The Nigeria National Petroleum Company Limited (NNPC Limited) has announced its audited results for 2025, showcasing a significant increase in profit after tax. According to the company's statement, profit after tax rose 33% to N7.2 trillion from N5.4 trillion in 2024. This growth is attributed to the company's operational momentum and growing earnings capacity. The results were announced during NNPC Limited's Annual General Meeting and second Earnings Call with financial and business analysts.
Despite a 24% decline in revenue to N34.5 trillion, primarily due to lower crude oil prices and reduced white product volumes following market deregulation in 2024, NNPC Limited demonstrated resilience in its operations. Key financial measures, however, showed significant improvements. EBITDA rose 22% to N18.0 trillion, while earnings per share increased 32% to N35.9. Operating cash flow grew 16% to N12.8 trillion, and return on equity improved by 200 basis points to 16%. The declared dividend also increased by 35% to N5.8 trillion.
In terms of operational highlights, NNPC Limited reported that crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years. Natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high. Oil and condensate production totalled 565.8 million barrels, up 5%, with NNPC Limited's equity share increasing by 11% to 223.7 million barrels. Natural gas production reached 2,606.2 billion standard cubic feet, up 9%, while its equity share rose by 11% to 1,154.9 billion standard cubic feet.
NNPC Limited also reported significant progress across its portfolio. The company completed the AKK River Niger crossing and fully completed the 40-inch by 623-kilometre Ajaokuta-Kaduna-Kano mainline. Additionally, NNPC Limited commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300MMscfd ANOH Gas Processing Plant to start-up readiness. The company also acquired 500 CNG-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform.
Looking ahead, NNPC Limited has set ambitious targets for growth. The company aims to increase crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. It also targets natural gas output of 12 billion standard cubic feet per day by 2030. To achieve these goals, NNPC Limited plans to mobilise $60 billion in upstream, midstream, and downstream investments by 2030 and complete major gas infrastructure projects, including AKK, ELPS, and OB3.
NNPC Limited's Group Chief Executive Officer, Engineer Bashir Bayo Ojulari, expressed satisfaction with the company's 2025 performance, citing disciplined execution and a capable workforce as key drivers of the growth. He emphasized that NNPC Limited is strengthening earnings, growing production, and investing in people and assets to sustain value for shareholders, communities, and the Nigerian people.
In addition to its financial and operational performance, NNPC Limited also reported progress in its sustainability initiatives. The company completed 6,028 cataract surgeries, planted 80,000 trees, and developed its Net Zero 2050 strategy. NNPC Limited also maintained reporting under the Oil and Gas Methane Partnership, Oil and Gas Decarbonization Charter, and United Nations Global Compact frameworks.
Key points
- NNPC Limited reports 33% rise in profit after tax to N7.2 trillion for 2025.
- Crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years.
- NNPC Limited targets crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
