NNPC Profit Falls 48% In July As Crude Oil Sales, Production Drop

The Nigerian National Petroleum Company (NNPC) Limited has recorded a profit after tax of N279 billion in July 2026, indicating a decline of 48 per cent from N535 billion recorded in June, according to the company’s monthly performance report.

The company recorded revenue of N3.087 trillion in July 2026, alongside a profit after tax of N279 billion, according to the company’s monthly performance report for the month.

The report showed that crude oil and condensate production averaged 1.68 million barrels per day in July, a decline from 1.72 million barrels per day recorded in June. The company attributed the drop to a combination of operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents, and production constraints.

NNPC attributed the weaker performance to a combination of operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents, and production constraints, which affected crude oil production during the month.

A breakdown of the figures showed crude oil production stood at 1.44 million barrels per day, while condensate output contributed 0.24 million barrels per day. Crude oil and condensate sales for the month totalled 22.53 million barrels, made up of 21.53 million barrels of crude oil and 0.99 million barrels of condensate. This followed a stronger June, when sales reached 28.23 million barrels.

Natural gas production came in at 7,489 million standard cubic feet per day in July, down from 7,841 mmscf/d the previous month, though still above levels recorded through most of the reporting period stretching back to August 2025. Gas sales for July stood at 4,581 mmscf/d, compared with 4,970 mmscf/d in June.

On statutory obligations, NNPC said it had remitted N7.913 trillion in payments to government between January and July 2026.

The report also disclosed that upstream pipeline availability stood at 100 per cent for the month, alongside 100 per cent availability on the Obiafu-Obrikom-Oben (OB3) gas pipeline. The Ajaokuta-Kaduna-Kano (AKK) gas pipeline recorded 95 per cent availability, with the company stating that construction and installation works for early gas delivery to Abuja were at an advanced stage.

On the OB3 pipeline, NNPC said pre-commissioning activities for the river Niger crossing had been completed, positioning the project for first gas in August 2026.

Downstream, availability of premium motor spirit (PMS) at NNPC Retail (NRL) stations across the country stood at 52 per cent for July, with the report including a map showing variance in station “wetness” — an internal metric for fuel availability — across different regions of the country.

On production strategy, NNPC said it would focus on sustaining high facility uptime through preventive maintenance programmes and minimising unplanned downtime. It listed measures including optimising export operations at FEPL and Nembe EP, activating tandem offloading operations at Akpo and Erha to improve export flexibility, and restoring barging operations at Obodo to support production evacuation.

In its public impact disclosures, the NNPC Foundation said it had reaffirmed its partnership with the National Youth Service Corps (NYSC) under the Skills Acquisition and Entrepreneurship Development (SAED) programme. The Foundation said it had provided financial literacy empowerment to over 1.3 million corps members since 2023, and supported 531 beneficiaries with start-up packs and business grants.

NNPC noted that all production, sales and financial figures contained in the report remain provisional and subject to reconciliation with relevant stakeholders.