FY 2025: NNPC Ltd PAT hits ₦7.2trn despite revenue dip
The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a 33 per cent increase in profit after tax to ₦7.2 trillion in 2025, even as revenue fell 24 per cent amid lower crude oil prices and reduced white product volumes.
In a statement signed by Chief Corporate Communications Officer, NNPC Ltd, Andy Odeh in Abuja on Tuesday.
The company disclosed this in its audited financial results for the year ended December 31, 2025, released on Tuesday following its Annual General Meeting and second earnings call with financial and business analysts.
NNPC’s profit rose from ₦5.4 trillion recorded in 2024, while revenue stood at ₦34.5 trillion.
The company attributed the decline in revenue principally to lower crude oil prices and reduced white product volumes following the deregulation of the market in 2024.
Despite the revenue decline, NNPC’s earnings strengthened, with earnings before interest, taxes, depreciation and amortisation (EBITDA) rising 22 per cent to ₦18 trillion.
Operating cash flow also increased by 16 per cent to ₦12.8 trillion, while earnings per share rose 32 per cent to ₦35.9.
The company declared a dividend of ₦5.8 trillion, representing a 35 per cent increase over the previous year.
NNPC’s crude oil and condensate production averaged 1.77 million barrels per day in 2025, the company’s highest level in five years.
Total oil and condensate production reached 565.8 million barrels, representing a five per cent increase from the previous year.
NNPC’s equity share of production rose by 11 per cent to 223.7 million barrels.
Natural gas production also increased during the year, averaging 7.2 billion standard cubic feet per day, its highest level in three years.
Total gas production reached 2,606.2 billion standard cubic feet, up nine per cent, while NNPC’s equity share increased 11 per cent to 1,154.9 billion standard cubic feet.
The company said the increase reflected progress across its upstream portfolio as it works to raise production and strengthen its position across the oil and gas value chain.
NNPC also reported progress on major gas infrastructure projects during the year.
The company completed the River Niger crossing section of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and said the 40-inch, 623-kilometre AKK mainline had been fully completed.
It 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 CNG-powered trucks and adopted a Technical Equity Partnership Model for its refinery rehabilitation programme.
Looking ahead, NNPC said it is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.
It also plans to raise natural gas production to 12 billion standard cubic feet per day by 2030.
The company said it 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 (ELPS) and the Obiafu-Obrikom-Oben (OB3) gas pipeline.
Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, said the 2025 performance reflected the company’s focus on execution, production growth and investment.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said.
He said the company was strengthening earnings, growing production and investing in its workforce and assets.
NNPC also reported that it employed 1,023 full-time employees in 2025, including graduates deployed after a one-year internship and training programme.
Women now account for 23 per cent of the company’s leadership positions, compared with an industry average of 17 per cent, according to the company.
On sustainability, NNPC said it completed 6,028 cataract surgeries, planted 80,000 trees and developed its Net Zero 2050 strategy during the year.