Business
NNPC reports N894.6bn revenue, records N141.96bn surplus
The Nigerian National Petroleum Company (NNPC) Limited has reported that its revenue for the month of June, 2021 stood at N894.64 billion, a 9.04 percent drop from the May figure.
Despite the drop however, the Corporation returned to trading surplus of N141.96 billion following trading deficits recorded in May.
This is according to a statement on Sunday by NNPC’s Group General Manager Group Public Affairs Division, Mr. Garba Deen Muhammad.
Muhammad explained that data was contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR).
The Corporation had reported a deficit of N37.46Billion in May 2021.
“A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review”, the Corporation said.
“In June 2021, NNPC Group operating revenue as compared to May 2021, decreased by 9.07 percent or N89.27 billion to stand at N894.64 billion. Similarly, expenditure for the month decreased by 29.32 percent or N299.44 billion to stand at N721.93 billion.
“Thus, in the period under review, expenditure as a proportion of revenue was 0.81 percent, compared to the figure in May which stood at 1.04 percent.
“The report also noted that the increase in trading surplus was due mainly to the increased sales of crude oil and gas by the Nigerian Petroleum Development Company (NPDC), an Upstream subsidiary of the NNPC, and the increased gas sales and depreciation postings by the Nigerian Gas Company (NGC).
“The positive outlook was further bolstered by the performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC) which also added to the improved bottom line.
“Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review”.
NNPC also disclosed a total of 1.63 billion litres of Premium Motor Spirit (petrol) was distributed across the country, translating to 54.50mn litres/day were supplied in June 2021.
Also, the report indicated 47 pipeline points were vandalized representing 26.56 percent decrease from the 64 points recorded in May 2021. Port Harcourt Area accounted for 43 percent, while Mosimi and Kaduna Areas accounted for 51 percent and 6 percent respectively of the vandalized points.
“In the gas sector, a total of 223.77billion cubic feet (bcf) of natural gas was produced in the month of June 2021 translating to an average daily production of 7,459.88million standard cubic feet per day (mmscfd).
“For the period of June 2020 to June 2021, a total of 2,890.11bcf of gas was produced representing an average daily production of 7,321.36mmscfd during the period.
“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84%, 20.26% and 19.90% respectively to the total national gas production”, it added
