ADNOC Gas beats Q2 profit guidance, approves $940m dividend and lifts 2030 growth target

Dubai-based ADNOC Gas reported a second-quarter net income of $665 million, surpassing its initial guidance range of $400 million to $600 million. This positive performance came despite operational and shipping disruptions. The company approved a $940 million quarterly dividend, payable in September, and lifted its 2030 earnings growth target to 60% EBITDA growth, up from its previous target of over 40% growth between 2023 and 2029.

This ambitious growth plan assumes a Brent crude oil price of $70 per barrel and is supported by approximately $28 billion in planned investments between 2026 and 2030. ADNOC Gas has finalized investment decisions on Phases 2 and 3 of its Rich Gas Development project, awarding engineering, procurement, and construction contracts totaling $8.2 billion.

These investments will significantly expand the company's natural gas processing and export capacity, positioning ADNOC Gas as a key player in the UAE's energy future. The Rich Gas Development project includes Phase 1, with a $5 billion commitment, Phase 2, adding a new natural gas processing train at the Habshan facility, and Phase 3, introducing a new natural gas liquids fractionation train at Ruwais.

Additionally, ADNOC Gas warned that maritime disruption through the Strait of Hormuz may impact Q2 earnings, but the company remains committed to restoring Habshan gas supply to 85%, exceeding its May-set year-end target.