NNPC’s May Revenue Drops 12% To N4.335tn as PAT Falls To N462bn

The Nigerian National Petroleum Company Limited (NNPC) said its revenue fell by 12 per cent in May 2026 to N4.335 trillion, and that profit after tax (PAT) declined to N462 billion.

In its monthly report released on Wednesday, the company said revenue dropped by N636 billion from N4.971 trillion in April, and PAT fell from N481 billion the previous month. NNPC said market conditions and operational challenges weighed on earnings despite broadly stable production.

NNPC said it produced 1.73 million barrels of crude oil and condensate per day in May and 7,774 million standard cubic feet of natural gas per day. The company said upstream pipeline availability improved to 98 per cent and that availability of Premium Motor Spirit at NNPC retail stations was 57 per cent for the month.

The report said total sales moderated in May, with crude oil and condensate sales falling to 18.95 million barrels from 23.65 million barrels in April. It added that gas sales slipped to 4,921 million standard cubic feet per day from 5,044 mmscfd.

NNPC said it was intensifying measures to address declining reservoir pressure, lifting constraints, maintenance-related shutdowns and facility reliability issues, and that these actions were expected to reduce production deferments and boost asset availability.

The company said it had remitted a cumulative N4.858 trillion to the Federation between January and May 2026, and described the payments as evidence of its role as a major revenue contributor.

On infrastructure, NNPC said the Ajaokuta–Kaduna–Kano (AKK) gas pipeline was 94 per cent complete and on course to begin delivering gas to Abuja later in the year. It added that the Obiafu–Obrikom–Oben (OB3) River Niger crossing was 97 per cent complete and that post-pullback pre-commissioning and tie-in work was progressing toward full commissioning of that pipeline section by the end of the third quarter of 2026.

The report also highlighted a healthcare intervention by the NNPC Foundation. NNPC said it commissioned and handed over a 1.5 Tesla MRI system to Nnamdi Azikiwe University Teaching Hospital, Nnewi, on May 15, and that General Electric trained about 40 radiologists and radiographers who provided free MRI scans before commissioning.

NNPC emphasised that all operational and financial figures in the report were provisional and subject to reconciliation with relevant stakeholders.