-up readiness, acquired 500 CNG-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform programme.
Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, said the 2025 performance demonstrated the impact of disciplined execution and a capable workforce. He said the company was strengthening earnings, increasing production and investing in assets and personnel required to deliver sustained value to shareholders, communities and Nigerians.
Looking ahead, NNPC Ltd said it was targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030, alongside natural gas production of 12 billion standard cubic feet per day by 2030. It also plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030 while completing major gas infrastructure projects, including AKK, ELPS and OB3.
