By Francis Ajuonuma
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a 33 per cent increase in profit after tax to ₦7.2 trillion for the 2025 financial year, alongside a five-year high in crude oil and condensate production.
The company also declared a dividend of ₦5.8 trillion, representing a 35 per cent increase over the previous year, as it recorded stronger earnings despite lower crude oil prices and reduced white product volumes.
NNPC Ltd disclosed the figures in its audited financial results for the year ended December 31, 2025, released on Tuesday, following its Annual General Meeting and second earnings call with financial and business analysts.
According to the company, profit after tax rose from ₦5.4 trillion in 2024 to ₦7.2 trillion in 2025, while revenue stood at ₦34.5 trillion.
It said the 24 per cent decline in revenue was principally due to lower crude oil prices and reduced white product volumes following the deregulation of the market in 2024.
Despite the revenue decline, NNPC said other key financial indicators recorded significant improvement during the year.
Earnings before interest, taxes, depreciation and amortisation rose by 22 per cent to ₦18 trillion, while earnings per share increased by 32 per cent to ₦35.9.
Operating cash flow also grew by 16 per cent to ₦12.8 trillion, while return on equity improved by 200 basis points to 16 per cent.
On the operational front, crude oil and condensate production averaged 1.77 million barrels per day, described by the company as its highest level in five years.
Natural gas production also averaged 7.2 billion standard cubic feet per day, marking a three-year high.
NNPC said total oil and condensate production reached 565.8 million barrels, representing a five per cent increase, while its equity share rose by 11 per cent to 223.7 million barrels.
Natural gas production increased by nine per cent to 2,606.2 billion standard cubic feet, with NNPC’s equity share rising 11 per cent to 1,154.9 billion standard cubic feet.
The company also reported progress on major infrastructure projects, including the completion of the AKK River Niger crossing and the 40-inch, 623-kilometre Ajaokuta-Kaduna-Kano gas pipeline mainline.
It said the ANOH-OB3 Custody Transfer Metering Station was commissioned, while the 300 million standard cubic feet per day ANOH Gas Processing Plant was advanced to start-up readiness.
NNPC also disclosed the acquisition of 500 compressed natural gas-powered trucks and the adoption of a Technical Equity Partnership Model for its refinery reform programme.
Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, attributed the performance to disciplined execution and a capable workforce.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said.
He added that the company was strengthening earnings, growing production and investing in people and assets to sustain value for shareholders, communities and Nigerians.
The company said it employed 1,023 full-time employees in 2025, including more than 1,000 graduates deployed after a one-year internship and training programme.
It also reported that women accounted for 23 per cent of leadership positions, compared with an industry average of 17 per cent.
Looking ahead, NNPC said it is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.
It also targets natural gas production of 12 billion standard cubic feet per day by 2030 and plans to mobilise $60 billion in upstream, midstream and downstream investments within the period.
The company said major gas infrastructure projects, including AKK, ELPS and OB3, are expected to be completed as part of its growth strategy.
