The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded ₦3.087 trillion in revenue and ₦279 billion in profit after tax in July 2026, even as crude oil and condensate production slipped amid operational challenges affecting some of its assets.
The figures are contained in the company’s Monthly Report Summary for July 2026, which provides an overview of its financial performance, oil and gas production, sales, pipeline operations and strategic initiatives during the month.
According to the report, crude oil and condensate production averaged 1.68 million barrels per day (bpd) in July, compared with about 1.72 million bpd recorded in June.
The company attributed the decline to facility outages, equipment unavailability, pipeline incidents and other production constraints, which affected operations across some of its assets.
NNPC Ltd.’s financial performance also weakened month-on-month, with revenue falling from about ₦4.39 trillion in June to ₦3.087 trillion in July, while profit after tax declined from ₦535 billion to ₦279 billion during the same period.
Despite the decline in monthly earnings, the company remained a major contributor to government revenue. NNPC Ltd. reported ₦7.913 trillion in statutory payments to the government between January and July 2026.
On the gas front, the company recorded average natural gas production of 7,489 million standard cubic feet per day (mmscf/d) in July, while gas sales stood at 4,581 mmscf/d.
The report also highlighted developments in critical gas infrastructure, particularly the Obiafu-Obrikom-Oben (OB3) gas pipeline and the Ajaokuta-Kaduna-Kano (AKK) pipeline.
According to the report, pre-commissioning activities on the River Niger Crossing section of the OB3 pipeline had been completed, with first gas targeted for August 2026.
The AKK pipeline recorded 95 per cent availability, while the OB3 pipeline achieved 100 per cent availability during the reporting period.
NNPC Ltd. also reported 100 per cent upstream pipeline availability, reflecting improved performance across its upstream pipeline network.
However, crude oil and condensate sales were lower during the month, with total sales put at approximately 22.53 million barrels, comprising 21.53 million barrels of crude oil and one million barrels of condensate.
The company said it was implementing measures to address production constraints and improve output, including preventive maintenance, improved facility uptime, reduction of unplanned downtime and optimisation of export operations.
It also identified measures involving the Forcados Export Terminal, Nembe Creek Trunkline, Akpo and Erha Deepwater FPSO vessels, as well as restoration of barging operations at Obodo, as part of efforts to enhance crude evacuation and production.
Beyond its core oil and gas operations, the July report highlighted the activities of the NNPC Foundation, including its partnership with the National Youth Service Corps under the Skills Acquisition and Entrepreneurship Development programme.
The Foundation reported that its financial-literacy empowerment initiative had reached more than 1.3 million corps members since 2023, while beneficiaries had also received start-up packs and business grants.
The July performance report therefore presents a mixed picture for NNPC Ltd., with the company maintaining substantial revenue generation and significant statutory contributions to government, while facing declining monthly earnings and production challenges.
With crude oil and condensate output falling to 1.68 million bpd, the ability of NNPC Ltd. to resolve operational bottlenecks, improve asset reliability and sustain higher production will remain critical to its financial performance and contribution to Nigeria’s energy sector.
