Blessing Bello, Reporting
THE Nigerian National Petroleum Company Limited (NNPC Ltd) has recorded a 33 per cent increase in Profit After Tax (PAT), rising from ₦5.4 trillion in 2024 to ₦7.2 trillion in 2025, despite a decline in revenue caused by weaker crude oil prices and lower white product volumes.
The company, in its audited financial results for the year ended December 31, 2025, released after its Annual General Meeting and second Earnings Call with financial and business analysts, said the performance reflected improved earnings capacity, operational strength and a stronger foundation for future growth.
NNPC Ltd reported revenue of ₦34.5 trillion during the period, representing a 24 per cent decline from the previous year. The company attributed the drop largely to fluctuations in international crude oil prices and the impact of downstream market deregulation introduced in 2024.
Despite the revenue pressure, the national oil company said its stronger bottom-line performance demonstrated the resilience of its operations and the effectiveness of its commercial strategy.
Other major financial indicators also recorded growth, as Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased by 22 per cent to ₦18 trillion.
Earnings Per Share climbed by 32 per cent to ₦35.9, operating cash flow rose by 16 per cent to ₦12.8 trillion, while Return on Equity improved by 200 basis points to 16 per cent. The company also announced a 35 per cent increase in declared dividend, which stood at ₦5.8 trillion.
NNPC Ltd said its crude oil and condensate production averaged 1.77 million barrels per day in 2025, representing its highest output level in five years.
The company’s natural gas production also hit a three-year peak, averaging 7.2 billion standard cubic feet per day.
Total crude oil and condensate production rose by five per cent to 565.8 million barrels, while NNPC Ltd’s equity share increased by 11 per cent to 223.7 million barrels.
Gas production also improved, reaching 2,606.2 billion standard cubic feet, up by nine per cent, with the company’s equity share growing by 11 per cent to 1,154.9 billion standard cubic feet.
The company highlighted key infrastructure achievements during the year, including the completion of the River Niger crossing section of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project and the full completion of the 40-inch, 623-kilometre AKK mainline.
NNPC Ltd 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.
Other milestones included the acquisition of 500 CNG-powered trucks and the introduction of a Technical Equity Partnership Model to support refinery rehabilitation and transformation efforts.
As part of its Talent-to-Value transformation programme, NNPC Ltd said it recruited 1,023 full-time employees in 2025, including over 1,000 graduates deployed after completing a one-year internship and intensive training programme.
The company disclosed that women now occupy 23 per cent of leadership positions, exceeding the industry average of 17 per cent.
NNPC Ltd said its Fit-for-Future strategy is focused on blending experienced professionals with emerging talents, improving digital capabilities, expanding international exposure and developing the skills needed to sustain long-term growth.
Speaking on the results, Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, said the company’s performance showed the impact of disciplined execution and a capable workforce.
“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,” Ojulari said.
On sustainability initiatives, NNPC Ltd disclosed that it completed 6,028 cataract surgeries, planted 80,000 trees, developed its Net Zero 2050 strategy and maintained compliance reporting under the Oil and Gas Methane Partnership (OGMP), Oil and Gas Decarbonization Charter (OGDC) and United Nations Global Compact (UNGC) frameworks.
Company Targets 3 Million Barrels Daily Output By 2030
Looking ahead, NNPC Ltd said it is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.
The company also plans to raise natural gas production to 12 billion standard cubic feet daily by 2030 while mobilising $60 billion in upstream, midstream and downstream investments within the period.
It said priority projects for completion include major gas infrastructure such as the AKK, Escravos-Lagos Pipeline System (ELPS) and OB3 projects.
NNPC Ltd, established in 1977, became a fully commercial and profit-driven company in July 2022 following the enactment of the Petroleum Industry Act (PIA) 2021.
Operating across exploration, production, refining and distribution, the company said it remains committed to creating value for shareholders and strengthening energy security in Nigeria and Africa.
