The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a profit after tax of N7.2 trillion for the year ended 31 December 2025, up 33 per cent from N5.4 trillion in 2024, even as revenue fell 24 per cent to N34.5 trillion.
The group chief executive officer, Bayo Ojulari, announced the audited results at a media briefing in Abuja, on Tuesday, held after the company’s annual general meeting and earnings call.
NNPC said the fall in revenue came mainly from lower crude oil prices and reduced white product volumes following market deregulation in 2024. Revenue in 2024 was N45.1 trillion.
Ojulari said profit still grew because the company improved how it operates and kept discipline across its businesses.
Other financial measures
NNPC said its earnings before interest, tax, depreciation and amortisation (EBITDA) rose 22 per cent to N18.0 trillion. Earnings per share increased 32 per cent to N35.9, from N27.07 in 2024.
Operating cash flow grew 16 per cent to N12.8 trillion. Return on equity improved by 200 basis points to 16 per cent.
The company declared a dividend of N5.8 trillion, up 35 per cent.
Ojulari said taxes, royalties and other remittances to government rose 39 per cent to N22.3 trillion..
“Stronger performance gives NNPC Limited more capacity to invest, more capacity to contribute to public revenue, and strengthen Nigeria’s energy security,” he said.
Output at multi-year highs
Crude oil and condensate production averaged 1.77 million barrels per day, the highest in five years. Natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high.
Total oil and condensate production for the year was 565.8 million barrels, up 5 per cent. NNPC’s equity share rose 11 per cent to 223.7 million barrels.
Gas production reached 2,606.2 billion standard cubic feet, up 9 per cent, with NNPC’s equity share up 11 per cent to 1,154.9 billion standard cubic feet.
The company completed the River Niger crossing and the full 40-inch, 623-kilometre Ajaokuta-Kaduna-Kano (AKK) mainline. Ojulari said work is now on the tie-ins to the delivery points, starting with Abuja, then Ajaokuta and Kaduna.
The next milestone, he said, is gas flowing through the line into industry and power.
NNPC also commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300 million standard cubic feet per day ANOH Gas Processing Plant to start-up readiness.
Ojulari said the Obiafu-Obrikom-Oben (OB3) pipeline, which had faced challenges for several years, was completed this year. It connects gas sources to markets.
The company acquired 500 compressed natural gas (CNG)-powered trucks.
Refineries
On the refineries, NNPC adopted a Technical Equity Partnership Model. Ojulari said prospective partners carried out a three-month onsite review with more than 34 of their engineers, and the company is concluding the report.
He said the aim is refineries that are self-sustaining and profitable, and that a pathway would be defined “very soon”.
Ojulari restated targets of 2 million barrels of crude oil per day by 2027 and 3 million by 2030. Gas targets are 10 billion cubic feet per day by 2027 and 12 billion by 2030. The company plans to mobilise over $60 billion of investment across the energy value chain.
Ojulari said more than 1,000 newly employed professionals joined NNPC last year under its Talent to Value programme. They completed a one-year internship and training and have been deployed across the company.
He added that women hold more than 23 per cent of leadership positions at NNPC, against a global industry average of 17 per cent.
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Nse Anthony-Uko is a business and financial journalist with over two decades of experience covering Nigeria's financial system, economy, energy sector, corporate landscape, and global economic developments. Her expertise blends frontline journalism with editorial leadership and a strong grasp of financial market dynamics. She has earned multiple professional recognitions and was selected for the International Visitors Leadership Programme (IVLP) in the United States.
