ADNOC Gas Posts $665 Million Q2 Profit and Approves $8.2 Billion Gas Expansion
Charles KennedyMon, August 10, 2026 at 9:25 AM GMT+3 3 min read
ADNOC Gas reported net income of $665 million for the second quarter of 2026, exceeding its previously stated guidance range despite disruptions to operations and product shipments during the period.
The Abu Dhabi-listed gas processor also took final investment decisions on the second and third phases of its Rich Gas Development project, awarding engineering, procurement and construction contracts worth a combined $8.2 billion.
The investments form part of a broader expansion program that ADNOC Gas now expects will increase EBITDA by around 60% by 2030 compared with 2023 levels. The company had previously targeted growth of more than 40% between 2023 and 2029.
ADNOC Gas said it expects to invest about $28 billion between 2026 and 2030 to support the revised target.
Under the latest Rich Gas Development awards, China's Wison Engineering received a $3.9 billion contract for Phase 2, which will add a natural gas processing train at the Habshan complex.
Italy's Tecnimont was awarded a $4.3 billion Phase 3 contract to build a new natural gas liquids fractionation train at Ruwais, increasing the company's capacity to recover higher-value liquids for export.
Including $5 billion committed to Phase 1 in June 2025, total investment in the Rich Gas Development project has reached $13.2 billion.
The expansion is designed to accommodate rising associated gas supplies as parent company ADNOC increases upstream production capacity. Additional volumes are also expected from developments including the Bab Gas Cap and Umm Shaif Gas Cap projects.
ADNOC Gas is simultaneously developing several other major projects, including Ruwais LNG, the Maximizing Ethane Recovery and Monetization project and the Estidama gas pipeline expansion.
Second-quarter results were affected by security-related incidents at the Habshan complex on April 3 and April 8 and by disruptions to maritime traffic through the Strait of Hormuz.
ADNOC Gas said gas supply from Habshan has already recovered to 85%, ahead of a year-end recovery target announced in May.
Disruption in the Strait of Hormuz continued to restrict product liftings during the second quarter, although the company said inventory and logistics measures helped mitigate the impact on customers.
For the third quarter, ADNOC Gas expects net income of between $600 million and $800 million, assuming disruptions to maritime routes continue.
The company expects full-year 2026 net income of between $3.5 billion and $4 billion if maritime operations are fully restored by the fourth quarter and product pricing normalizes.
ADNOC Gas' board also approved a quarterly dividend of $940 million, payable in September. The company has committed to increasing its annual dividend by 5% a year through 2030.
ADNOC Gas processes and sells natural gas, natural gas liquids and related products and supplies around 60% of the UAE's sales gas requirements, while also serving customers in more than 20 countries.
By Charles Kennedy for Oilprice.com
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