KEY POINTS
- NNPC’s profit fell 47.9% to N279bn in July from N535bn in June.
- Crude and condensate sales dropped 20.2%, while gas sales fell 7.8%.
- NNPC remitted N7.91tn to the federation account between January and July 2026
The Nigerian National Petroleum Company, NNPC, Limited recorded a sharp decline in profit and revenue in July 2026, largely due to lower crude oil and condensate sales as well as a reduction in gas transactions.
According to NNPC’s July Monthly Report Summary, the company’s profit after tax (PAT) fell by 47.9 percent to N279 billion in July, compared with N535 billion recorded in June.
The decline represents a N256 billion drop in monthly profit, highlighting the impact of weaker sales and lower production during the period.
NNPC’s revenue also declined significantly during the month.
The company generated N3.08 trillion in revenue in July, representing a 29.5 percent decrease from the N4.38 trillion recorded in June.
The reduction in revenue coincided with weaker crude oil and gas sales, which remain major sources of income for the national oil company.
Crude oil sales fall 20%
One of the biggest contributors to the weaker financial performance was the decline in crude oil and condensate sales.
NNPC said it sold 22.53 million barrels in July, compared with 28.23 million barrels in June. This represents a 20.2 percent decline in the volume of crude oil and condensate sold.
Gas sales also weakened during the month, falling by 7.8 percent to 4.58 mmscfd from 4.97 mmscfd in June.
The simultaneous decline in crude and gas sales contributed significantly to the reduction in NNPC’s revenue and profit.
NNPC reported that total crude oil and condensate production dropped by 2.3 percent to 1.68 million barrels per day (bpd) in July, compared with 1.72 million bpd in June.
Of the July output, crude oil accounted for 1.44 million bpd, while condensate production stood at 240,000 bpd.
In June, the company produced 1.47 million bpd of crude oil and 250,000 bpd of condensate.
This means crude oil production declined by about 2 percent, while condensate output fell by 4 percent during the period.
The lower production levels came at a time when Nigeria continues to seek higher oil output to strengthen government revenues, improve exports and increase foreign exchange earnings.
NNPC said gas production fell by 4.5 percent to 7.48 million standard cubic feet per day (mmscfd), compared with 7.84 mmscfd in June.
The decline in both gas production and sales further weighed on the company’s overall performance for the month.
