NNPC’s October profit soars 107% outpacing September’s performance

By: Chidozie Nwali

The Nigerian state-owned oil company reported on Saturday a remarkable surge in its financial performance for October 2025, recording a Profit After Tax (PAT) of N447 Billion, a significant 107% increase over the N216 Billion PAT recorded in September.

According to the Nigerian National Petroleum Company Limited (NNPCL) gross revenue for October was N5 trillion while that of September was N4.2 trillion, a 19% increase.

However, the sharp rise in profitability was driven by exceptional performance in the gas segment and a substantial recovery in the total revenue, effectively mitigating the slight drop in crude oil production volumes.

NNPCL reported a staggering 36.9% increase in gas sales volume, from 3,443 million standard cubic feet per day (mmscf/d) in September to 4,713 mmscf/d providing a significant uplift to the company’s revenue and bottom line.

This increase suggests successful optimization of domestic and export gas channels following the maintenance activities that affected September’s figures.

Natural Gas Production increased by 11.3% in October, supporting the higher sales volume and reinforcing NNPC’s growing reliance on gas as a stable revenue source.

Although Crude Oil & Condensate Production was marginally lower in October (1.58 million barrels per day) compared to September (1.61 mbpd), the decline was minimal.

Crucially, the achievement of 100% Upstream Pipeline Availability in October (up from 96% in September) helped maximize crude and condensate sales, ensuring that the modest production volume was fully evacuated and commercialized.

Earlier this week the state-owned oil company announced a PAT of N5.4 trillion for the full year ended 2024, on a gross revenue of N45.1 trillion.