The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a Profit After Tax (PAT) of ₦7.2 trillion for the 2025 financial year, representing a 33 per cent increase from the ₦5.4 trillion recorded in 2024.
The company also declared a dividend of ₦5.8 trillion, up 35 per cent from the previous year, as it reported stronger earnings and improved operational performance despite a 24 per cent decline in revenue.
NNPC Ltd disclosed the figyures on Tuesday following its Annual General Meeting and second Earnings Call with financial and business analysts on the audited results for the year ended December 31, 2025.
According to the company, revenue stood at ₦34.5 trillion, with the decline attributed principally to lower crude oil prices and reduced white product volumes following the deregulation of the market in 2024.
Despite the revenue decline, NNPC said its Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased by 22 per cent to ₦18 trillion, while operating cash flow grew by 16 per cent to ₦12.8 trillion.
Earnings per share also rose by 32 per cent to ₦35.9, while Return on Equity improved by 200 basis points to 16 per cent.
On operational performance, the company said crude oil and condensate production averaged 1.77 million barrels per day in 2025, the highest level recorded in five years.
Total oil and condensate production reached 565.8 million barrels, representing a five per cent increase, while NNPC Ltd’s equity share rose by 11 per cent to 223.7 million barrels.
Natural gas production also recorded growth, averaging 7.2 billion standard cubic feet per day, described as a three-year high. Total gas production reached 2,606.2 billion standard cubic feet, up nine per cent, while the company’s equity share increased by 11 per cent to 1,154.9 billion standard cubic feet.
The company said it also recorded progress on major infrastructure and gas projects, including the completion of the AKK River Niger crossing and the full completion of the 40-inch, 623-kilometre Ajaokuta-Kaduna-Kano mainline.
NNPC Ltd 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.
The company further disclosed that it acquired 500 compressed natural gas-powered trucks and adopted a Technical Equity Partnership Model as part of efforts to reform its refinery operations.
Commenting on the results, the Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, said the performance reflected the impact of disciplined execution and a capable workforce.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said, adding that the company was strengthening earnings, growing production and investing in people and assets to sustain value for shareholders, communities and Nigerians.
On human capital, NNPC Ltd said it employed 1,023 full-time employees in 2025, including more than 1,000 graduates deployed after completing a one-year internship and training programme.
It added that women now occupy 23 per cent of leadership positions in the company, compared with an industry average of 17 per cent.
The company also reported sustainability initiatives including 6,028 cataract surgeries, the planting of 80,000 trees, development of its Net Zero 2050 strategy and continued reporting under the Oil and Gas Methane Partnership, Oil and Gas Decarbonization Charter and United Nations Global Compact frameworks.
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.
It also targets natural gas production of 12 billion standard cubic feet per day by 2030 and plans to mobilise $60 billion in upstream, midstream and downstream investments by the end of the decade.
The company said major gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) pipeline, Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) projects, would form part of its growth plans.
NNPC Ltd became a fully commercial and profit-driven company in July 2022 under the Petroleum Industry Act 2021.
