The Nigerian National Petroleum Company Limited (NNPCL) has reported a 33 per cent increase in profit after tax (PAT) to ₦7.2 trillion in 2025, despite a 24 per cent decline in revenue to ₦34.5 trillion.
The company, in its audited financial results for the year ended December 31, 2025, released on Tuesday, said the profit rose from ₦5.4 trillion recorded in 2024. It also declared a ₦5.8 trillion dividend for shareholders, representing a 35 per cent increase.
In a statement signed by its Head of Corporate Communications, Andy Odeh, NNPC said the revenue decline was principally driven by lower crude oil prices and reduced white-product volumes following the deregulation of the petroleum products market in 2024.
Despite the revenue contraction, the company said stronger earnings reflected the resilience of its operations, 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. Return on equity improved by 200 basis points to 16 per cent.
The results were announced following NNPC’s Annual General Meeting and its second earnings call with financial and business analysts.
Production Hits Multi-Year High
The company said its financial performance was supported by a significant improvement in hydrocarbon production, with crude oil and condensate output averaging 1.77 million barrels per day in 2025, the highest level in five years.
Total crude oil and condensate production rose five per cent to 565.8 million barrels, while NNPC’s equity share increased 11 per cent to 223.7 million barrels.
Natural gas production also reached a three-year high, averaging 7.2 billion standard cubic feet per day.
Total gas production stood at 2,606.2 billion standard cubic feet, representing a nine per cent increase, while NNPC’s equity share rose 11 per cent to 1,154.9 billion standard cubic feet.
Infrastructure, Refinery Investments
NNPC said it recorded progress on several strategic infrastructure projects during the year, including the completion of the AKK River Niger crossing and the full completion of the 40-inch, 623-kilometre Ajaokuta-Kaduna-Kano (AKK) 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.
It further acquired 500 compressed natural gas-powered trucks and adopted a Technical Equity Partnership Model as part of its approach to refinery reform.
NNPC Group Chief Executive Officer, Bashir Bayo Ojulari, said the company’s 2025 performance demonstrated the impact of disciplined execution and workforce capability.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said.
“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.”
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Targets $60bn Investment by 2030
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 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 over the period.
The company said it would also pursue the completion of major gas infrastructure projects, including the AKK, Escravos-Lagos Pipeline System (ELPS) and OB3 projects.
On human capital, NNPC said it employed 1,023 full-time employees in 2025, including more than 1,000 graduates deployed after a one-year internship and training programme.
It said women now account for 23 per cent of leadership positions at 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 and the development of its Net Zero 2050 strategy.
It said it continued reporting under the Oil and Gas Methane Partnership, Oil and Gas Decarbonization Charter and United Nations Global Compact frameworks.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X