ADNOC Gas reports net income of $665m in Q2 2026

ADNOC Gas reports net income of $665m in Q2 2026

Salong Debbarma

Mon, August 10, 2026 at 4:46 PM GMT+3 2 min read

• ADNOCGAS.AB
• NG=F +4.88%

ADNOC Gas, a subsidiary of ADNOC, has reported a net income of $665m for the second quarter (Q2) of 2026, outpacing its earlier guidance of $400m–600m, amid what it described as exceptional external disruption.

The company cited strong domestic gas demand and resilient operating margins as contributing factors to its performance.

During the quarter, ADNOC Gas approved final investment decisions (FIDs) for Phases 2 and 3 of its Rich Gas Development (RGD) project and awarded related engineering, procurement and construction (EPC) contracts worth a combined $8.2bn.

Wison Engineering will undertake Phase 2 for $3.9bn, adding a new processing train at the Habshan facility, while Tecnimont secured the $4.3bn contract for Phase 3 to install a natural gas liquids fractionation train at Ruwais.

Including the earlier $5bn commitment to Phase 1, brought forward in June 2025, total investment in the RGD project has now risen to $13.2bn.

The company has set a target to achieve 60% EBITDA growth by 2030 compared with 2023, increasing an earlier projection of more than 40% growth by 2029.

ADNOC Gas expects to invest about $28bn between 2026 and 2030 to reach these objectives.

ADNOC Gas CEO Fatema Al Nuaimi said: "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."

ADNOC Gas also highlighted its response to security incidents at the Habshan site in April.

The company restored 85% of gas supply, exceeding its year-end target. It noted the swift completion of a technical assessment and prioritised safety and minimal disruption to customers.

The Board approved a quarterly dividend of $940m, to be paid in September 2026, and reaffirmed a policy of annual dividend growth of 5% through to 2030. ADNOC Gas claims to be the largest dividend payer on the Abu Dhabi Securities Exchange.

The company's four major gas projects, Ruwais LNG, Maximising Ethane Recovery and Monetisation (MERAM), RGD, and Estidama, are projected to generate $13.4bn in in-country value, with MERAM expected to be delivered in 2027.

ADNOC Gas indicated that disruption to maritime movements through the Strait of Hormuz constrained some product liftings in Q2. It reported efforts to manage these effects through inventory and supply chain measures.

For the third quarter of 2026, the company forecasts net income of $600m–$800m, assuming maritime disruptions continue.

ADNOC Gas stated that should operations normalise in the fourth quarter and realisations recover, full-year net income for 2026 could amount to $3.5bn to $4bn.

The company continues to scale the use of AI and robotics across its operations, aiming to reduce inspection costs, speed up processes, and improve worker safety by further automating its facilities.

"ADNOC Gas reports net income of $665m in Q2 2026" was originally created and published by Offshore Technology, a GlobalData owned brand.