The Nigerian National Petroleum Company (NNPC) Limited recorded a 24 percent decline in revenue in 2025, with the company attributing the drop largely to lower crude oil prices and reduced white product volumes following the deregulation of the petroleum market.
NNPC disclosed this in its audited financial statements for the year ended December 31, 2025, released on Tuesday.
The company’s revenue fell to N34.5 trillion in 2025 from N45.1 trillion recorded the previous year.
According to NNPC, the decline was principally caused by “lower crude oil prices and reduced white product volumes following market deregulation in 2024.”
The average crude oil price also declined during the period, falling from about $80 per barrel in 2024 to $69 per barrel in 2025.
The lower revenue affected gross profit, which dropped from N11.71 trillion in 2024 to N9.37 trillion in 2025.
Despite the decline in revenue, however, NNPC recorded significant growth in its bottom-line performance.
NNPC Profit Rises 33%
The company’s profit after tax increased by 33 percent to N7.2 trillion in 2025, compared with N5.4 trillion recorded in 2024.
NNPC attributed the increase mainly to higher other income and lower operating expenses.
Other income jumped from N3.39 trillion in 2024 to N8.42 trillion during the year under review.
General and administrative expenses also fell from N3.58 trillion to N2.59 trillion.
Selling and distribution expenses declined to N9.37 billion from N11.71 billion in the previous year.
NNPC also recorded a N325.43 billion net impairment reversal on financial assets in 2025, compared with a N753.56 billion impairment charge in 2024.
These developments helped push operating profit up by 24.7 percent to N13.51 trillion, from N10.84 trillion in 2024.
Finance costs, however, increased from N1.75 trillion to N2.48 trillion.
The company also recorded an “other loss” of N1.99 trillion in 2025, compared with an “other gain” of N209.38 billion in 2024.
After taking these factors into account, NNPC’s profit before tax rose by 18.3 percent to N11.31 trillion, up from N9.56 trillion in 2024.
EBITDA, Dividend and Production
NNPC reported that its earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 22 percent to N18 trillion.
Earnings per share also rose by 32 percent to N35.9, while operating cash flow increased by 16 percent to N12.8 trillion.
Return on equity improved by two percentage points to 16 percent.
The company declared a N5.8 trillion dividend for 2025, representing a 35 percent increase from the previous year.
On production, NNPC said crude oil and condensate output averaged 1.77 million barrels per day, describing it as the company’s highest production level in five years.
Total crude oil and condensate production stood at 565.8 million barrels, representing a five percent increase.
NNPC’s equity share of the production also rose by 11 percent to 223.7 million barrels.
Gas production similarly recorded growth, averaging 7.2 billion standard cubic feet per day, its highest level in three years.
Total gas production reached 2,606.2 billion standard cubic feet, an increase of nine percent, while NNPC’s equity share rose by 11 percent to 1,154.9 billion standard cubic feet.
NNPC Outlines Investment Plans
The company said several infrastructure and operational projects also recorded progress during the year.
These included the completion of the Ajaokuta-Kaduna-Kano (AKK) River Niger crossing and the full completion of the 40-inch, 623-kilometre AKK mainline.
NNPC also commissioned the ANOH-OB3 Custody Transfer Metering Station and moved the 300 million standard cubic feet per day ANOH Gas Processing Plant closer to start-up.
The company acquired 500 compressed natural gas-powered trucks and adopted a Technical Equity Partnership Model as part of its plans to reform its refinery operations.
Looking ahead, NNPC said it is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.
It also plans to increase natural gas production to 12 billion standard cubic feet per day by 2030.
The company said it intends to mobilise $60 billion in upstream, midstream and downstream investments by 2030 while completing major gas infrastructure projects, including AKK, ELPS and OB3.
Bayo Ojulari, Group Chief Executive Officer of NNPC, said the 2025 results reflected the company’s efforts to improve earnings, increase production and invest in its workforce and assets.
“The 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said.
