The Nigerian National Petroleum Company Limited (NNPC Ltd.) reported a profit after tax of N385 billion for January 2026, even as monthly revenue dropped sharply by 47% to N2.571 trillion from N4.82 trillion in December 2025, according to the company’s latest monthly operational and financial summary released on Monday.
Despite the revenue contraction largely due to seasonal factors, lower lifting volumes, and pricing dynamics the state-owned energy giant still delivered solid bottom-line results. It remitted N726 billion in statutory payments to the Federation Account during the month, underscoring its continued role as a major contributor to national coffers.
Upstream performance provided the main bright spot. Nigeria’s average crude oil and condensate production rose to 1.64 million barrels per day (mbpd) in January, up from 1.55 mbpd in December a gain of about 90,000 barrels per day or roughly 5.8% month-on-month. The improvement stemmed primarily from the successful completion of turnaround maintenance at key assets, including the Agbami field and facilities in the Renaissance (Estuary Area) cluster.
The report noted that while production recovered, actual crude deliveries faced headwinds from adverse weather, pipeline evacuation constraints, and ongoing asset integrity issues in some corridors. Still, the uptick marked a welcome reversal from the softer output levels seen in the final months of 2025, when production hovered around 1.54–1.55 mbpd.
Natural gas operations also showed renewed strength. Daily gas production climbed to 7,283 million standard cubic feet per day (mmscf/d), a 5.3% increase from 6,914 mmscf/d in December. The rebound followed several months of volatility in 2025, when output dipped as low as 6,284 mmscf/d in September before stabilizing toward year-end. Improved infrastructure reliability and upstream efficiency were credited for the gains.
Gas sales followed suit, averaging 4,978 mmscf/d in January up 4.7% or 224 mmscf/d from the prior month one of the strongest monthly figures in recent periods. The higher volumes supported greater supply to domestic power plants, industrial customers, and export commitments.
On the sales side, NNPC recorded combined crude and condensate liftings of 24.75 million barrels in January, compared with 22.79 million barrels in December, reflecting better evacuation and market access despite the challenges.
The January results highlight NNPC’s ability to maintain profitability amid fluctuating revenues, thanks to cost discipline, production recovery, and stronger gas contributions. As Nigeria pushes to stabilize and grow output toward OPEC targets, the focus remains on resolving persistent evacuation bottlenecks and sustaining asset reliability to build on this momentum in the coming months.
