NNPC Limited’s profit after tax rose 33% to N7.2 trillion in 2025 from N5.4 trillion in 2024, despite a 24% decline in revenue to N34.5 trillion.
The results, contained in a statement signed by Andy Odeh, Chief Corporate Communications Officer of NNPC Limited, were announced following the company’s Annual General Meeting and second Earnings Call with financial and business analysts.
NNPC said the revenue decline was principally driven by lower crude oil prices and reduced white product volumes following market deregulation in 2024, while stronger earnings reflected the resilience of its operations.
Several key financial indicators strengthened during the year, pointing to higher profitability and cash generation despite the decline in revenue.
The company’s financial performance came alongside increased oil and gas production, with crude oil and condensate output reaching its highest average level in five years.
Crude oil and condensate production averaged 1.77 million barrels per day in 2025, while natural gas output averaged 7.2 billion standard cubic feet per day.
The company commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300 million standard cubic feet per day ANOH Gas Processing Plant to start-up readiness.
It also acquired 500 CNG-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform.
These projects form part of NNPC’s efforts to expand its oil and gas production and develop infrastructure across the value chain.
NNPC said its talent-to-value transformation continued in 2025, with 1,023 full-time employees joining the company, including more than 1,000 graduates deployed after a one-year internship and training programme.
Women now occupy 23% of leadership positions at the company, compared with an industry average of 17%, according to NNPC.
On sustainability, NNPC said it completed 6,028 cataract surgeries, planted 80,000 trees and developed its Net Zero 2050 strategy. It also maintained reporting under the Oil and Gas Methane Partnership, Oil and Gas Decarbonization Charter and United Nations Global Compact frameworks.
NNPC Limited said it is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030, alongside natural gas output of 12 billion standard cubic feet per day by 2030.
The company plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030 while completing major gas infrastructure projects, including AKK, the Escravos-Lagos Pipeline System and OB3.
Nairametrics earlier reported that the company recorded a Profit After Tax of N5.4 trillion from total revenue of N45.1 trillion for the full year ended 2024.
It also generated N29.21 trillion from crude oil sales in 2024, more than double the N14.07 trillion it earned from the same stream in 2023.
