The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a 47.9 percent month-on-month decline in profit after tax (PAT) to N279 billion in July 2026, as lower crude sales and operational disruptions weighed on its financial performance.
The July result compares with N535 billion recorded in June, according to NNPC’s July 2026 Monthly Report Summary. The company also recorded revenue of N3.087 trillion during the month, down from approximately N4.39 trillion in June.
The weaker performance coincided with lower crude production and sales. NNPC reported average crude oil and condensate production of 1.68 million barrels per day (mmbopd) in July, compared with 1.72 million barrels per day in June.
Crude oil sales fell to 21.53 million barrels, while condensate sales added another 0.99 million barrels, bringing total crude and condensate sales to 22.53 million barrels. This compares with 28.23 million barrels recorded in June.
NNPC attributed the weaker production performance to facility outages, equipment unavailability, pipeline incidents and other production constraints across several assets.
Gas operations also weakened during the month. Natural gas production declined to 7,489 million standard cubic feet per day (mmscf/d) from 7,841 mmscf/d in June, while gas sales fell to 4,581 mmscf/d from 4,970 mmscf/d.
To improve production and operational reliability, NNPC said it would strengthen preventive maintenance programmes and reduce unplanned downtime. Planned measures include optimising export operations at FEPL and Nembe EP, activating tandem offloading at Akpo and Erha, and restoring barging operations at Obodo to improve production evacuation.
Despite the weaker monthly earnings, NNPC reported N7.913 trillion in cumulative statutory payments to the Federation between January and July 2026.
For investors and policymakers, the July figures highlight the sensitivity of NNPC’s earnings and government revenue flows to production reliability and crude sales volumes. The effectiveness of the company’s maintenance and export initiatives will be important to watch in subsequent monthly reports.
NNPC noted that the production, sales and financial figures contained in the July report remain provisional and subject to reconciliation.
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