ADNOC Gas reports $665M Q2 profit and awards $8.2B in expansion contracts
ADNOC Gas reported a second-quarter net income of $665 million, exceeding its guidance range of $400 million to $600 million. Despite this, the company saw a 52% decline in profit compared to the previous year, a drop attributed to regional conflict and disruptions in the Strait of Hormuz following attacks on energy infrastructure and tankers.
To mitigate these challenges and drive long-term growth, the company has taken Final Investment Decisions on Phases 2 and 3 of its Rich Gas Development (RGD) project. It awarded $8.2 billion in engineering, procurement, and construction (EPC) contracts, with $3.9 billion going to Wison Engineering for Phase 2 and $4.3 billion to Tecnimont for Phase 3. These projects aim to expand natural gas processing and liquid export capacity.
ADNOC Gas has raised its targeted EBITDA growth to 60% by 2030, up from a previous target of 40%. To support this expansion, the company expects to invest approximately $28 billion between 2026 and 2030. Additionally, the company reported that gas supply at its Habshan facility has been restored to 85% following an incident in April, ahead of previous recovery estimates. The company also approved a quarterly dividend of $940 million.
Entities
ADNOC Gas · Fatema Al Nuaimi · Habshan · Mont Belvieu · Northern Oil and Gas · Permian Basin · Strait of Hormuz · Targa Resources · Tecnimont · Texas Pacific Land · Transportadora De Gas Sa Ord B · United Arab Emirates
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 7 SOURCES] ADNOC Gas awarded $8.2 billion in EPC contracts for Phases 2 and 3 of its Rich Gas Development project. bahrainbulletin.com · energynews.pro · www.bairdmaritime.com · www.worldenergynews.com · bizrapidx.com · +2 more
- [● 4 SOURCES] The company's second-quarter profit fell by 52% compared to the previous year. www.bairdmaritime.com · www.insider.gr · www.memesita.com · www.worldenergynews.com
- [● 7 SOURCES] ADNOC Gas expects to invest approximately $28 billion between 2026 and 2030. bahrainbulletin.com · www.bairdmaritime.com · www.memesita.com · www.worldenergynews.com · bizrapidx.com · +2 more
- [● 4 SOURCES] The company approved a quarterly dividend of $940 million. bahrainbulletin.com · bizrapidx.com · www.emirates247.com · www.khaleejtimes.com
- [○ 1 SOURCE] The Habshan facility gas supply has been restored to 85% following an April attack. www.khaleejtimes.com
- [● 2 SOURCES] Regional conflict and the closure of the Strait of Hormuz impacted sales. www.bairdmaritime.com · www.worldenergynews.com
- [● 8 SOURCES] ADNOC Gas reported a second-quarter net income of $665 million. bahrainbulletin.com · onlinemediacafe.com · energynews.pro · www.bairdmaritime.com · www.worldenergynews.com · +3 more
- [● 5 SOURCES] The company raised its targeted EBITDA growth to 60% by 2030 versus 2023. bahrainbulletin.com · energynews.pro · www.memesita.com · www.emirates247.com · www.khaleejtimes.com