NNPC profit falls 48% to N279bn as revenue drops in July

The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a sharp decline in profit and revenue in July 2026, with profit after tax (PAT) falling by 47.9 per cent to N279 billion.

The figure represents a significant drop from the N535 billion profit recorded by the national oil company in June.

NNPC disclosed this in its July 2026 Monthly Report Summary published on Tuesday.

The company’s revenue also declined by 29.5 per cent month-on-month, falling from N4.38 trillion in June to N3.08 trillion in July.

The weaker financial performance came amid declines in crude oil, condensate and gas sales during the month.

According to the report, NNPC sold 22.53 million barrels of crude oil and condensate in July, compared with 28.23 million barrels in June, representing a 20.2 per cent decline.

Gas sales also dropped by 7.8 per cent, from 4.97 million standard cubic feet per day (mmscfd) in June to 4.58 mmscfd in July.

Despite the decline in monthly earnings, NNPC said it remitted N7.91 trillion to the Federation Account between January and July 2026.

The company also reported a decline in hydrocarbon production during the month.

Crude oil and condensate output fell by 2.3 per cent to 1.68 million barrels per day (bpd) in July, compared with 1.72 million bpd in June.

The July output comprised 1.44 million bpd of crude oil and 240,000 bpd of condensate, against 1.47 million bpd and 250,000 bpd respectively in June.

Crude oil production consequently declined by two per cent, while condensate output fell by four per cent.

Natural gas production also decreased by 4.5 per cent to 7.48 mmscfd in July, from 7.84 mmscfd recorded in June.