NNPC sees strong operational efficiency in annual report

NNPC Limited reported strong operational efficiency and enhanced earnings resilience reflecting on its substantial bottom-line growth in audited financial results for the year ended 31 December 2025 

There was, however, a drop in top-line revenue driven by a decline in international crude oil prices and reduced white product sales volumes following the full deregulation of the domestic fuel market in 2024. 

The numbers were highlighted during NNPC's latest Annual General Meeting and second Earnings Call with market analysts. Profit After Tax surged by 33% to reach 7.2 trillion even when top-line revenue dropped 24% to N34.5 trillion.

EBITDA expanded 22% to N18.0 trillion while Earnings Per Share (EPS) rose 32% to N35.9. Operating cash flow increased 16% to N12.8 trillion while Return on Equity (ROE) expanded by 200 basis points, reaching 16%.

Upstream operations for the year hit multi-year highs across both liquid and gas streams. Daily crude oil production averaged 1.77 million barrels per day (mbpd), marking a five-year peak. Total annual production reached 565.8 million barrels (up 5%), with NNPC's direct equity share rising 11% to 223.7 million barrels.

Natural gas output averaged 7.2 billion standard cubic feet per day (bscfd), reaching a three-year high. Annual output rose 9% to 2,606.2 bscfd, with equity production advancing 11% to 1,154.9 bscfd. 

Bashir Bayo Ojulari, group chief executive officer of NNPC Limited, said, "Our 2025 performance shows what disciplined execution and a capable workforce can deliver. We are strengthening earnings, growing production and investing in the people and assets that will sustain value for our shareholders, communities and the Nigerian people.”

The company aims to increase crude production to 2.0 mbpd by 2027 and 3.0 mbpd by 2030, while expanding natural gas production to 12.0 bscfd by 2030.