Company plans $28 billion investment through 2030 after Q2 profit exceeds guidance.
Dubai: ADNOC Gas reported second-quarter net income of $665 million, exceeding its guidance despite operational and shipping disruptions. The company also approved a $940 million quarterly dividend and raised its earnings growth target through 2030.
The Abu Dhabi-listed company said second-quarter net income exceeded its previously guided range of $400 million to $600 million, supported by resilient margins in its domestic gas business despite a challenging operating environment.
Its board approved a $940 million quarterly dividend, payable in September, while reaffirming its plan to increase annual dividend payouts by 5% through 2030. The company expects third-quarter net income of $600 million to $800 million, assuming disruptions to maritime routes through the Strait of Hormuz persist.
Full-year net income is expected to reach between $3.5 billion and $4 billion if maritime operations are fully restored by the fourth quarter and pricing realisations return to normal.
$28 billion investment plan through 2030
ADNOC Gas has raised its 2030 EBITDA growth target to 60% from 2023 levels, up from its previous target of more than 40% growth between 2023 and 2029.
The revised target assumes a Brent crude oil price of $70 per barrel and will be supported by approximately $28 billion in planned investments between 2026 and 2030.
“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. These strategic investments will significantly expand our natural gas processing and export capacity, unlock lasting value for our shareholders, and position ADNOC Gas at the heart of the UAE’s energy future.”
Fatema Al Nuaimi, CEO of ADNOC Gas
ADNOC Gas has taken final investment decisions on Phases 2 and 3 of its Rich Gas Development project and awarded engineering, procurement and construction contracts worth a combined $8.2 billion.
Wison Engineering secured a $3.9 billion contract for Phase 2, while Tecnimont won a $4.3 billion contract for Phase 3.
Including the $5 billion already committed to Phase 1, total investment in the Rich Gas Development project has now reached $13.2 billion.
More processing capacity at Habshan and Ruwais
Phase 2 will add a new natural gas processing train at the Habshan facility, increasing processing capacity and supporting the UAE’s downstream and petrochemical industries.
Phase 3 will add a new natural gas liquids fractionation train at Ruwais, boosting the recovery of higher-value liquids from rich natural gas for export.
The broader growth programme also includes Ruwais LNG, the Maximizing Ethane Recovery and Monetization (MERAM) project, and Estidama.
Together, the four megaprojects are expected to generate $13.4 billion in In-Country Value. MERAM is scheduled for completion in 2027, while Ruwais LNG and Estidama are progressing as planned.
Habshan gas supply restored to 85%
ADNOC Gas said recovery at its Habshan complex is progressing ahead of schedule following security-related incidents on April 3 and April 8.
Gas supply has now been restored to 85%, surpassing the year-end target the company set in May.
Al Nuaimi said ADNOC Gas delivered resilient second-quarter net income above its guided range despite a challenging operating environment, reflecting the strength of its business, disciplined execution and continued progress on its long-term strategy.
Maritime disruptions through the Strait of Hormuz also affected product liftings during the second quarter. ADNOC Gas used inventory, logistics and supply-chain measures to manage temporary constraints and maintain customer commitments where possible.
The company is also expanding its use of artificial intelligence and robotics across its operations, deploying drones, four-legged inspection robots and tank-climbing crawlers.
ADNOC Gas said the technologies could cut inspection costs by up to 75% and complete some inspections up to 15 times faster, while reducing the need for personnel to enter hazardous environments.
