The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a Profit After Tax (PAT) of N7.2 trillion in the financial year ended Dec. 31, 2025, representing a 33 per cent increase from the N5.4 trillion recorded in 2024.
The Group Chief Executive Officer (GCEO) of NNPC Ltd., Mr Bashir Bayo Ojulari, disclosed this on Tuesday at a media parley at the NNPC Towers in Abuja.
Ojulari presented the company’s audited 2025 financial results following its Annual General Meeting and second Earnings Call with financial and business analysts.
According to the results, NNPC Ltd.’s revenue declined by 24 per cent to N34.5 trillion during the year, compared with N45.1 trillion in 2024.
The company attributed the decline mainly to lower crude oil prices and reduced white-product volumes following market deregulation in 2024.
Despite the decline in revenue, NNPC Ltd. said its improved profitability was driven by stronger operational performance across its business portfolio.
The company declared a dividend of N5.8 trillion, representing a 35 per cent increase over the N4.3 trillion proposed in 2024.
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose by 22 per cent to N18 trillion, while earnings per share increased by 32 per cent to N35.90.
Operating cash flow also grew by 16 per cent to N12.8 trillion, while Return on Equity improved by two percentage points to 16 per cent.
Oil production reaches five-year high.
NNPC Ltd. said its crude oil and condensate production averaged 1.77 million barrels per day in 2025, the highest level recorded by the company in five years.
Total crude oil and condensate production reached 565.8 million barrels, representing a five per cent increase, while the company’s equity share rose by 11 per cent to 223.7 million barrels.
Natural gas production also increased, averaging 7.2 billion standard cubic feet per day, which the company described as a three-year high.
Total natural gas production stood at 2,606.2 billion standard cubic feet, representing a nine per cent increase, while NNPC Ltd.’s equity share rose by 11 per cent to 1,154.9 billion standard cubic feet.
The company attributed the increase in production to improved operational performance and progress across key oil and gas assets.
NNPC advances major infrastructure projects.
NNPC Ltd said it recorded progress on several strategic infrastructure projects during the year.
The projects included the completion of the AKK River Niger crossing and the 40-inch, 623-kilometre Ajaokuta-Kaduna-Kano (AKK) gas pipeline mainline.
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.
In the downstream sector, the company said it acquired 500 compressed natural gas (CNG)-powered trucks and adopted a Technical Equity Partnership Model for refinery rehabilitation and development.
According to NNPC Ltd., the initiatives are intended to strengthen energy security, expand gas utilisation and improve efficiency across the energy value chain.
The company targets two million barrels per day.
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 plans to increase natural gas production to 12 billion standard cubic feet per day by 2030.
The company said it plans to mobilise about $60 billion in upstream, midstream and downstream investments by 2030.
It also plans to complete major gas infrastructure projects, including the AKK, Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines.
NNPC focuses on workforce development.
Ojulari said NNPC Ltd. employed 1,023 full-time employees in 2025, including more than 1,000 graduates who were deployed after undergoing a one-year internship and training programme.
He said women accounted for 23 per cent of leadership positions within the company, compared with an industry average of 17 per cent.
According to him, the company’s Talent-to-Value and Fit-for-Future strategies are designed to combine the experience of existing personnel with emerging talent while strengthening digital capabilities and professional development.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said.
He said the company would continue to focus on strengthening earnings, increasing production and investing in its workforce and assets.
Sustainability initiatives
NNPC Ltd said it completed 6,028 cataract surgeries as part of its social investment initiatives and planted 80,000 trees during the period.
The company also developed its Net Zero 2050 strategy and maintained reporting under the Oil and Gas Methane Partnership (OGMP), Oil and Gas Decarbonisation Charter (OGDC) and United Nations Global Compact (UNGC) frameworks.
NNPC Ltd was established in 1977 and became a fully commercial, profit-driven company in July 2022 following the implementation of the Petroleum Industry Act, 2021.
The company operates across the oil and gas value chain, including exploration, production, refining and distribution.
Its 2024 audited results recorded a PAT of N5.4 trillion on revenue of N45.1 trillion, with a proposed dividend of N4.3 trillion.
The 2025 results therefore showed increased profit and dividend payments despite lower revenue, with NNPC Ltd. attributing the performance to improved operational earnings.
The company said its next phase of growth would focus on increasing production, completing critical infrastructure and mobilising investment to support Nigeria’s energy security.
