By Onu Okorie and Hosea Parah
Nigerian National Petroleum Company Limited (NNPC Ltd) has posted a 33 per cent increase in profit after tax (PAT) to N7.2 trillion for the financial year ended December 31, 2025, up from N5.4 trillion recorded in 2024.
The company disclosed this yesterday following its Annual General Meeting and second Earnings Call with financial and business analysts, describing the results as evidence of stronger earnings capacity and operational momentum despite lower crude oil prices and reduced white-product volumes.
NNPC Ltd’s revenue, however, declined by 24 per cent to N34.5 trillion, largely reflecting weaker crude oil prices and the reduction in white-product volumes following the deregulation of the downstream petroleum market in 2024.
Despite the revenue decline, key profitability and cash-flow indicators strengthened during the year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 22 per cent to N18 trillion, while earnings per share rose 32 per cent to N35.9.
Operating cash flow also grew by 16 per cent to N12.8 trillion, while return on equity improved by 200 basis points to 16 per cent.
The company declared a N5.8 trillion dividend, representing a 35 per cent increase over the previous year.
Oil output rises to five-year high
The improved financial performance came alongside stronger production, with NNPC Ltd reporting average crude oil and condensate production of 1.77 million barrels per day, its highest level in five years.
Total oil and condensate production stood at 565.8 million barrels, representing a five per cent increase, while NNPC Ltd’s equity share rose 11 per cent to 223.7 million barrels.
Natural gas production also recorded significant growth, averaging 7.2 billion standard cubic feet per day, its highest level in three years.
Total natural gas production reached 2,606.2 billion standard cubic feet, up nine per cent, while the company’s equity share increased 11 per cent to 1,154.9 billion standard cubic feet.
The company said the production growth reflects continuing progress across its upstream portfolio and investments in infrastructure.
AKK, ANOH projects advance
Among the major infrastructure milestones recorded during the year was the completion of the AKK River Niger crossing and the full completion of the 40-inch, 623-kilometre Ajaokuta-Kaduna-Kano (AKK) mainline.
NNPC Ltd 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 CNG-powered trucks as part of efforts to support gas-based transportation and downstream energy transition.
On refining, NNPC Ltd said it adopted a Technical Equity Partnership Model as part of its strategy for refinery reform.
Targets 2mbpd crude output by 2027
Looking ahead, NNPC Ltd said it is targeting crude oil production of 2 million barrels per day by 2027, rising to 3 million barrels per day by 2030.
The company also plans to increase natural gas production to 12 billion standard cubic feet per day by 2030.
To support these targets, NNPC Ltd said it plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030, while completing major gas infrastructure projects including AKK, the Escravos-Lagos Pipeline System (ELPS) and the Obiafu-Obrikom-Oben (OB3) gas pipeline.
Group Chief Executive Officer, NNPC Ltd, Engr. Bashir Bayo Ojulari, said the 2025 performance demonstrated the impact of disciplined execution and investment in human capital.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said.
He added that the company was strengthening earnings, growing production and investing in people and assets required to sustain value for shareholders, communities and Nigerians.
NNPC boosts workforce investment
The company also highlighted its human-capital development programme, saying it employed 1,023 full-time employees in 2025, including more than 1,000 graduates recently deployed after completing a one-year internship and training programme.
Women now account for 23 per cent of leadership positions at NNPC Ltd, compared with an industry average of 17 per cent, according to the company.
Through its Talent-to-Value and Fit-for-Future programmes, NNPC said it is combining experienced personnel with emerging talent while expanding digital and international exposure.
The company said the strategy is aimed at building the technical and commercial capabilities required to sustain its growth ambitions.
Sustainability initiatives
NNPC Ltd also reported progress on its sustainability agenda, including the completion of 6,028 cataract surgeries and the planting of 80,000 trees.
It said it had 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.
The latest results mark another phase in the transformation of NNPC Ltd from the former statutory national oil company into a commercial, profit-driven entity under the Petroleum Industry Act.
The company became commercially incorporated in July 2022 and operates across exploration and production, refining, gas, distribution and other segments of the petroleum value chain.