2025FY: Four Oil & Gas Coys Post 17.5% Revenue Decline on Cost of Sales

Kayode Tokede

On the back of huge finance cost, cost of sales Totalenergies Marketing Nigeria and three other Oil & Gas companies listed on the Nigerian Exchange Limited (NGX) recorded revenue loss in their 2025 financial year.

Analysis of their unaudited results for the year ended December 31, 2025, showed that they recorded N4.98 trillion revenue, about 17.5 per cent drop from N6.03 trillion reported in the same period in 2024.

The remaining three companies include: Aradel Holdings Plc, Conoil Plc and Oando Plc.

Out of the four OIl & gas companies, Aradel Holdings emerged as the only company with increase in profit.

The Nigerian oil and gas sector in 2025 was marked by significant progress and challenges. The government has introduced reforms to enhance the sector’s performance, aiming to increase oil production by one million barrels per day and diversify the energy mix.

With the Dangote Petroleum Refinery ramping production, reducing reliance on imported refined products, this led to price competition that affected specifically Conoil and Totalenergies Marketing Nigeria.

During the period under review, Totalenergies Marketing Nigeria posted N767.6 billion revenue, about 26 per cent drop from N1.9 trillion reported in 2024, while Conoil announced N301.72 billion revenue, a drop of 6.6 per cent from N323.13billion in 2024.

According to Totalenergies Marketing Nigeria, white products revenue relating to the sale of Premium Motor Spirit (PMS), Automotive Gasoline Oil (AGO) and Aviation Turbine Kerosene (ATK) stood at N529.49 billion in 2025, about 36 per cent drop from N830.5billion in 2024, while revenue from lubricants,among others  closed 2025 at N238.14 billion, a growth of 12.6 per cent from N211.43billion in 2024.

For Oando, the indigenous oil & gas company posted N3.2 trillion revenue in 2025,  down by 21.4 per cent from N4.09trillion declared in 2024.

Oando’s management stated that its  revenue declined reflected lower trading volumes following a deliberate rebalancing of the Trading Division’s portfolio amid structural changes in the domestic downstream market.

“This was partly offset by stronger upstream contributions, supported by higher production volumes following the consolidation of the NAOC JV interests,” the company explained.

However, Aradel Holdings declared a revenue of N697.3billion, an increase of nearly 20 per cent from N581.15billion declared in 2024.

The management of Aradel Holdings revealed that the growth in revenue was driven by sustained momentum across all business segments.  Revenue from crude oil exports stood at  N440.1 billion in 2025, about 18 per   cent increase  over N373.7 billion in 2024 and was supported by higher production volumes and reliable evacuation through both the TNP and ACE system.

Also, Aradel Holdings’ Crude sales rose to 4.1mmbbls in 2025 from 3.1mmbbls in 2024, accounting for 63 per cent of the total revenue despite decline in realised crude oil prices.  Refined products revenues closed 2025 at N210.8 billion, about 18 per cent increase over  N179.3 billion billion, representing 30 per cent of total revenue. Growth in refined products was driven by a 26 per cent rise in sales volume to 302.9 mmltrs in 2025 from 240.5 mmltrs in 2024.

In addition, Aradel Holdings’s Gas revenues stood at  N46.4 billion, representing an increase of 65 per cent from N28.2 billion, representing 7 per cent of total revenue, driven by higher production volumes despite a decline in realised gas prices to $1.52/mscf compared to   $1.66/mscf in 2024.

Totalenergies Marketing Nigeria reported a loss before  tax of N12.5 billion in 2025 as against N42.26 billion profit before tax reported in 2024.

Aradel Holdings saw its profit before  tax closed 2025 at N463.7 billion in 2025, representing an increase of 46 per cent  from N316.77 billion in 2024.