ADNOC Gas raised its 2026 net income outlook to at least $4 billion after a strong third-quarter rebound, while its board approved a $940 million dividend, Gulf News reported.
Net income reached $1.34 billion, up 101% from $665 million in the second quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 70% quarter over quarter to $2.03 billion. Gulf News reported that sales of domestic gas within the United Arab Emirates increased 20% from the prior quarter. EBITDA from international product sales climbed 106%, while sulfur EBITDA rose 249%.
The board approved a quarterly payout 5% above the year-earlier amount, with shareholders due to receive it in December. Cash generated from operations totaled $3.82 billion during the first nine months, about 1.3 times the $2.82 billion in dividends paid so far this year, Gulf News reported. ADNOC Gas has also set a target of 5% annual dividend growth through 2030.
The company’s expansion program is expected to require about $28 billion from 2026 through 2030. Four projects — Rich Gas Development, Ruwais LNG, Maximizing Ethane Recovery and Monetization, and Estidama — anchor the program. Gulf News reported that ADNOC Gas aims to grow EBITDA by 60% by 2030 compared with 2023, based on an assumed Brent crude price of $70 per barrel. The projects are expected to generate $13.4 billion in In-Country Value, the report said.
Gulf News said regional sea-lane conditions remain a factor in the outlook after shipping disruptions through the Strait of Hormuz made operations difficult. ADNOC Gas managed inventory, logistics and supply-chain operations ahead of the disruption and worked with customers, contractors and partners to limit its effects, the report said.
Restoration at the Habshan complex is progressing, with a return to full capacity expected by the second quarter of 2027, according to Gulf News.
