ADNOC Gas reported second-quarter 2026 net income of $665 million, exceeding its previously issued guidance range of $400 million to $600 million despite operational and maritime disruptions during the period.
The company also reached final investment decisions for Phases 2 and 3 of its Rich Gas Development project and awarded $8.2 billion of engineering, procurement and construction contracts.
Combined with $5 billion previously committed to Phase 1, total investment in the Rich Gas Development project has reached $13.2 billion.
ADNOC Gas said the project is a major component of its long-term growth strategy and has led the company to increase its EBITDA growth target to approximately 60% by 2030 compared with 2023.
That represents an increase from its previous target of more than 40% EBITDA growth between 2023 and 2029.
The company now expects to invest approximately $28 billion between 2026 and 2030 to support its expanded growth plans.
For Phase 2 of the Rich Gas Development project, ADNOC Gas awarded a $3.9 billion contract to Wison Engineering.
The project will add a new natural gas processing train at the Habshan facility, increasing processing capacity and operational flexibility while providing additional gas for the UAE’s downstream and petrochemical sectors.
Tecnimont received a $4.3 billion contract for Phase 3.
That phase will add a new natural gas liquids fractionation train at Ruwais, increasing the company’s ability to recover higher-value liquids from rich natural gas for export.
Phase 1, announced in June 2025, is already expanding processing units across multiple gas assets to increase throughput and improve efficiency.
The Rich Gas Development project is one of four megaprojects comprising ADNOC Gas’ broader expansion program, alongside Ruwais LNG, Maximizing Ethane Recovery and Monetization, or MERAM, and Estidama.
The four projects are expected to generate approximately $13.4 billion in In-Country Value for the UAE.
MERAM is expected to be delivered in 2027, while Ruwais LNG and Estidama are advancing according to plan.
The growth program is also supported by ADNOC’s broader investments in projects including Bab Gas Cap and Umm Shaif Gas Cap, which are expected to provide additional natural gas and associated liquids to ADNOC Gas’ processing and export operations.
ADNOC Gas is simultaneously expanding the use of AI, robotics and autonomous technologies across its assets.
The company is deploying technologies including aerial drones, four-legged inspection robots and tank-climbing crawlers.
ADNOC Gas said these systems could reduce inspection costs by as much as 75%, complete certain inspections up to 15 times faster and remove workers from potentially hazardous environments.
The company’s second-quarter performance was supported by resilient margins in its domestic gas business.
ADNOC Gas also continued recovering operations at its Habshan complex following security-related incidents on April 3 and April 8.
The company said gas supply at Habshan has already been restored to approximately 85%, exceeding a year-end recovery target previously established in May.
ADNOC Gas also faced disruptions to product shipments caused by continued constraints on maritime traffic through the Strait of Hormuz during the second quarter.
The company said it used inventory, logistics and supply-chain measures to manage temporary constraints and meet customer commitments where possible.
For the third quarter, ADNOC Gas expects net income between $600 million and $800 million, assuming maritime disruption through the Strait of Hormuz continues.
If maritime operations are fully restored by the fourth quarter and pricing realizations normalize, the company expects full-year 2026 net income between $3.5 billion and $4 billion.
The board also approved a quarterly dividend of $940 million, payable in September 2026.
ADNOC Gas reaffirmed its policy of increasing its annual dividend by 5% through 2030 and said it remains the largest dividend payer on the Abu Dhabi Securities Exchange.
ADNOC Gas supplies approximately 60% of the UAE’s sales gas requirements and serves customers in more than 20 countries.
KEY QUOTES:
“This is a defining moment for ADNOC Gas. With the final investment decision and contract awards for the Rich Gas Development Project, we are not only accelerating one of the world’s largest gas-processing growth programs, we are raising our ambition, targeting 60% EBITDA growth by 2030.”
“These strategic investments will significantly expand our natural gas processing and export capacity, unlock lasting value for our shareholders, and position ADNOC Gas at the heart of the UAE’s energy future.”
Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas
“At the same time, ADNOC Gas delivered resilient second-quarter net income above our guided range, despite a challenging operating environment, reflecting the strength of our business, the discipline of our execution, and the continued delivery of our long-term strategy.”
Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas
