NNPC Revenue Falls 30% as Profit Halves in July
Last update: September 2, 2026
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From record highs to a sharp slump, NNPC Ltd has just posted its lowest profit in four months, and the numbers are raising eyebrows across the energy sector.
This wasn't the July update anyone expected.
According to a report by cbinews.tv, the Nigerian National Petroleum Company Limited (NNPC Ltd.) saw its profit after tax nosedive to N279 billion in July 2026, down from N535 billion in June. That's a massive 47.9 per cent drop month-on-month, and its lowest monthly profit since March.
Profit isn’t the only thing taking a hit. Revenue fell too, from N4.389 trillion in June to N3.087 trillion in July, a drop of nearly 30 per cent.
For context, NNPC had been on a decent run this year. Profit climbed from N236bn in February to N276bn in March, then N481bn in April, N462bn in May, and peaked at N535bn in June, before this July dip wiped out much of that momentum.
So, what went wrong?
The cbinews.tv Monthly Report Summary points to weaker production. Crude oil and condensate output averaged 1.68 million barrels per day in July, slightly down from 1.72 million in June. Natural gas production also slipped by 4.5 per cent to 7,489 mmscfd.
NNPC blamed operational disruptions, including facility outages, equipment wahala, pipeline incidents and other production constraints.
Sales took a tumble as well. Crude and condensate sales dropped by over 20 per cent to 22.53 million barrels, while gas sales fell from 4,970 mmscfd to 4,581 mmscfd.
Interestingly, despite the lower earnings, the company actually paid more to the Federation. As reported by cbinews.tv, cumulative statutory payments from January to July hit N7.913 trillion, up by N1.627 trillion in July alone.
There is some good news, though. Upstream pipeline availability stayed at 100 per cent for the second month running, and NNPC says it’s doubling down on maintenance, optimising exports at FEPL and Nembe EP, and restoring operations at Obodo, Akpo and Erha.
On the gas front, the AKK pipeline has reached early gas stage, with gas to Abuja expected later this year, while the OB3 pipeline has completed pre-commissioning and is set for first gas in August 2026.
Source: cbinews.tv
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