NNPC Profit Falls 47.9% To N279 Billion In July Amid Lower Crude And Gas Output
The figure was contained in the company’s Monthly Report Summary for July 2026, which also showed that revenue declined to N3.087 trillion during the month.
The July PAT was the company’s lowest monthly profit since March 2026, when it recorded N276 billion.
The company’s PAT had risen by 15.8% from N462 billion in May to N535 billion in June 2026.
NNPC’s revenue, however, declined from N4.39 trillion in June to N3.087 trillion in July, representing a 29.7% month-on-month drop.
The weaker financial performance during the month coincided with declines in petroleum production and sales.
According to the report, crude oil and condensate production averaged 1.68 million barrels per day (mmbopd) in July, down from 1.72 million barrels per day in June, representing a decline of about 2.3%.
Natural gas production also fell to 7,489 million standard cubic feet per day (mmscf/d) from 7,841 mmscf/d in June, representing a decline of about 4.5%.
“July crude oil production was affected by a combination of operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents, and production constraints,” the report stated.
Additionally, crude oil and condensate sales fell to 22.53 million barrels in July, compared with 28.23 million barrels in June, representing a decline of about 20.2%. Gas sales also declined to 4,581 mmscf/d from 4,970 mmscf/d in June.
Cumulative statutory payments to the Federation between January and July reached N7.913 trillion, up from N6.286 trillion recorded between January and June 2026. This represents an additional N1.627 trillion in statutory payments during July.
The company said its production improvement efforts would focus on sustaining high facility uptime through preventive maintenance programmes and minimising unplanned downtime.
It also identified measures including optimising export operations at FEPL and Nembe EP, maturing and delivering incremental production opportunities across its portfolio, restoring barging operations at Obodo, and activating tandem offloading operations at Akpo and Erha.
