NNPC posts N4.97 trillion revenue, N481 bn profit as oil output rises in April

Nigeria National Petroleum Company Limited (NNPCL) generated N4.97 trillion in revenue and recorded N481 billion profit after tax in April 2026 as crude oil and condensate production rose to 1.68 million barrels per day (mbpd).

This was disclosed in the company’s latest monthly performance report published on Saturday.

The report, which summarised the company’s operational and financial performance for April, showed modest improvements across production metrics, despite infrastructure challenges.

A review of the graphical report indicated that crude oil and condensate production increased to 1.68 mbpd in April, up from 1.56 mbpd in March and the highest monthly output level recorded in the 12-month period covered in the report.

Of the April production figure, crude oil accounted for about 1.43 mbpd, while condensate contributed 0.25 mbpd.

The company attributed the month-on-month improvement largely to better facilities uptime but noted that production growth was constrained by operational setbacks.

“April performance was impacted by the delayed start-up of Trans Ramos Pipeline (TRP) post completion of Turn Around Maintenance due to identified leaks and other facility integrity issues in some assets,” the report stated.

NNPC also reported improved gas production performance, with output rising to 7,730 million standard cubic feet per day (mmscf/d) in April, marginally higher than the 7,731 mmscf/d recorded in March and significantly above September 2025 levels when production dipped to 6,284 mmscf/d.

Gas sales similarly remained strong, reaching 5,044 mmscf/d in April, slightly below March’s 5,059 mmscf/d but among the strongest monthly performances within the reporting period.

The figures reinforce the company’s continued push toward gas expansion as Nigeria seeks to increase domestic supply and support industrialisation efforts.

Crude oil and condensate sales rebounded sharply in April after a weak March performance.

The report showed combined crude and condensate sales rose to 23.65 million barrels in April from 17.27 million barrels in March.

The March decline had represented the lowest sales level within the one-year period reviewed.

Despite improvements in production, operational infrastructure indicators presented a mixed picture.

NNPC reported upstream pipeline availability at 79 per cent, while availability on the Obiafu-Obrikom-Oben (OB3) gas pipeline stood at 96 per cent.

Availability on the Ajaokuta-Kaduna-Kano (AKK) pipeline reached 94 per cent.

However, Premium Motor Spirit (PMS) availability across NNPC Retail stations stood at only 54 per cent, indicating continuing challenges in product distribution and station operations.

The report showed NNPC made statutory payments totalling N3.714 trillion between January and April 2026.

The company described these remittances as part of its contributions to government revenues and obligations.

NNPC highlighted ongoing efforts to sustain production gains through facility optimisation, stakeholder engagement and infrastructure projects.

The company said work continued on the AKK gas pipeline to accelerate progress toward delivering gas to Abuja in 2026.

It also announced the successful completion of the River Niger crossing segment of the OB3 gas pipeline, describing the milestone as critical to advancing Nigeria’s gas infrastructure ambitions.

Beyond operations, the company listed several social interventions through the NNPC Foundation, including rehabilitation of medical wards at the National Orthopaedic Hospital, humanitarian support for flood-affected communities in Mokwa, Niger State, and financial literacy training for National Youth Service Corps members.

NNPC noted that all production, sales and financial figures remain provisional and are subject to reconciliation with relevant stakeholders.