NNPC posts N2.27tn half-year profit amid oil price rally

The Nigerian National Petroleum Company Limited (NNPC) reported a profit after tax of N2.275tn during the first half of 2026, driven by higher international crude oil prices due to geopolitical tensions in the Middle East. The company's performance was marked by significant fluctuations in monthly earnings amid volatile global oil market conditions.

While profit surged to N535bn in June, a 15.8% increase from May's N462bn, the company faced challenges including operational disruptions, facility integrity issues, and subsurface challenges that impacted overall production. Despite these hurdles, the NNPC's output saw a 6.77% rise in June compared to the same period in 2025, and gas sales also improved.

The company remitted a total of N6.286tn in statutory payments to the Federation between January and June 2026, underscoring its ongoing contribution to national revenue.