ADNOC Gas delivered a stronger-than-expected second-quarter performance on August 10, 2026, reporting net income of $665 million for the period — a result that exceeded the company's previously stated guidance range despite significant operational and logistical disruptions stemming from security incidents and tensions in the Strait of Hormuz. The Abu Dhabi-listed gas processor simultaneously announced it had taken final investment decisions on the second and third phases of its Rich Gas Development project, awarding engineering, procurement and construction contracts with a combined value of $8.2 billion. These commitments bring total investment in the Rich Gas Development program to $13.2 billion, following the $5 billion committed to Phase 1 in June 2025.
China's Wison Engineering secured a $3.9 billion contract for Phase 2, which will add a natural gas processing train at the Habshan complex. Italy's Tecnimont was awarded the $4.3 billion Phase 3 contract to construct a new natural gas liquids fractionation train at the Ruwais industrial hub, a facility designed to enhance the company's capacity to recover higher-value liquid products for export markets. The expansion program has been significantly upgraded in scope and ambition.
ADNOC Gas now expects the investments to increase EBITDA by approximately 60% by 2030 compared with 2023 levels, a substantial revision from its previous target of more than 40% growth between 2023 and 2029. To support this revised trajectory, the company said it plans to invest approximately $28 billion between 2026 and 2030. The growth program is designed to accommodate rising volumes of associated gas as parent company ADNOC expands its upstream production capacity.
Additional gas feedstock volumes are also expected from the Bab Gas Cap and Umm Shaif Gas Cap development projects. Beyond the Rich Gas Development phases, ADNOC Gas is concurrently advancing several other major initiatives, including Ruwais LNG, the Maximizing Ethane Recovery and Monetization project and the Estidama gas pipeline expansion. Second-quarter results were nonetheless shaped by two significant headwinds.
Security incidents at the Habshan complex on April 3 and April 8 disrupted gas processing operations, while restrictions to maritime traffic through the Strait of Hormuz constrained product liftings during the period. ADNOC Gas said inventory and logistics measures were deployed to limit the impact on customers. The company added that gas supply from Habshan has already recovered to 85% of capacity, ahead of a year-end recovery target set in May.
Looking ahead, ADNOC Gas issued guidance for third-quarter net income of between $600 million and $800 million, assuming that maritime route disruptions persist. For the full year 2026, the company projects net income of between $3.5 billion and $4 billion, contingent on a full restoration of maritime operations by the fourth quarter and a normalization of product pricing. In a further signal of financial confidence, ADNOC Gas' board approved a quarterly dividend of $940 million, payable in September.
The company has committed to raising its annual dividend by 5% per year through 2030. ADNOC Gas processes and sells natural gas, natural gas liquids and related products. The company supplies around 60% of the UAE's sales gas requirements and serves customers across more than 20 countries.
Source: OilPrice.com, reporting by Charles Kennedy, August 10, 2026. Company press release available at adnocgas.ae.
Source: oilprice.com