…Revenue falls 24% to N34.5trn despite stronger earnings
…EBITDA rises 22% to N18trn, dividend increases 35% to N5.8trn
…Targets 2mbpd oil output by 2027, 3mbpd by 2030
By Seun Ibiyemi
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a 33 per cent increase in profit after tax (PAT) to N7.2 trillion for the financial year ended December 31, 2025, despite a 24 per cent decline in revenue.
The company, which announced the audited results on Tuesday following its Annual General Meeting and second Earnings Call with financial and business analysts, said the performance reflected stronger earnings capacity and improved operational momentum.
NNPC’s PAT rose from N5.4 trillion recorded in 2024, while revenue stood at N34.5 trillion.
The company attributed the revenue decline principally to lower crude oil prices and reduced white product volumes following the deregulation of the downstream petroleum market in 2024.
Despite the revenue pressure, NNPC said its Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased by 22 per cent to N18 trillion.
Earnings per share also rose by 32 per cent to N35.9, while operating cash flow grew 16 per cent to N12.8 trillion.
Return on equity improved by 200 basis points to 16 per cent, while the company’s declared dividend increased by 35 per cent to N5.8 trillion.
NNPC said the financial performance demonstrated the resilience of its operations amid changes in the oil and gas market.
The company also recorded significant gains in hydrocarbon production during the year.
Crude oil and condensate production averaged 1.77 million barrels per day, representing the company’s highest production level in five years.
Total oil and condensate production reached 565.8 million barrels, an increase of five per cent, while NNPC’s equity share rose 11 per cent to 223.7 million barrels.
Natural gas production also increased, with average output reaching 7.2 billion standard cubic feet per day, a three-year high.
Total natural gas production stood at 2,606.2 billion standard cubic feet, up nine per cent, while NNPC’s equity share increased 11 per cent to 1,154.9 billion standard cubic feet.
NNPC said it recorded progress across several strategic infrastructure projects during the year.
The company completed the River Niger crossing component of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and achieved full completion of the 40-inch, 623-kilometre AKK mainline.
It also commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300 million standard cubic feet per day (MMscfd) ANOH Gas Processing Plant to start-up readiness.
The company further acquired 500 CNG-powered trucks as part of its efforts to strengthen gas utilisation and adopted a Technical Equity Partnership Model for its refinery reform programme.
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NNPC said its workforce transformation programme also recorded progress in 2025, with 1,023 full-time employees joining the company.
More than 1,000 graduates were deployed following a one-year internship and training programme designed to develop the skills required for the company’s evolving commercial operations.
Women now occupy 23 per cent of leadership positions at NNPC, compared with an industry average of 17 per cent, according to the company.
Group Chief Executive Officer, NNPC Ltd, Engr. Bashir Bayo Ojulari, said the company’s performance reflected disciplined execution and a strengthened workforce.
“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.”
On sustainability, NNPC said it completed 6,028 cataract surgeries and planted 80,000 trees during the year.
The company 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.
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Looking ahead, NNPC 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 also plans to raise natural gas output to 12 billion standard cubic feet per day by 2030.
To support its growth ambitions, NNPC said it plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030.
Major gas infrastructure projects, including AKK, the Escravos-Lagos Pipeline System (ELPS) and the Obiafu-Obrikom-Oben (OB3) pipeline, are also expected to be completed as part of the company’s expansion strategy.
NNPC Ltd said its 2025 audited financial statements are available on its official website.
