ADNOC Gas Q2 Net Profit Down 52% to US$665 Million, Beats Guidance; Plans US$28 Billion Investment by 2030

ADNOC Gas, the UAE gas producer, reported second-quarter 2026 net profit of US$665 million, down 52% from US$1.39 billion in the same period of 2025, but still above its guidance range of US$400 million to US$600 million. The decline was driven by lower sales after the Strait of Hormuz was closed following the outbreak of the US-Iran conflict; the strait had carried about one-fifth of global oil and liquefied natural gas shipments before the closure.

Despite the challenging operating environment, ADNOC Gas continues to advance capacity expansion and hydrocarbon sales growth, with plans to invest US$28 billion by 2030.

The company processes and sells natural gas, natural gas condensate and related products, supplying about 60% of the UAE's commercial gas demand, with customers in more than 20 countries. It has taken a final investment decision on the second and third phases of the Rich Gas Development Project and awarded engineering, procurement and construction (EPC) contracts worth US$8.2 billion. Combined with the US$5 billion committed for phase one in June 2025, total project investment has reached US$13.2 billion.

The company is also advancing other major projects, including a new domestic gas processing unit at Habshan, the country's largest gas processing facility, and a new gas export facility at Ruwais. Chief Financial Officer Peter Van Driel said the company is considering building a new gas export facility on the UAE's east coast to reduce reliance on the Strait of Hormuz shipping route, though the plan is still under evaluation and no final decision has been made.