Adnoc Gas Beats Profit Guidance Amid Regional Tensions

Adnoc Gas, the state-owned affiliate of Abu Dhabi National Oil Company (Adnoc), has exceeded its net profit guidance for the second quarter of 2026. The company's total comprehensive income reached $664.65 million, beating its forecasted range of $400 million to $600 million.

The improved performance was largely due to the swift recovery of Habshan Complex processing capability after it suffered damage in April. The facility, one of the largest gas processing facilities globally, had initially projected that 80% of its capacity would be restored by year-end. However, Adnoc Gas accelerated the recovery process and achieved 85% of its capacity back online sooner than expected.

Despite facing exceptional external disruptions during the quarter, including Iranian strikes on UAE energy infrastructure and attacks on vessels in the Strait of Hormuz, Adnoc Gas was able to sustain its revenue stream through domestic gas consumption. The company's revenue dropped more than 33% to $3.11 billion from $4.65 billion a year earlier.

Chief Executive Fatema Al Nuaimi described this as 'a pivotal moment' in the company's expansion plans, highlighting the final investment decisions and engineering, procurement, and construction contracts awarded for Phases 2 and 3 of its Rich Gas Development project. The $8.2 billion allocation for EPC contracts is expected to boost natural gas processing and export capacity.