NNPC Limited recorded a 33 per cent increase in profit after tax to N7.2 trillion in 2025, from N5.4 trillion in 2024, as crude oil and condensate production reached a five-year high of 1.77 million barrels per day.
The Company, which disclosed this in its audited financial results for the year ended December 31, 2025, also declared a N5.8 trillion dividend, representing a 35 per cent increase over the previous year.
NNPC’s Chief Corporate Communications Officer, Andy Odey, disclosed the figures in a statement issued in Abuja on Tuesday, following the company’s Annual General Meeting and second Earnings Call with financial and business analysts.
Despite a 24 per cent decline in revenue to N34.5 trillion, attributed principally to lower crude oil prices and reduced white-product volumes following market deregulation in 2024, the company said its stronger earnings demonstrated the resilience of its operations.
Other key financial indicators also improved, with earnings before interest, taxes, depreciation and amortisation rising 22 per cent to N18 trillion, while earnings per share increased 32 per cent to N35.9.
Operating cash flow grew by 16 per cent to N12.8 trillion, while return on equity improved by two percentage points to 16 per cent.
On operations, NNPC said crude oil and condensate production averaged 1.77 million barrels per day, the highest level recorded in five years, while natural gas output averaged 7.2 billion standard cubic feet per day, its highest in three years.
Total oil and condensate production rose five per cent to 565.8 million barrels, with NNPC’s equity share increasing 11 per cent to 223.7 million barrels.
Similarly, natural gas production increased nine per cent to 2,606.2 billion standard cubic feet, while the company’s equity share rose 11 per cent to 1,154.9 billion standard cubic feet.
The company said it also completed the River Niger crossing of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and the 623-kilometre, 40-inch AKK mainline, while commissioning the ANOH-OB3 Custody Transfer Metering Station.
It added that the 300 million standard cubic feet per day ANOH Gas Processing Plant had advanced to start-up readiness, while 500 CNG-powered trucks were acquired as part of its downstream initiatives.
NNPC also adopted a Technical Equity Partnership Model for refinery reform and said it was targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.
The company plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030, alongside raising natural gas production to 12 billion standard cubic feet per day.
Group Chief Executive Officer, NNPC Limited, Bashir Bayo Ojulari, said the 2025 performance reflected disciplined execution and a capable workforce.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said, adding that the company was strengthening earnings, growing production and investing in people and assets to sustain value for shareholders, communities and Nigerians.
