ADNOC Gas posts resilient second-quarter earnings, approves $8.2b gas project
ADNOC Gas has reported a net income of $665 million for the second quarter of 2026, exceeding its guidance range of $400 million to $600 million despite exceptional external disruption during the period. At the same time, it achieved a significant milestone in executing its long-term growth strategy by taking Final Investment Decisions (FIDs) and awarding $8.2 billion in engineering, procurement, and construction (EPC) contracts for the next phases of its Rich Gas Development (RGD) project.
The latest investment decisions increase the company's targeted EBITDA growth to 60% by 2030 compared with 2023 levels. As part of this growth, ADNOC Gas said it aims to invest around $28 billion between 2026 and 2030.
Fatema Al Nuaimi, CEO of ADNOC Gas, said, “With the final investment decision and contract awards for the Rich Gas Development Project, we are not only accelerating one of the world's largest gas-processing growth programmes – we are raising our ambition, targeting 60% EBITDA growth by 2030.”
Al Nuaimi added that these investments will safeguard the UAE’s energy security, while powering its industrial growth and meeting the rising global energy demand.
EPC contracts for Phase 2 and 3
As part of its growth strategy, ADNOC Gas said it awarded a $3.9 billion EPC contract to Wison Engineering for Phase 2 of the project and a $4.3 billion contract to Tecnimont for Phase 3. The contracts build on Phase 1, announced in June 2025, which focused on expanding processing capacity and improving efficiency across existing assets.
Phase 2 will add a new natural gas processing train at the Habshan facility, increasing processing capacity and supporting the UAE's downstream and petrochemical sectors. Phase 3 will add a new natural gas liquids fractionation train at Ruwais, enabling greater recovery of higher-value liquids from rich gas streams for export. With an additional $5 billion already committed to Phase 1, total investment in the RGD programme now stands at $13.2 billion.
Investing in megaprojects
ADNOC Gas is also investing in the Ruwais LNG megaproject, alongside the Maximising Ethane Recovery and Monetisation (MERAM) and Estidama developments. Together with the RGD programme, the four projects are expected to generate $13.4 billion in In-Country Value (ICV), supporting the UAE's industrial growth and economic diversification goals.
Apart from this, ADNOC Gas is increasing the use of AI and robotics across its operations. Technologies including drones, four-legged inspection robots, and tank-climbing crawlers are being deployed to improve safety and efficiency. The company said some inspections can be completed up to 15 times faster while reducing costs by as much as 75%.
ADNOC Gas also reported that recovery efforts at the Habshan complex following security-related incidents in April are progressing ahead of schedule, with gas supply restored to 85%, surpassing the year-end target announced in May.
Supported by strong operating cash flow, the board approved a quarterly dividend of $940 million payable in September 2026, reaffirming its commitment to annual dividend growth of 5% through 2030. ADNOC Gas expects third-quarter net income of between $600 million and $800 million and forecasts full-year 2026 net income of $3.5 billion to $4 billion if maritime operations and pricing conditions normalise in the final quarter.
