TUE SEPT 29 2026-theGBJournal| NNPC Limited has reported a 33 per cent increase in profit after tax to N7.2 trillion for the 2025 financial year, even as lower crude oil prices and weaker white-product volumes pushed revenue down 24 per cent to N34.5 trillion.
The results, released after the company’s Annual General Meeting and second earnings call with financial and business analysts, point to stronger earnings and cash generation as higher production helped cushion the impact of softer oil prices and the changes in the downstream market following deregulation.
NNPC declared a N5.8 trillion dividend, up 35 per cent from the previous year, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 22 per cent to N18 trillion.
Operating cash flow also strengthened, climbing 16 per cent to N12.8 trillion, while earnings per share increased 32 per cent to N35.90. Return on equity improved by 200 basis points to 16 per cent.
The production numbers provide a key driver of the improved earnings performance. Crude oil and condensate output averaged 1.77 million barrels per day in 2025, the company’s highest average level in five years.
Total oil and condensate production reached 565.8 million barrels, representing a 5 per cent increase, while NNPC’s equity share rose 11 per cent to 223.7 million barrels.
Gas production also reached a multi-year high. Natural gas output averaged 7.2 billion standard cubic feet per day, its highest level in three years.
Total gas production rose 9 per cent to 2,606.2 billion standard cubic feet, with NNPC’s equity share increasing 11 per cent to 1,154.9 billion standard cubic feet.
The performance comes despite weaker topline conditions.
NNPC said the decline in revenue was principally driven by lower crude oil prices and reduced white-product volumes following the deregulation of the downstream petroleum market in 2024.
Against that backdrop, the rise in profit, cash flow and operating earnings suggests that higher production and improved operational performance played a growing role in protecting margins.
The company also reported progress on major infrastructure projects, including completion of the AKK River Niger crossing and the full completion of the 40-inch, 623-kilometre Ajaokuta-Kaduna-Kano gas pipeline mainline.
The combination of stronger production, higher operating cash generation and increased shareholder returns places operational efficiency and upstream output at the centre of NNPC’s financial performance as it seeks to sustain growth in a market exposed to volatile crude prices.
Talent-to-Value Transformation
NNPC Limited’s talent-to-value transformation is building the workforce needed to deliver its commercial priorities.
In 2025, the Company employed 1,023 full-time employees including over 1,000 graduates who were recently deployed following a rigorous one-year internship and training programme.
Women now hold 23% of leadership positions, compared with an industry average of 17%.
Through its Talent- to-Value and Fit-for-Future strategy, the Company is combining experience with emerging talent, expanding digital and international exposure, and strengthening the capabilities required for sustained growth.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” said Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited.
“We are strengthening earnings, growing production and investing in the people and assets that will sustain value for our shareholders, communities and the Nigerian people.”
On sustainability, the Company completed 6,028 cataract surgeries, planted 80,000 trees, developed its Net Zero 2050 strategy and maintained reporting under Oil and Gas Methane Partnership (OGMP), Oil and Gas Decarbonization Charter (OGDC), and United Nations Global Compact (UNGC) frameworks.
Outlook
NNPC Limited enters the next phase of growth with clear production and investment ambitions.
It is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030, alongside natural gas output of 12 billion standard cubic feet per day by 2030.
The Company plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030 and complete major gas infrastructure, including AKK, ELPS and OB3.
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