Abu dhabi: ADNOC Gas plc today announced its results for the second quarter of 2026, delivering net income of $665 million, above the guidance range of $400-600 million, despite exceptional external disruption during the period. The Company achieved a significant milestone in executing its long-term growth strategy by taking Final Investment Decisions (FIDs) and awarding engineering, procurement, and construction (EPC) contracts for Phases 2 and 3 of its Rich Gas Development (RGD) Project.
According to Emirates News Agency, Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, stated that the final investment decision and contract awards for the Rich Gas Development Project aim to accelerate one of the world's largest gas-processing growth programs. ADNOC Gas targets 60 percent EBITDA growth by 2030, significantly expanding its natural gas processing and export capacity. These strategic investments are expected to unlock lasting value for shareholders, support energy security, and meet rising energy demand globally.
The investment decisions have raised ADNOC Gas' targeted EBITDA growth to 60 percent by 2030 versus 2023, an upgrade from the previously communicated target of more than 40 percent over 2023-2029. ADNOC Gas anticipates investing approximately $28 billion between 2026 and 2030 to achieve this growth ambition.
ADNOC Gas has awarded $8.2 billion in EPC contracts for Phases 2 and 3 of the RGD project, with Phase 2 awarded to Wison Engineering for $3.9 billion and Phase 3 to Tecnimont for $4.3 billion. Phase 2 will add a new natural gas processing train at the Habshan facility, while Phase 3 will introduce a new natural gas liquids fractionation train at Ruwais, increasing the recovery of higher-value liquids from rich natural gas for export.
With the $5 billion previously committed to Phase 1, the total investment in the RGD project now stands at $13.2 billion. ADNOC Gas is executing one of the largest gas growth programs in the industry, spanning four megaprojects - Ruwais LNG, Maximising Ethane Recovery and Monetisation (MERAM), RGD, and Estidama - expected to generate $13.4 billion in In-Country Value (ICV).
ADNOC Gas is also advancing its use of artificial intelligence and robotics, aiming to reduce inspection costs and enhance operational safety. The company delivered net income of $665 million in Q2 2026, above expectations, supported by resilient margins and robust cash flow from operations, leading to the approval of a $940 million quarterly dividend.
ADNOC Gas swiftly responded to security-related incidents at the Habshan site in April, restoring gas supply to 85 percent, surpassing the year-end target. The company also managed disruptions in maritime movements through the Strait of Hormuz, working closely with customers and partners to mitigate impacts.
For the third quarter, ADNOC Gas expects net income in the range of $600 to $800 million, assuming continued disruption in maritime routes. If operations are fully restored by the fourth quarter, the company anticipates full-year 2026 net income to range from $3.5 to $4 billion.