The Nigerian National Petroleum Company Limited (NNPCL) has reported a 4.24 per cent increase in revenue for February 2026, rising to N2.68 trillion from N2.57 trillion recorded in January.

The figures were contained in the company’s monthly financial and operational report for February 2026, released via its official X handle.

Despite the revenue growth, the national oil company posted a significant drop in profitability, with profit after tax falling to N136 billion, compared to N385 billion recorded in the previous month, a decline of N249 billion.

NNPCL, in the report, stated: “The report covers key figures, including revenue of ₦2,680 billion (up by 4.24% from the January 2026 report), profit after tax of ₦136 billion, statutory payments, strategic initiatives during the period, and more.”

On production performance, the company disclosed a mixed outcome, noting a slight decline in crude oil output alongside growth in natural gas production.

Crude oil and condensate production averaged 1.51 million barrels per day (mmbopd), down from 1.64mmbopd in January, representing a drop of about 130,000 barrels per day.

However, natural gas output increased to 7,458 million standard cubic feet per day (mmscf/d), reflecting a 2.40 per cent rise compared to the previous month.

Explaining the downturn in crude oil production, the company said: “February production performance was impacted by the combined effect of the outage of the Trans Forcados Pipeline (TFP) due to integrity issues; start-up challenges of Stardeep Agbami GTC 2 & 3 following completion of Turnaround Maintenance; delayed completion of the Sterling Oguali flow station; and production ramp-up constraints from Enyie wells due to sludge management issues, among other operational challenges.”

NNPCL also highlighted progress on key infrastructure projects during the period, including advances in the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and continued drilling works on the Obiafu-Obrikom-Oben (OB3) Gas Pipeline River Niger Crossing.

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