NNPC Limited’s profit after tax rose 33 per cent to N7.2 trillion in 2025, even as revenue fell 24 per cent to N34.5 trillion, according to its audited financial results.
NNPC Limited’s profit after tax increased to N7.2 trillion in the financial year ended December 31, 2025, despite a sharp decline in revenue, as higher production and improved operating performance supported earnings.
The national oil company’s revenue fell 23.5 per cent from N45.1 trillion in 2024 to N34.5 trillion in 2025.
However, EBITDA increased 22 per cent to N18 trillion, while operating cash flow rose 16 per cent to N12.8 trillion during the period.
The company also reported earnings per share of N35.9, representing a 32 per cent increase, while return on equity improved by two percentage points to 16 per cent.
NNPC attributed the decline in revenue largely to lower crude oil prices and reduced white-product volumes following the deregulation of Nigeria’s downstream petroleum market.
Despite the lower revenue base, the company declared a N5.8 trillion dividend for 2025, representing a 35 per cent increase from the previous year.
NNPC’s operational performance improved during the year, with crude oil and condensate production averaging 1.77 million barrels per day, its highest level in five years.
Total oil and condensate production reached 565.8 million barrels, up 5 per cent from the previous year, while the company’s equity share increased 11 per cent to 223.7 million barrels.
Natural gas production also increased 9 per cent to 2,606.2 billion standard cubic feet, with NNPC’s equity share rising 11 per cent to 1,154.9 billion standard cubic feet.
The company said the higher production levels supported its earnings performance despite weaker revenue conditions.
During the year, NNPC completed the River Niger crossing component of the Ajaokuta-Kaduna-Kano gas pipeline project and fully completed the 40-inch, 623-kilometre Ajaokuta-Kaduna-Kano mainline.
The company 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.
NNPC further acquired 500 compressed natural gas-powered trucks and adopted a Technical Equity Partnership Model as part of its refinery reform strategy.
NNPC said it is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
It also aims to increase natural gas production to 12 billion standard cubic feet per day by 2030.
The company plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030 while completing major gas infrastructure projects, including AKK, the Escravos-Lagos Pipeline System and the OB3 project.
The company said its 2025 performance reflects stronger execution and an improved workforce.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” said Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited.
“We are strengthening earnings, growing production and investing in the people and assets that will sustain value for our shareholders, communities and the Nigerian people.”
The results come as NNPC continues to operate in a changing oil and gas market following the deregulation of Nigeria’s downstream petroleum sector.
While the company recorded higher profit, EBITDA and operating cash flow, the 24 per cent decline in revenue highlights its continued exposure to crude oil prices and downstream volumes.
Future earnings will therefore depend on production levels, crude oil prices, refining performance, operating margins and the company’s ability to convert earnings into sustainable cash flows.
NNPC’s ability to maintain production growth while expanding its refining, gas and midstream operations will also be important to its investment plans through 2030.
