NNPC’s profit drops by 48% as crude oil sales drop to 21mmbbls
…revenue slow by 31% The Nigerian National Petroleum Company (NNPC) Limited recorded a 48 percent decline in its profit read more NNPC’s profit drops by 48% as crude oil sales drop to 21mmbbls
NNPC, the Nigerian National Petroleum Company, experienced a significant 47.9% drop in profit after tax (PAT) to N279 billion in July 2026, down from N535 billion in June. This drop marked the company's lowest monthly profit since March 2026. The decline was attributed to reduced crude oil and gas outputs, with crude oil and condensate sales falling to 22.53 million barrels from 28.23 million barrels in June, a 20.2% decrease.
Gas sales also dropped to 4,581 mmscf/d from 4,970 mmscf/d in June. Despite the lower profit, NNPC's production efforts aimed to maintain high facility uptime and increase production. The company's financial performance was influenced by stronger sector growth and a 4.43% year-on-year expansion of the broader Nigerian economy in Q2 2026.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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