LAGOS, Nigeria (XOL Africa) — Nigerian National Petroleum Company Ltd. increased profit after tax by 33% to N7.2 trillion in 2025, despite a 24% decline in revenue, as higher oil and gas production helped offset lower crude prices and reduced refined-product volumes following downstream deregulation.
The state-owned energy company reported revenue of N34.5 trillion for the year ended Dec. 31, 2025, according to its audited financial results released after its annual general meeting and earnings call with analysts.
Profit after tax rose from N5.4 trillion in 2024, while earnings before interest, taxes, depreciation and amortization, or EBITDA, increased 22% to N18 trillion.
Operating cash flow also rose 16% to N12.8 trillion, while return on equity improved by 200 basis points to 16%.
NNPC declared a dividend of N5.8 trillion, a 35% increase from the previous year.
The stronger earnings came as the company recorded its highest average crude oil and condensate production in five years, reaching 1.77 million barrels per day in 2025.
Total crude oil and condensate production rose 5% to 565.8 million barrels, while NNPC’s equity share increased 11% to 223.7 million barrels.
Gas production also strengthened. Average output reached 7.2 billion standard cubic feet per day, the company’s highest level in three years.
Total natural gas production rose 9% to 2,606.2 billion cubic feet, while NNPC’s equity share increased 11% to 1,154.9 billion cubic feet.
The production gains came despite pressure on revenue from lower international crude prices and a decline in white-product volumes following the deregulation of Nigeria’s downstream petroleum market in 2024.
NNPC Group Chief Executive Officer Bashir Bayo Ojulari said the results demonstrated stronger operational performance and growing earnings capacity.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said.
“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.”
Infrastructure expansion
NNPC said it also made progress on major oil and gas infrastructure projects during the year.
The company completed the River Niger crossing for the Ajaokuta-Kaduna-Kano, or AKK, gas pipeline and completed construction of its 40-inch, 623-kilometer mainline.
It also commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300 million standard cubic feet per day ANOH Gas Processing Plant to start-up readiness.
As part of its refinery reform strategy, NNPC acquired 500 compressed natural gas-powered trucks and adopted a Technical Equity Partnership Model.
The company said the investments are intended to strengthen its upstream, midstream and downstream operations while improving its ability to generate sustainable commercial returns.
Production targets
NNPC is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
The company also aims to increase natural gas production to 12 billion standard cubic feet per day by 2030.
It plans to mobilize $60 billion in upstream, midstream and downstream investments over the period.
Major gas infrastructure projects, including the AKK pipeline, the Escravos-Lagos Pipeline System and the OB3 gas pipeline, are expected to form part of the investment programme.
The 2025 results underscore NNPC’s ongoing transition toward a commercially driven energy company under Nigeria’s Petroleum Industry Act, with higher oil and gas production translating into stronger profitability despite weaker revenue.
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