ADNOC Gas Posts $665 Million Q2 Profit and Approves $8.2 Billion Gas Expansion

ADNOC Gas reported nett income of $665 cardinal for the 2nd 4th of 2026, exceeding its antecedently stated guidance scope contempt disruptions to operations and merchandise shipments during the period.

The Abu Dhabi-listed state processor besides took last concern decisions connected the 2nd and 3rd phases of its Rich Gas Development project, awarding engineering, procurement and operation contracts worthy a combined $8.2 billion.

The investments signifier portion of a broader enlargement programme that ADNOC Gas present expects volition summation EBITDA by astir 60% by 2030 compared with 2023 levels. The institution had antecedently targeted maturation of much than 40% betwixt 2023 and 2029.

ADNOC Gas said it expects to put astir $28 cardinal betwixt 2026 and 2030 to enactment the revised target.

Under the latest Rich Gas Development awards, China's Wison Engineering received a $3.9 cardinal declaration for Phase 2, which volition adhd a earthy state processing bid astatine the Habshan complex.

Italy's Tecnimont was awarded a $4.3 cardinal Phase 3 declaration to physique a caller earthy state liquids fractionation bid astatine Ruwais, expanding the company's capableness to retrieve higher-value liquids for export.

Including $5 cardinal committed to Phase 1 successful June 2025, full concern successful the Rich Gas Development task has reached $13.2 billion.

The enlargement is designed to accommodate rising associated state supplies arsenic genitor institution ADNOC increases upstream accumulation capacity. Additional volumes are besides expected from developments including the Bab Gas Cap and Umm Shaif Gas Cap projects.

ADNOC Gas is simultaneously processing respective different large projects, including Ruwais LNG, the Maximizing Ethane Recovery and Monetization task and the Estidama state pipeline expansion.

Second-quarter results were affected by security-related incidents astatine the Habshan analyzable connected April 3 and April 8 and by disruptions to maritime postulation done the Strait of Hormuz.

ADNOC Gas said state proviso from Habshan has already recovered to 85%, up of a year-end betterment people announced successful May.

Disruption successful the Strait of Hormuz continued to restrict merchandise liftings during the 2nd quarter, though the institution said inventory and logistics measures helped mitigate the interaction connected customers.

For the 3rd quarter, ADNOC Gas expects nett income of betwixt $600 cardinal and $800 million, assuming disruptions to maritime routes continue.

The institution expects full-year 2026 nett income of betwixt $3.5 cardinal and $4 cardinal if maritime operations are afloat restored by the 4th fourth and merchandise pricing normalizes.