The Nigerian National Petroleum Company recorded a profit after tax of 535 billion naira in June, up 16 percent from 462 billion naira in May, with cumulative statutory payments to the federation rising to 6.286 trillion naira for the first half of the year, according to the company’s latest monthly report.

The report showed total revenue rose from 4.335 trillion naira in May to 4.389 trillion naira in June, while remittances jumped by 1.428 trillion naira month on month. Crude oil and condensate production held steady at about 1.72 million barrels per day, while natural gas production edged up to 7,841 million standard cubic feet daily. Petrol availability across the company’s retail stations declined to 53 percent in June from 57 percent in May, while the OB3 gas pipeline project advanced to 98 percent completion, with first gas targeted for August 2026, and the Ajaokuta-Kaduna-Kano gas pipeline remained at 94 percent completion.

Separately, Seplat Energy Plc reported a 498 percent year on year jump in first half profit after tax to 164 million dollars, driven by stronger crude prices and improved production, and announced an agreement to sell a 10 percent interest in its joint venture with the national oil company for 281.6 million dollars, a deal expected to significantly boost shareholder returns, with total planned 2026 dividends projected to rise 173 percent to about 410 million dollars. The company reported a 30 percent revenue increase to 1.82 billion dollars and declared its highest ever quarterly dividend of 12 cents per share, while average production rose 4 percent to nearly 139,500 barrels of oil equivalent per day, supported by strong output from its West, East and Elcrest assets. Net debt fell 45 percent to 370.7 million dollars after the company repaid 200 million dollars under its advance payment facility.

Outgoing Chief Executive Roger Brown said the company enters the second half of the year from a position of considerable strength, crediting higher commodity prices for enabling both debt reduction and stronger shareholder returns, and expressed confidence in incoming chief executive Effiong Okon’s ability to lead the company’s next phase of growth.