NNPC Reports ₦185bn July Profit as Pipeline Availability Holds at 100%

The Nigerian National Petroleum Company Limited (NNPC) reported profit after tax of ₦185bn for July, a 79.6% month-on-month decline from ₦905bn recorded in June.

In its monthly report released late Thursday, the company said revenue eased to ₦4.41tn in July from ₦4.57tn in June, a 3.5% pullback.

July earnings outcome follows a run of stronger prior months, with reported profit of ₦926bn in April and ₦1.05tn in May.

Operations: Volumes Edge Higher, Uptime Strong

NNPC said crude output inched up to 1.70 million barrels per day (mbpd) in July from 1.68 mbpd in June, while natural gas production rose to 7.7 billion cubic feet (bcf) from 7.58 bcf.

The company reported 100% upstream pipeline availability, indicating steady evacuation and lower unplanned downtime across key corridors.

Despite the marginal increase in volumes and higher system reliability, profitability compressed on the month. NNPC did not provide additional detail on drivers of the earnings swing, but flagged ongoing efforts to sustain crude and condensate production, improve facility uptime, and deepen collaboration with stakeholders to lift efficiency.

Infrastructure: AKK at 96%, OB3 at 83% Completion

NNPC highlighted continued progress on strategic gas infrastructure:

• Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline: 96% complete. The company said additional subcontractors have been mobilised to accelerate mainline works and bring the project to completion.

• Obiafu–Obrikom–Oben (OB3) Gas Pipeline: 83% complete. A revised execution strategy is underway to fast-track the Niger River crossing, the remaining critical section of the line.

The company added that 113 km of the OB3 pipeline has been commissioned, with about 300 million standard cubic feet per day (mmscf/d) currently flowing.

According to the report, AHL delivers roughly 250 mmscf/d, while Platform, Chorus and Xenergi collectively supply about 50 mmscf/d.

NNPC said the gas projects are central to its plan to expand domestic supply, underpin power and industrial demand, and support a gas-led transition pathway.

Financial Trajectory: Steep Monthly Swing After Strong Q2

The July figure marks a notable step-down from the second-quarter trend. Reported profit after tax moved from ₦926bn in April to ₦1.05tn in May, before easing to ₦905bn in June and then ₦185bn in July.

Revenue also softened month-on-month. While the report cites operational improvements, the company did not disclose specific cost, pricing or non-operating factors behind the July compression.

Focus Areas

• Reliability: Maintaining 100% pipeline availability and stable terminal receipts to protect production days and minimise losses.

• Gas Monetisation: Completing AKK and OB3 to unlock additional molecules for power, industry and city-gas networks.

• Facility Uptime: Continued workovers, debottlenecking and improved recovery to lift base production at lower unit cost.

• Stakeholder Coordination: Ongoing collaboration with operators, service providers and regulators to keep approvals predictable and timelines tight.

By the Numbers (July vs. June)

• Profit after tax: ₦185bn (vs ₦905bn)

• Revenue: ₦4.41tn (vs ₦4.57tn)

• Crude oil output: 1.70 mbpd (vs 1.68 mbpd)

• Natural gas production: 7.7 bcf (vs 7.58 bcf)

• Upstream pipeline availability: 100%

• AKK completion: 96%

• OB3 completion: 83%

• OB3 commissioned segment flow: ~300 mmscf/d (AHL ~250; Platform/Chorus/Xenergi ~50)

Outlook

NNPC said it is sustaining efforts to stabilise crude and condensate production, enhance asset uptime and complete priority gas infrastructure. Delivering AKK and OB3, alongside maintaining 100% pipeline availability, is expected to strengthen domestic gas supply and support revenue resilience.

The company reiterated its commitment to trade facilitation, operational efficiency and timely project execution as key levers for earnings stability in the months ahead.