ADNOC Gas lifts profit outlook after beating earnings forecast
The company was able to ride soaring LNG prices to third-quarter net income of $1.3 billion, double its forecast.
ADNOC Gas has boosted its full-year profit forecast by a minimum of 14% following a stellar third-quarter earnings report that exceeded expectations. The company's CEO, Fatema Al Nuaimi, expressed a positive outlook on a looming glut of LNG in the global market, viewing it as an opportunity rather than a threat. Although overall Gulf LNG exports have rebounded, reaching their highest level since the start of the US-Iran war, ADNOC Gas' exports remain slightly below pre-conflict levels.
Despite this, the company managed to double its third-quarter net income to $1.3 billion, surpassing its own forecast.
ADNOC Gas is now considering whether to invest in new infrastructure to circumvent the Strait of Hormuz, including a potential new export terminal in Fujairah, according to Al Nuaimi. While global LNG supplies are currently tighter than they have been in years, some analysts predict a surplus by the early 2030s as numerous new terminals are set to begin operations.
Al Nuaimi dismissed concerns of a glut, instead labeling it as "market creation." She believes this surplus will create more opportunities for consumers to become entangled in the LNG value chain.
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