The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a Profit After Tax (PAT) of N535 billion in June 2026, rising from N462 billion in May and representing a 16 per cent month-on-month increase.
The improvement came as the national oil company also reported higher statutory payments to the federation, with cumulative remittances reaching N6.286 trillion in the first half of the year.
According to NNPC’s monthly report released on Friday, total revenue increased slightly from N4.335 trillion in May to N4.389 trillion in June.
Analysis of the report showed that federation payments rose by N1.428 trillion during the month, moving from N4.858 trillion recorded in May to N6.286 trillion in June.
Operationally, crude oil and condensate production stood at 1.72 million barrels per day in June, compared with 1.73 million barrels per day in May.
Gas output, however, improved during the period, rising from 7,774 million standard cubic feet per day (mmscf/d) in May to 7,841 mmscf/d in June, while gas sales increased marginally from 4,921 mmscf/d to 4,970 mmscf/d.
The report also showed that petrol availability at NNPC Retail Limited stations declined slightly to 53 per cent in June from 57 per cent in May.
On major infrastructure projects, NNPC said the Obiafu-Obrikom-Oben (OB3) gas pipeline project advanced to 98 per cent completion in June from 97 per cent in May, with final tie-in works at the River Niger crossing underway ahead of expected first gas delivery in August 2026.
The Ajaokuta-Kaduna-Kano (AKK) gas pipeline project remained at 94 per cent completion, with efforts continuing to accelerate construction and enable gas supply to Abuja.
Meanwhile, indigenous energy company Seplat Energy reported a major improvement in its first-half 2026 financial performance, with Profit After Tax rising by 498 per cent year-on-year to $164 million.
The company attributed the growth to stronger crude oil prices, improved production levels and sustained operational performance.
Seplat also announced an agreement to sell a 10 per cent stake in the NNPCL-SEPNU Joint Venture to NNPC Limited in a transaction valued at $281.6 million.
The deal, expected to conclude in the second half of the year, is projected to boost shareholder returns, with planned 2026 dividends estimated at 68.3 cents per share, valued at about $410 million.
The energy firm, listed on the Nigerian Exchange Group and London Stock Exchange, recorded a 30 per cent increase in revenue to $1.82 billion from $1.398 billion in the same period of 2025.
Cash generated from operations also rose by 29 per cent to $985.9 million.
Seplat declared a second-quarter interim dividend of 12 U.S. cents per share, comprising a core dividend of five cents and a special dividend of seven cents, marking its highest quarterly dividend payout.
Average production increased by four per cent to 139,509 barrels of oil equivalent per day (boepd), compared with 134,492 boepd in the first half of 2025.
Second-quarter output improved further to 149,070 boepd, representing a nine per cent rise compared with the same period last year and a 15 per cent increase over the first quarter of 2026.
The company linked the growth to improved output from its West, East and Elcrest assets, successful idle well restoration efforts and increased natural gas liquids production.
Gross profit surged by 68 per cent to $815.9 million, while adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) rose 28 per cent to $939 million.
Earnings per share also climbed by 565 per cent to 26.6 cents from 4.0 cents in the corresponding period of 2025.
Seplat ended June with cash holdings of $433.8 million, excluding restricted cash of $130.8 million. Its net debt dropped by 45 per cent to $370.7 million from $673.3 million at the end of 2025.
The company also repaid and cancelled $200 million under its Advanced Payment Facility, reducing the outstanding balance to $100 million.
On sustainability, Seplat said its operated assets achieved 18.8 million man-hours without a Lost Time Injury, while carbon emissions intensity declined by 18 per cent year-on-year to 33.5 kilogrammes of carbon dioxide per barrel of oil equivalent.
Commenting on the performance, outgoing Chief Executive Officer, Roger Brown, said the company was entering the second half of the year from a position of strength.
“As I hand over leadership of Seplat, the company is stronger than ever. Production improved from the first quarter and remains on track to grow further in the second half of 2026 as temporary restrictions are lifted and planned activities are completed,” Brown said.
He added that improved commodity prices strengthened cash generation, allowing the company to reduce debt while increasing shareholder returns.
“Our first-half performance benefited from a supportive commodity price environment, translating into strong cash generation.
”Given the limited visibility on how long these elevated prices may persist, we prioritised balance sheet strength during the quarter, repaying $200 million of our outstanding APF debt,” he stated.
Brown said the planned transfer of the 10 per cent offshore joint venture interest to NNPC, alongside continued operational growth, would position Seplat for one of its strongest
shareholder returns in history.
He is expected to hand over leadership of the company to Effiong Okon on August 1, 2026.
