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ADNOC Gas delivered net income of $665 million in the second quarter of 2026, surpassing the upper end of the $400 million to $600 million guidance range the company had provided after the first quarter. The Abu Dhabi-based producer said the resilient performance reflected strong domestic gas demand and operational discipline despite disruptions from the closure of the Strait of Hormuz and security incidents at the Habshan facility. According to the company’s announcement on August 10, swift recovery efforts at Habshan have reached 85 percent capacity ahead of schedule.
The company took final investment decisions on phases two and three of its Rich Gas Development project, awarding $8.2 billion in engineering, procurement and construction contracts split between $3.9 billion for phase two and $4.3 billion for phase three. ADNOC Gas now targets 60 percent EBITDA growth by 2030 from these investments, which form part of a broader $28 billion capital commitment between 2026 and 2030 that will expand natural gas processing and export capacity. The moves build on the first phase of the project for which final investment decision was reached in 2025, according to earlier company statements.
ADNOC Gas approved a quarterly dividend of $940 million, consistent with its policy of 5 percent annual growth through 2030 that has established the company as the largest dividend payer on the Abu Dhabi Securities Exchange. The payout comes as the firm reported resilient margins in its domestic gas business even as external factors weighed on export-oriented operations. Board approval of the distribution underscores the strength of cash flows generated during the period.
Looking ahead, the company guided for third-quarter net income between $600 million and $800 million, with full-year 2026 net income expected in a range of $3.5 billion to $4 billion. The outlook assumes maritime operations normalize in the second half of the year and incorporates higher LNG and LPG prices aligned with current Brent forward curves. ADNOC Gas had reported first-quarter net income of $1.1 billion in its May announcement, providing a baseline for the half-year performance.
Chief Executive Officer Fatema Al Nuaimi described the latest developments as a defining moment for the business. “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 percent EBITDA growth by 2030,” Al Nuaimi said in the statement. She added that the investments will expand processing capacity, unlock shareholder value and support UAE energy security while meeting rising domestic and global demand.
Al Nuaimi also highlighted execution across other initiatives, including progress on the MERAM, Ruwais LNG and Estidama projects as well as the scaling of artificial intelligence and robotics applications. The company noted that its megaprojects have generated $13.4 billion in in-country value to date. These efforts align with ADNOC’s wider strategy to monetize Abu Dhabi’s hydrocarbon resources and advance national industrial growth objectives.
The announcement reiterated ADNOC Gas’s commitment to maintaining operational resilience amid regional challenges, with proactive logistics measures mitigating the impact of maritime disruptions. The company’s domestic gas business continued to demonstrate stable performance, contributing to overall results that exceeded expectations despite the external headwinds.
