Nigerian National Petroleum Company Limited (NNPCL) posted a 24% fall in revenue for the year ended December 31, 2025, even as profit and operating performance improved. Spokesperson Andy Odeh presented the figures on Tuesday in the company’s audited financial statements, following its annual general meeting and second earnings call with financial and business analysts.
The results point to stronger earnings capability and continued operational momentum, giving NNPCL a firmer base for future expansion. Profit after tax climbed 33% to N7.2 trillion, compared with N5.4 trillion in 2024, while revenue came in at N34.5 trillion.
Quick facts
- EBITDA increased 22% to N18.0 trillion.
- Earnings per share rose 32% to N35.9.
- Operating cash flow expanded 16% to N12.8 trillion.
- Return on equity gained 200 basis points to 16%.
- The dividend declared increased 35% to N5.8 trillion.
The revenue contraction was mainly linked to weaker crude prices and a reduction in white-product volumes after the market was deregulated in 2024.
Average crude oil and condensate output reached 1.77 million barrels per day, the company’s strongest result in five years. Natural gas production averaged 7.2 billion standard cubic feet per day, marking its highest level in three years.
Total oil and condensate production rose 5% to 565.8 million barrels. NNPCL’s equity entitlement increased 11% to 223.7 million barrels.
Natural gas production advanced 9% to 2,606.2 billion standard cubic feet, while the company’s equity share grew 11% to 1,154.9 billion standard cubic feet.
Project delivery during the year included completion of the AKK River Niger crossing and the full 623-kilometre, 40-inch Ajaokuta-Kaduna-Kano mainline. NNPCL also brought the ANOH-OB3 Custody Transfer Metering Station into operation and moved the 300 million standard cubic feet per day ANOH Gas Processing Plant to start-up readiness.
The company purchased 500 compressed natural gas-powered trucks and introduced a Technical Equity Partnership Model to support refinery rehabilitation.
Group Chief Executive Officer Bashir Bayo Ojulari said the 2025 outcome demonstrated the impact of disciplined delivery and a skilled workforce. He said NNPCL was improving earnings, increasing production and investing in its employees and assets to create lasting value for shareholders, communities and Nigerians.
