(WO) – ADNOC Gas reported third-quarter net income of $1.34 billion, up 101% from $665 million in the second quarter, and raised its full-year 2026 net income guidance to at least $4 billion. The company credited strong performance across its domestic gas, LNG, export liquids and sulfur businesses.
Domestic gas sales grew 20% from the second quarter, supported by resilient demand, and the company also increased its international product sales. ADNOC Gas approved a quarterly dividend of $940 million, up 5% year over year.
“Our operational strength and commercial agility have enabled us to respond safely and reliably to national and international demand and to achieve convincing financial results despite a still difficult external environment,” said Fatema Al Nuaimi, managing director of ADNOC Gas.
ADNOC Gas said market conditions improved during the quarter, but continued disruption to shipping through the Strait of Hormuz kept the operating environment challenging. Its outlook still depends on how regional maritime conditions develop. Restoration of the damaged Habshan complex progressed as planned, and the company expects to restore full capacity by the second quarter of 2027.
The company also reported progress on its four main growth projects, backed by about $28 billion in planned investment from 2026 to 2030. ADNOC Gas has started Phase 3 of its Rich Gas Development project, which will add a natural gas liquids fractionation unit in Ruwais with capacity to produce more than 8 million tons a year for export. At Ruwais LNG, the first two sets of main refrigeration compressors have been installed. The MERAM ethane recovery project introduced first gas, and the Estidama project commissioned its first sales gas compression unit.
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