NNPC PROFIT DOUBLES TO ₦276BN IN MARCH AS GAS OUTPUT HITS ONE-YEAR HIGH

Monthly earnings up 102.9%; gas production reaches 7,731 mmscfd; petrol availability at retail stations remains at 56%

NNPC Limited posted a profit after tax of ₦276 billion for March 2026, more than doubling its February earnings, as a surge in gas production lifted financial performance to its strongest monthly showing in recent memory.

The figures were disclosed in the company's March 2026 Monthly Report Summary released Monday. Revenue for the month reached ₦2.774 trillion, up 3.51% from February. The profit after tax of ₦276 billion represents a 102.9% jump from the ₦136 billion recorded in February 2026.

Gas production was the primary driver of the improvement. Output rose to 7,731 million standard cubic feet per day in March, the highest level in the past 12 months, up from 7,458 mmscfd in February, continuing a steady upward trend since late 2025. Gas sales increased correspondingly, rising to 5,059 mmscfd from 4,893 mmscfd in February.

Crude oil and condensate production averaged 1.56 million barrels per day, a recovery from February's 1.51 million bpd though still below January's 1.64 million bpd. NNPC attributed the March production improvement to the early completion of turnaround maintenance on the OML 118 Bonga asset, delivered 12 days ahead of schedule.

Pipeline disruptions partially offset the gains. A leak on the Trans Forcados Pipeline caused production curtailments across several assets from February 20 to March 25. Despite this, NNPC said it remitted a cumulative ₦2.88 trillion to the Federation in statutory payments between January and March 2026.

Downstream performance remained a concern. Petrol availability at NNPC Retail stations stood at 56% nationwide in March, indicating that supply and distribution challenges persist despite the upstream recovery.