The Nigerian National Petroleum Company Limited (NNPC) saw its profit after tax drop by 64.67 per cent to ₦136 billion in February 2026, down from ₦385 billion in January, despite a 4.2 revenue increase to ₦2.68 trillion.
The sharp profit decline came as crude oil and condensate production fell to 1.51 million barrels per day (mbpd) from 1.64 mbpd in January, reflecting a 7.9 per cent month-on-month drop.
This is contained in the NNPC Limited Monthly Report Summary for February 2026.
According to the NNPC report, the 7.9 per cent month-on-month decline was driven by operational challenges, including shutdown of the Trans Forcados Pipeline due to integrity issues, start-up challenges at Stardeep Agbami GTC 2 and 3 facilities, delayed completion of the Sterling Oguali flow station and sludge management constraints at Enyie wells.
“February production performance was impacted by the combined effect of the outage of the Trans Forcados Pipeline (TFP) due to integrity issues; start-up challenges of Stardeep Agbami GTC 2 & 3 following completion of Turnaround Maintenance; delayed completion of the Sterling Oguali flow station; and production ramp-up constraints from Enyie wells due to sludge management issues, among other operational challenges,” the NNPC report stated.
However, gas production remained robust at 7,458 million standard cubic feet per day (MMSCF/d), one of the highest levels in recent months. It is slightly (2.4 per cent) 7283 MMSCF/d recorded in January.
Sales of crude oil and condensates fell from 25.75mbpd in January to 23.08mbpd in February.
Also, gas sales dropped slightly from 4978mmscf/d in January to 4893mmscf/d in February.
The report indicated that NNPC’s statutory remittances to the Federation Account was ₦1.804 trillion, a 148.48 per cent surge from ₦726 billion remitted in January.
Pinnacle Daily reports that the surge in remittances followed a presidential Executive Order 9 directing the removal of the 30 per cent profit retention on oil and gas revenues, requiring NNPC to transfer more funds directly to the Federation Account.
READ ALSO:
- NNPC Records ₦60.5trn Revenue, ₦5.7trn Profit in 2025
- How Improved Pipeline Security Boosts Oil Output – NNPC
- NNPC Revenue Drops by 46.7% to ₦2.57trn in January
- NMDPRA Seeks World Bank’s Support in Mobilising $22bn for Africa-wide Gas Infrastructure Project
Upstream pipeline availability stood at 93 per cent, while downstream petrol availability across NNPC retail stations was 58 per cent, indicating ongoing distribution challenges.
It said the completion level of the much-talked-about Ajaokuta-Kaduna-Kano (AKK) pipeline rose slightly to 93 per cent from 92 per cent in January, while the Obiafu-Obrikom-Oben (OB3) pipeline remained at 96 per cent.
Overall, Nigeria’s combined crude oil and condensate output averaged 1.48 mbpd in February according to NUPRC data, falling significantly short of the government’s 1.84 mbpd benchmark for 2026.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X