NNPC Profit Slumps 389% to N185bn in July Despite Rising Output
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a sharp drop in profits for July 2025, despite recording higher crude oil and gas production. According to its latest Monthly Report Summary, the company posted a Profit After Tax (PAT) of N185 billion, representing a steep 389.2% decline from June’s N905 billion. The report did not provide reasons for the sudden fall. NNPC’s revenue also dipped, falling to N4.4 trillion in July from N4.57 trillion in June and N6 trillion in May. On the production front, Nigeria’s crude oil and condensate output hit 1.70 million barrels per day (bpd) in July — the highest level so far in 2025. This included 1.4 million bpd of crude oil and 290,000 bpd of condensate. Gas production also climbed to a record 7.72 billion standard cubic feet per day (bscf/d), with sales […]