Nigerian National Petroleum Company Limited Logo. Photo: NNPC
The Nigerian National Petroleum Company Limited recorded a decline in its financial performance in May 2026, with revenue dropping by nearly 13 per cent to N4.335tn despite maintaining stable crude oil and natural gas production.
The national oil company disclosed this in its latest Monthly Report Summary released on Wednesday. According to the report, revenue fell by N636bn from the N4.971tn recorded in April, while profit after tax also declined to N462bn from N481bn in the preceding month.
The figures indicate that despite relatively stable production levels, market conditions and operational challenges weighed on the company’s earnings during the month. NNPC said it produced 1.73 million barrels of crude oil and condensate per day in May, while natural gas production stood at 7,774 million standard cubic feet per day.
The report also showed that upstream pipeline availability remained high at 98 per cent, while the availability of Premium Motor Spirit at NNPC Retail Limited stations stood at 57 per cent during the period under review. The company said it had continued to intensify efforts to tackle operational bottlenecks affecting production.
