Nigeria’s three largest listed upstream and integrated oil companies have generated a combined revenue of N7.05 trillion during the first half of 2026.
The surge in earnings follows a significant rally in global crude oil prices, which was triggered by the US-Israel military campaign against Iran. This geopolitical tension pushed oil prices higher, translating into one of the strongest earnings seasons the Nigerian energy sector has witnessed in years.
According to report data from Nairametrics, the revenue spike is a direct consequence of the crude price rally that fueled the first half of the year.
The financial performance of these three major firms underscores the sensitivity of Nigeria’s listed oil assets to global geopolitical shocks and price volatility in the international crude market.
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