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 financial year ended December 31, 2025, up from ₦5.4 trillion recorded in 2024.
The company also declared a dividend of ₦5.8 trillion to shareholders as it posted stronger earnings and higher oil and gas production despite lower crude oil prices and reduced white-product volumes following market deregulation.
NNPC Ltd disclosed the results at its Annual General Meeting and second Earnings Call with financial and business analysts.
Revenue stood at ₦34.5 trillion, representing a 24 per cent decline from the previous year. The company attributed the reduction mainly to lower crude oil prices and reduced volumes of white products.
Despite the decline in revenue, key profitability and cash-flow indicators improved. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 22 per cent to ₦18 trillion, while earnings per share increased 32 per cent to ₦35.9.
Operating cash flow also rose 16 per cent to ₦12.8 trillion, while return on equity improved by 200 basis points to 16 per cent. The declared dividend increased by 35 per cent to ₦5.8 trillion.
The company’s operational performance also recorded significant gains, with crude oil and condensate production averaging 1.77 million barrels per day, the highest level in five years.
Natural gas production averaged 7.2 billion standard cubic feet per day, representing a three-year high.
Total oil and condensate production reached 565.8 million barrels, an increase of five per cent, while NNPC Ltd’s equity share rose 11 per cent to 223.7 million barrels.
Natural gas production increased nine per cent to 2,606.2 billion standard cubic feet, with the company’s equity share rising 11 per cent to 1,154.9 billion standard cubic feet.
NNPC Ltd said it also recorded progress on several major infrastructure and investment projects during the year.
These included completion of the AKK River Niger crossing and the 40-inch, 623-kilometre Ajaokuta-Kaduna-Kano gas pipeline mainline.
The company 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.
It also acquired 500 compressed natural gas-powered trucks and adopted a Technical Equity Partnership Model as part of its refinery reform strategy.
On workforce development, NNPC Ltd said it employed 1,023 full-time employees in 2025, including more than 1,000 graduates deployed after completing a one-year internship and training programme.
Women now occupy 23 per cent of leadership positions in the company, compared with an industry average of 17 per cent, according to NNPC Ltd.
Group Chief Executive Officer, NNPC Ltd, Engr. Bashir Bayo Ojulari, said the results reflected the impact of disciplined execution and workforce development.
“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.”
The company said its sustainability initiatives during the year included the completion of 6,028 cataract surgeries and the planting of 80,000 trees.
It also developed its Net Zero 2050 strategy and maintained reporting under the Oil and Gas Methane Partnership, Oil and Gas Decarbonization Charter and United Nations Global Compact frameworks.
Looking ahead, NNPC Ltd 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 is also targeting 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 by the end of the decade.
It said major gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) pipeline, Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipeline, would remain central to its growth strategy.
NNPC Ltd became a fully commercial, profit-driven company in July 2022 under the Petroleum Industry Act 2021, transforming from the former Nigerian National Petroleum Corporation into a limited liability company.
The company operates across exploration, production, refining and petroleum distribution, with a mandate to create value for its shareholders while contributing to Nigeria’s energy security.
