The NNPC Limited recorded a profit after tax of N276 billion in March 2026, driven by a surge in gas production during the period.

This was disclosed on May 4 via a monthly report published on the company’s website, where it noted that all production, sales, and financial figures remain provisional and subject to reconciliation with relevant stakeholders.

According to the report, gas production rose to 7,731 million standard cubic feet per day (mmscf/d) in March, up from 7,458 mmscf/d recorded in February.

The March performance shows a solid rebound in profitability, with the company posting N276 billion in profit after tax for the month, reflecting improved operational output and stronger gas volumes.

Revenue for the period stood at N2.774 trillion, indicating a significant scale of operations and reinforcing the company’s central role in Nigeria’s energy sector.

In terms of contributions to government coffers, NNPC reported statutory payments of N2.888 trillion between January and March 2026, which appears to show its importance as a major fiscal anchor for the federation.

Crude oil and condensate production increased modestly to 1.56 million barrels per day (mmbopd) in March, compared to 1.51 mmbopd in February, suggesting a month-on-month recovery in output. This uptick reflects improved operational efficiency despite lingering constraints.

Gas production recorded a stronger growth trajectory, rising to 7,731 mmscf/d from 7,458 mmscf/d in February, continuing a steady upward trend observed since late 2025.

Crude oil and condensate sales, however, declined to 17.27 million barrels in March from 23.08 million barrels in February, indicating a drop in sales volumes despite improved production. This divergence suggests possible export or logistical constraints during the period.

Gas sales rose to 5,059 mmscf/d in March, up from 4,893 mmscf/d in February, aligning with the increase in production and pointing to stronger demand or improved distribution.

Providing context for the production gains, the company stated that “Production improved compared to the previous month, driven by the early completion of the OML 118 Bonga Turnaround Maintenance, delivered 12 days ahead of schedule.”

However, the gains were partly offset by disruptions, as a leak on the Trans Forcados Pipeline led to outages that curtailed output across several assets between February 20 and March 25, alongside other operational challenges.

NNPC Limited remains a critical player in Nigeria’s oil and gas industry, overseeing upstream, midstream, and downstream operations, with its statutory remittances forming a significant share of federally collected revenue.

The company previously reported a profit after tax of N5.4 trillion on revenue of N45.1 trillion for the full year ended 2024, underscoring its scale and financial importance.

It also remitted N12.117 trillion to the Federal Government between January and October 2025, while a debt relief approved by President Bola Tinubu in December wiped off $1.42 billion and N5.57 trillion from its obligations to the Federation Account.