The Nigerian National Petroleum Company (NNPC) Limited has reported a profit after tax of ₦509 billion and revenue of ₦4.61 trillion for September 2026, as improvements in production activities pushed its total hydrocarbon output to 3.04 million barrels of oil equivalent per day.
The figures were disclosed in the company’s September 2026 Monthly Report Summary, which showed an increase in total production from 3.01 million barrels of oil equivalent per day recorded in August.
NNPC attributed the improvement largely to the resumption of operations at the Obodo field in Oil Mining Lease (OML) 150 and the restoration of production across other assets.
According to the report, crude oil and condensate production averaged 1.70 million barrels per day during the month.
However, natural gas production declined slightly to 7,789 million standard cubic feet per day (mmscf/d), compared with 7,841 mmscf/d recorded in August.
Despite the decline in production, gas sales increased to an average of 4,793 mmscf/d from 4,737 mmscf/d in the preceding month.
The company also reported total crude oil and condensate sales of 24.63 million barrels in September.
The report further indicated that upstream pipeline availability stood at 100 per cent, while petrol availability across NNPC Retail Limited stations was recorded at 54 per cent.
On government revenue contributions, NNPC disclosed that statutory payments between January and September 2026 amounted to ₦11.14 trillion.
Despite the improvement in production, the company identified several operational challenges affecting output across its facilities.
These include unexpected production shutdowns caused by equipment failures, subsurface complications, pipeline leaks, community protests and facility reliability issues.
Restrictions involving storage capacity and tank availability, alongside disruptions to export infrastructure, were also identified as factors limiting production.
To address the challenges, NNPC said it was working to restore inactive wells and facilities, improve production efficiency and carry out necessary well maintenance and interventions.
The company also outlined plans to strengthen preventive maintenance, resolve pipeline and subsurface integrity issues, improve engagement with host communities and address storage and export limitations.
The September performance follows a series of strong financial results reported earlier in the year. Between January and August 2026, NNPC generated ₦28.54 trillion in revenue and recorded ₦2.99 trillion in profit after tax.
For the 2025 financial year, the company’s audited accounts showed that profit after tax increased by 32.7 per cent to ₦7.18 trillion, compared with ₦5.41 trillion in 2024.
However, revenue declined by 23.4 per cent from ₦45.08 trillion to ₦34.52 trillion, while gross profit fell from ₦11.71 trillion to ₦9.37 trillion.
Meanwhile, NNPC is considering offering between five and 10 per cent of its equity to investors through a proposed initial public offering (IPO), which is expected to focus primarily on Nigeria’s domestic capital market.
The proposed listing could provide an additional avenue for the company to attract investment as it continues efforts to improve production, strengthen operational efficiency and expand its contribution to Nigeria’s energy sector.
