The Nigerian National Petroleum Company Limited (NNPC Ltd) has recorded a profit after tax of N7.2 trillion for the year ended December 31, 2025, a 33 per cent increase from N5.4 trillion in the previous year.
Its Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, credited the growth to disciplined execution and a capable workforce.
He said: “Our 2025 performance shows what disciplined execution and a capable workforce can deliver. 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.”
The audited results were disclosed on Tuesday following the company’s Annual General Meeting and second Earnings Call with financial and business analysts.
According to a statement by Chief Corporate Communications Officer, Andy Odeh, revenue remained at N34.5 trillion, down 24 per cent year-on-year.
The decline was tied to lower crude oil prices and reduced white product volumes following market deregulation in 2024.
Ojulari, the statement quoted, noted that stronger earnings despite revenue pressure demonstrate the resilience of NNPC’s operations and provide a stronger platform for growth.
EBITDA rose 22% to ₦18.0 trillion; Earnings Per Share increased 32% to ₦35.9; operating cash flow grew 16% to ₦12.8 trillion; Return on Equity improved by 200 basis points to 16%; and the declared dividend increased 35% to ₦5.8 trillion.
Crude oil and condensate production averaged 1.77 million barrels per day, representing highest level in five years, while natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high.
It also said oil and condensate production totalled 565.8 million barrels, up 5%, with NNPC Limited’s equity share increasing 11% to 223.7 million barrels.
Natural gas production hits 2,606.2 billion standard cubic feet, up 9%, while its equity share rose 11% to 1,154.9 billion standard cubic feet.
The statement quoted that progress across the portfolio included completion of the AKK River Niger crossing and full completion of the 40-inch by 623-kilometre Ajaokuta-Kaduna-Kano mainline.
The company commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300MMscfd ANOH Gas Processing Plant to start-up readiness. It also acquired 500 CNG-powered trucks, and adopted a Technical Equity Partnership Model for its refinery reform.
Besides, its talent-to-value transformation is building the workforce needed to deliver its commercial priorities.
Last year, 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.
It said women now hold 23% of leadership positions, compared with an industry average of 17%.
It added: “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.”
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.
It also enters the next phase of growth with clear production and investment ambitions, 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.
It plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030 and complete major gas infrastructure, including AKK, ELPS and OB3.