NNPC Ltd profit sinks by 48%, as crude, gas sales weaken

The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a sharp decline in its financial performance in July 2026, with profit after tax (PAT) falling by nearly half as crude oil and gas sales weakened during the month.

According to NNPC’s July 2026 Monthly Report, the company posted a profit after tax of ₦279 billion in July, down from ₦535 billion in June.
Monthly revenue also fell to ₦3.087 trillion, while crude oil and condensate sales declined to 22.53 million barrels from 28.23 million barrels in June.

The drop in sales coincided with weaker overall oil and gas production.

NNPC reported crude oil and condensate production of 1.68 million barrels of oil per day (mmbopd) in July, down from 1.72 mmbopd in June.

The company attributed the drop in crude output to operational disruptions across several assets, including facility outages, equipment downtime, pipeline incidents, and other production constraints.

Natural gas production also dropped during the month, falling to 7,489 million standard cubic feet per day (mmscf/d) from 7,841 mmscf/d in June.

Gas sales contracted further, declining from 4,970 mmscf/d in June to 4,581 mmscf/d in July.
These lower sales volumes weighed on the company’s overall financial results, yielding a monthly revenue of ₦3.087 trillion and a PAT of ₦279 billion.

Despite the monthly downturn, NNPC remitted ₦7.913 trillion in statutory payments to the Federation between January and July 2026.

The July report also highlighted that upstream pipeline availability stood at 100 percent.

Furthermore, the Obiafu-Obrikom-Oben (OB3) River Niger Crossing reached 100 percent completion, with pre-commissioning activities concluded ahead of the first gas flow anticipated in August 2026.

Meanwhile, work on the Ajaokuta-Kaduna-Kano (AKK) gas pipeline stood at 95 percent completion.

NNPC stated that it is pursuing several measures to boost production, including preventive maintenance, the reduction of unplanned downtime, the optimization of export operations at Forcados Export Pipeline Limited and Nembe Export Point, and the development of incremental production opportunities across its portfolio.

The company also cited tandem offloading operations at the Akpo and Erha fields and the resumption of barging activities at Obodo as key initiatives to enhance export flexibility and production evacuation.

Additionally, the report revealed that NNPC Retail recorded a Premium Motor Spirit (PMS) availability rate of 52 percent across its stations in July.

NNPC emphasized that all production, sales, and financial figures contained in the July report remain provisional and subject to reconciliation with relevant stakeholders.