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NNPC Records N2.27tn Profit in H1 2026
The Nigerian National Petroleum Company Limited (NNPC) recorded a cumulative profit after tax of N2.275 trillion in the first half of 2026, buoyed by higher international crude oil prices triggered by geopolitical tensions in the Middle East.
The company’s monthly financial reports show earnings fluctuated sharply but ended the period on a strong note.
Crude prices surged during the first half of the year, particularly in June, after U.S.-Iran confrontations raised fears of supply disruptions through the Strait of Hormuz.
For Nigeria, the rally translated into stronger revenue inflows despite volatility in production and monthly profitability.
NNPC’s profit rebounded in June to N535 billion, a 15.8 per cent increase from May’s N462 billion, marking its highest monthly profit since January.
Earlier months saw swings, with January posting N385 billion, February plunging to N136 billion, March recovering to N276 billion, and April climbing to N481 billion before May’s slight dip.
The company also reported cumulative statutory payments of N6.286 trillion to the Federation between January and June, underscoring its role in national revenue generation.
Crude oil and condensate sales rose nearly 49 per cent month-on-month in June, while gas production and sales also improved.
NNPC noted that June output was affected by operational disruptions and facility integrity issues but partially offset by ramp-ups following maintenance projects.
Despite these challenges, the company ended the half-year on a stronger footing, highlighting its resilience amid global oil market volatility.
