The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a Profit After Tax (PAT) of ₦7.2 trillion for the financial year ended December 31, 2025. This represents a 33 percent increase from the ₦5.4 trillion recorded in 2024. The company announced the audited results on September 29, 2026, following its Annual General Meeting and second Earnings Call with financial and business analysts.
Although revenue fell by 24 percent to ₦34.5 trillion, NNPC said the increase in profit was driven by improved operations and stronger earnings. The company said the decline in revenue was mainly due to lower crude oil prices and reduced white product volumes following market deregulation in 2024. Other major financial figures also improved during the year. EBITDA increased by 22 percent to ₦18.0 trillion, while operating cash flow rose by 16 percent to ₦12.8 trillion. Earnings per share increased by 32 percent to ₦35.9, while Return on Equity rose by 200 basis points to 16 percent. The company also declared a ₦5.8 trillion dividend, which represents a 35 percent increase from the previous year.
The improved financial performance came alongside an increase in oil and gas production. NNPC said crude oil and condensate production averaged 1.77 million barrels per day in 2025, the company's highest average level in five years. Total crude oil and condensate production reached 565.8 million barrels, representing a 5 percent increase. NNPC Ltd.'s equity share increased by 11 percent to 223.7 million barrels. Natural gas production also increased during the year. Average gas output reached 7.2 billion standard cubic feet per day, which the company described as a three year high.
Total natural gas production stood at 2,606.2 billion standard cubic feet, up 9 percent, while NNPC Ltd.'s equity share increased by 11 percent to 1,154.9 billion standard cubic feet. NNPC reported progress on several major infrastructure and energy projects during the year. The company completed the River Niger crossing for the Ajaokuta Kaduna Kano (AKK) gas pipeline and reported full completion of the pipeline's 40 inch, 623 kilometre mainline.
It 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. In the downstream and gas transportation sector, NNPC acquired 500 CNG powered trucks and adopted a Technical Equity Partnership Model as part of its refinery reform efforts. NNPC also reported developments in its workforce and sustainability programmes.
The company said it employed 1,023 full time employees in 2025, including more than 1,000 graduates who were deployed after completing a one year internship and training programme. Women accounted for 23 percent of leadership positions, compared with an industry average of 17 percent cited by the company. On sustainability, NNPC reported the completion of 6,028 cataract surgeries, the planting of 80,000 trees, and the development of its Net Zero 2050 strategy. The company also continued reporting under the Oil and Gas Methane Partnership (OGMP), Oil and Gas Decarbonization Charter (OGDC) and United Nations Global Compact (UNGC) frameworks.
Looking ahead, NNPC has set higher production and investment targets.
The company is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030. It is also targeting natural gas production of 12 billion standard cubic feet per day by 2030. NNPC plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030, while continuing work on major gas infrastructure projects including AKK, the Escravos Lagos Pipeline System (ELPS) and the OB3 Gas Pipeline. Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, said the 2025 performance showed what disciplined execution and a capable workforce could achieve.
“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 the people and assets needed to create value for its shareholders, communities and the Nigerian people.
The 2025 results represent another significant increase in NNPC Limited's reported profitability, alongside higher oil and gas production. The company became a fully commercial, profit driven entity in July 2022 under the Petroleum Industry Act 2021. Its latest audited results show continued growth in profitability, cash generation and production, as NNPC moves into its next phase of investment and production expansion.