ADNOC Gas, affiliated to Abu Dhabi National Oil Company (ADNOC), reported net profit of $665 million for the second quarter (Q2) of 2026, exceeding its guidance range of $400 million-$600 million despite disruptions to maritime movements through the Strait of Hormuz.
However, net income fell 52% year-on-year (YoY) from $1.39 billion in Q2 2025. Reuters reported that the decline came as the closure of the Strait of Hormuz disrupted the company’s operations following US and Israeli attacks on Iran.
“ADNOC Gas delivered resilient Q2 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,” said Fatema Al Nuaimi, CEO of ADNOC Gas.
ADNOC Gas faced damages and temporary suspension of operations to its Habshan facility in April after falling shrapnel from intercepted Iranian drone and missile attacks to Iranian missile attacks.
The Company has concluded its technical assessment of the impact from these incidents and noted that recovery has progressed ahead of schedule.
Gas supply has been restored to 85%, exceeding the year-end recovery target set in May, ADNOC Gas said on August 10.
In other contexts, the company plans to inject about $28 billion between 2026 and 2030 to support its gas growth strategy.
During Q2, the company took Final Investment Decisions (FIDs) on Phases 2 and 3 of the Rich Gas Development (RGD) Project and awarded a combined $8.2 billion in engineering, procurement and construction (EPC) contracts to China’s Wison Engineering and Italy’s Tecnimont.
Phase 2, to be delivered by Wison Engineering, will add a new natural gas processing train at the Habshan facility, expanding ADNOC Gas’ natural gas processing capacity.
Phase 3, to be delivered by Tecnimont, will add a new natural gas liquids (NGL) fractionation train at Ruwais liquid natural gas (LNG) facility that also faced disruptions during the war. The phase, according to ADNOC Gas, would increase the recovery of higher-value liquids from rich natural gas for export.
The new awards, combined with the $5 billion committed to Phase 1, bring total investment in the RGD project to $13.2 billion.
“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,” said Al Nuaimi.
The company has set a previous target to achieve a 40% increase in earnings before interest, taxes, depreciation and amortization (EBITDA) between 2023 and 2029.
ADNOC Gas is also advancing the Ruwais LNG megaproject, alongside the Maximizing Ethane Recovery and Monetization (MERAM) and Estidama developments.
Together with the RGD project, the four megaprojects are expected to generate $13.4 billion in In-Country Value (ICV), supporting the UAE’s industrial growth and economic diversification goals.
Looking ahead, the company expects net income of $600 million-$800 million in Q3 of 2026, assuming continued disruption to maritime routes through the Strait of Hormuz.
If maritime operations are fully restored by Q4 2026 and pricing realizations normalize, ADNOC Gas expects full-year 2026 net income of $3.5 billion-$4 billion.
ADNOC Gas’ Board approved a $940 million quarterly dividend, payable in September 2026, reaffirming its commitment to annual dividend growth of 5% through 2030.
