The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a 33 per cent increase in profit after tax (PAT) to N7.2 trillion for the financial year ended December 31, 2025.
The company disclosed this in its audited financial results released following its Annual General Meeting and second Earnings Call with financial and business analysts.
A statement by Andy Odeh, the Chief Corporate Communications Officer at NNPC Ltd, indicated that the N7.2 trillion profit represents an increase from the N5.4 trillion recorded in 2024, despite a 24 per cent decline in revenue to N34.5 trillion.
According to NNPC, the decline in revenue was principally driven by lower crude oil prices and reduced white product volumes following the deregulation of the market in 2024.
The company, however, said the stronger earnings demonstrated the resilience of its operations amid challenging market conditions.
Other key financial indicators also recorded growth during the year. 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 N35.9.
Operating cash flow grew by 16 per cent to N12.8 trillion, while return on equity improved by 200 basis points to 16 per cent.
The company also declared a dividend of N5.8 trillion, representing a 35 per cent increase.
Production Hits Five-Year High
NNPC said its crude oil and condensate production averaged 1.77 million barrels per day in 2025, the highest level recorded in five years.
Natural gas production also averaged 7.2 billion standard cubic feet per day, representing a three-year high.
Total oil and condensate production stood at 565.8 million barrels, an increase of five per cent, while NNPC’s equity share rose by 11 per cent to 223.7 million barrels.
Natural gas production increased by nine per cent to 2,606.2 billion standard cubic feet, with the company’s equity share rising 11 per cent to 1,154.9 billion standard cubic feet.
The company said it also recorded progress on several major infrastructure projects during the year.
These included the completion of the AKK River Niger crossing and the full completion of the 40-inch, 623-kilometre Ajaokuta-Kaduna-Kano (AKK) mainline.
NNPC 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.
The company further acquired 500 compressed natural gas-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform programme.
Over 1,000 Graduates Deployed
On workforce development, NNPC said it employed 1,023 full-time employees in 2025, including more than 1,000 graduates deployed after completing a one-year internship and training programme.
Women now account for 23 per cent of leadership positions at the company, compared with an industry average of 17 per cent, according to NNPC.
Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, said the 2025 results reflected the impact of disciplined execution and a capable workforce.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said.
He added that the company was strengthening earnings, increasing production and investing in its workforce and assets to sustain value for shareholders, communities and Nigerians.
Sustainability Initiatives
NNPC said it completed 6,028 cataract surgeries and planted 80,000 trees as part of its sustainability initiatives during the year.
The company also developed its Net Zero 2050 strategy and continued reporting under the Oil and Gas Methane Partnership, Oil and Gas Decarbonization Charter and United Nations Global Compact frameworks.
NNPC Targets 3mbpd Oil Production 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 plans to increase natural gas output to 12 billion standard cubic feet per day by 2030.
The company said it intends to mobilise $60 billion in upstream, midstream and downstream investments by 2030, while completing major gas infrastructure projects, including AKK, ELPS and OB3.
The audited 2025 financial statements are available on NNPC’s website.
