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, even as its revenue plunged by 24 per cent amid lower crude oil prices and declining white-product volumes.
The company announced the audited results following its Annual General Meeting and its 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 fell to ₦34.5 trillion.
The sharp divergence between revenue and profit raises questions about the underlying drivers of NNPC Ltd’s improved bottom line, particularly as the company acknowledged that lower crude prices and reduced white-product volumes weighed heavily on its top-line performance.
Despite the revenue setback, NNPC said stronger earnings reflected the resilience of its operations.
Its EBITDA increased by 22 per cent to ₦18 trillion, while earnings per share climbed 32 per cent to ₦35.9.
Operating cash flow also rose by 16 per cent to ₦12.8 trillion, while return on equity improved by 200 basis points to 16 per cent.
The company declared a dividend of ₦5.8 trillion, representing a 35 per cent increase.
Oil Output Hits Five-Year High
NNPC Ltd said its crude oil and condensate production averaged 1.77 million barrels per day in 2025, the company’s highest production level in five years.
Total crude oil and condensate production reached 565.8 million barrels, representing a five per cent increase.
NNPC’s equity share rose by 11 per cent to 223.7 million barrels.
Natural gas production also increased, reaching 2,606.2 billion standard cubic feet, up nine per cent, while the company’s equity share rose 11 per cent to 1,154.9 billion standard cubic feet.
Average natural gas production stood at 7.2 billion standard cubic feet per day, described by the company as a three-year high.
Massive Investment Targets Ahead
NNPC said it completed the AKK River Niger crossing and the entire 40-inch, 623-kilometre Ajaokuta-Kaduna-Kano gas pipeline mainline.
The company 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.
It further acquired 500 CNG-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform programme.
Looking ahead, NNPC Ltd said it is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
Natural gas production is projected to reach 12 billion standard cubic feet per day by 2030.
The company also plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030, while completing major gas infrastructure projects including AKK, ELPS and OB3.
Workforce Expansion
NNPC Ltd 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.
Women now account for 23 per cent of leadership positions, compared with an industry average of 17 per cent, according to the company.
Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, attributed the company’s performance to disciplined execution and workforce development.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said.
He added that the company was strengthening earnings, increasing production and investing in people and assets to sustain value for shareholders, communities and Nigerians.
Sustainability Initiatives
NNPC Ltd said it completed 6,028 cataract surgeries and planted 80,000 trees during the year.
It also developed its Net Zero 2050 strategy and continued reporting under the Oil and Gas Methane Partnership, Oil and Gas Decarbonization Charter and United Nations Global Compact frameworks.
While the 2025 figures show a significant improvement in profitability, the 24 per cent decline in revenue remains a major feature of the results, underscoring the sensitivity of NNPC’s financial performance to crude oil prices, production volumes and changes in the domestic petroleum-products market.
