Dubai, UAE — ADNOC Gas reported second-quarter net income of $665 million (AED2.44 billion), above its guidance range of $400 million to $600 million, despite a challenging operating environment and disruptions during the period.
The company also raised its target for EBITDA growth to 60 percent by 2030, compared with 2023, up from its previous target of more than 40 percent between 2023 and 2029.
ADNOC Gas expects to invest approximately $28 billion between 2026 and 2030 to deliver the upgraded growth ambition.
Fatema Al Nuaimi, CEO of ADNOC Gas, said the company was accelerating one of the world’s largest gas-processing growth programmes while expanding natural gas processing and export capacity.
$8.2 billion in new contracts
ADNOC Gas took final investment decisions and awarded $8.2 billion in engineering, procurement and construction contracts for Phases 2 and 3 of its Rich Gas Development (RGD) project.
Wison Engineering was awarded the $3.9 billion Phase 2 contract, while Tecnimont received the $4.3 billion Phase 3 contract.
Phase 2 will add a new natural gas processing train at the Habshan facility, increasing processing capacity and supporting the UAE’s downstream and petrochemical sectors.
Phase 3 will add a new natural gas liquids fractionation train at Ruwais, increasing the recovery of higher-value liquids from rich natural gas for export.
Together with the $5 billion committed to Phase 1 in June 2025, the new awards bring total RGD investment to $13.2 billion.
Gas growth programme expands
ADNOC Gas is advancing four major projects — Ruwais LNG, Maximising Ethane Recovery and Monetisation, RGD and Estidama — which are expected to generate $13.4 billion in In-Country Value.
MERAM is expected to be delivered in 2027, while Ruwais LNG and Estidama are progressing as planned.
The company’s growth programme is also supported by ADNOC investments in the gas value chain, including the Bab Gas Cap and Umm Shaif Gas Cap developments.
ADNOC Gas is also expanding its use of artificial intelligence and robotics across its assets, with inspection technologies potentially cutting costs by up to 75 percent and reducing inspection times for certain activities by up to 15 times.
Hormuz disruption weighs on operations
The company said maritime disruptions through the Strait of Hormuz affected product liftings during the second quarter.
ADNOC Gas used inventory, logistics and supply-chain measures to mitigate the impact and fulfil customer commitments wherever possible.
The company also responded to security-related incidents at its Habshan site on April 3 and 8. Gas supply has since been restored to 85 percent, ahead of the year-end target set in May.
Dividend maintained
The board approved a quarterly dividend of $940 million, payable in September, in line with the company’s commitment to annual dividend growth of 5 percent through 2030.
ADNOC Gas said it remains the largest dividend payer on the Abu Dhabi Securities Exchange.
For the third quarter, the company expects net income of $600 million to $800 million, assuming maritime routes through the Strait of Hormuz remain disrupted.
If maritime operations are fully restored by the fourth quarter and pricing realisations normalise, ADNOC Gas expects full-year 2026 net income of $3.5 billion to $4 billion.
