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ADNOC Gas expects full-year profit to reach between $3.5 billion and $4 billion, with the final result likely to depend on whether shipping disruptions through the Strait of Hormuz ease. The Abu Dhabi-listed gas producer issued the outlook after reporting second-quarter net income of $665 million.
The Q2 result exceeded ADNOC Gas’ guidance of $400 million to $600 million, supported by resilient margins in its domestic gas business and solid operational performance despite challenging market conditions.
ADNOC Gas also announced final investment decisions and engineering, procurement and construction contracts for Phases 2 and 3 of its Rich Gas Development project. The contracts are valued at a combined $8.2 billion, with Wison Engineering receiving the $3.9 billion Phase 2 contract and Tecnimont securing the $4.3 billion Phase 3 award.
Phase 2 will introduce a new natural gas processing train at Habshan, while Phase 3 will add a natural gas liquids fractionation train at Ruwais. Including the $5 billion committed to Phase 1 in June 2025, total investment in the Rich Gas Development project has reached $13.2 billion.
ADNOC Gas has raised its growth ambitions and is now targeting 60% EBITDA growth by 2030, compared with its previous target of more than 40% growth between 2023 and 2029. The company plans to invest approximately $28 billion from 2026 through 2030 across four major projects: Ruwais LNG, MERAM, Rich Gas Development and Estidama.
The company is also expanding the use of artificial intelligence, drones and robotic inspection technology. ADNOC Gas says these technologies could reduce inspection costs by up to 75% and make some inspections 15 times faster.
Meanwhile, the board approved a $940 million quarterly dividend payable in September 2026, supporting its target of 5% annual dividend growth through 2030.
Following security-related incidents at Habshan in April, gas supply has recovered to 85%. For the third quarter, ADNOC Gas forecasts net income of $600 million to $800 million, assuming Strait of Hormuz shipping disruptions continue.
