ADNOC Gas reported net income of $665 million for the second quarter of 2026, above the $400 million to $600 million guidance range the company had set earlier in the year. The company said the result came despite exceptional external disruption during the quarter, supported by resilient margins in its domestic gas business.
The company also moved forward on its largest growth project. ADNOC Gas made Final Investment Decisions and awarded engineering, procurement and construction contracts for Phases 2 and 3 of its Rich Gas Development project, known as RGD. Chief executive Fatema Al Nuaimi called the decision "a defining moment for ADNOC Gas."
Rich Gas Development contracts
The Phase 2 and Phase 3 awards total $8.2 billion. Wison Engineering will build Phase 2 for $3.9 billion, adding processing capacity at the Habshan facility through a new gas train. Tecnimont will build Phase 3 for $4.3 billion, adding an NGL fractionation train at Ruwais to pull more high-value liquids out of rich natural gas headed for export. Combined with the $5 billion already committed to Phase 1, announced in June 2025, total investment in the RGD project now stands at $13.2 billion.
| RGD phase | Contractor | Value | Scope |
|---|---|---|---|
| Phase 1 | announced June 2025 | $5.0B | Expanding processing units across several gas assets |
| Phase 2 | Wison Engineering | $3.9B | New gas processing train at Habshan |
| Phase 3 | Tecnimont | $4.3B | New NGL fractionation train at Ruwais |
Growth target raised
ADNOC Gas raised its targeted EBITDA growth to 60% by 2030, measured against 2023, up from a previous target of more than 40% growth over 2023 to 2029. To fund that, the company now plans to invest about $28 billion between 2026 and 2030. RGD is one of four megaprojects in the company's gas growth program, alongside Ruwais LNG, Maximizing Ethane Recovery and Monetization (MERAM), and Estidama, which together are expected to generate $13.4 billion in In-Country Value. MERAM is due for delivery in 2027, while Ruwais LNG and Estidama are both advancing as planned. The RGD project will also benefit from higher associated gas volumes as ADNOC progresses toward its production capacity targets.
Habshan recovery and Hormuz disruption
ADNOC Gas responded to security-related incidents at the Habshan site on 3 and 8 April. The company has since concluded its technical assessment of the impact and says recovery has moved ahead of schedule, with gas supply restored to 85%, ahead of the year-end target it had set in May. Separately, continued disruption to maritime movements through the Strait of Hormuz affected product liftings during the quarter. The company said it worked with customers and partners on inventory, logistics and supply-chain management to handle the temporary constraints.
Dividend and outlook
The board approved a quarterly dividend of $940 million, payable in September 2026, in line with ADNOC Gas's commitment to 5% annual dividend growth through 2030. The company remains the largest dividend payer on the ADX. For the third quarter, ADNOC Gas expects net income of $600 million to $800 million, based on the assumption that Strait of Hormuz disruption continues. If maritime operations are fully restored by the fourth quarter and pricing realizations normalize, the company expects full-year 2026 net income of $3.5 billion to $4 billion.
The quarter's results sit within ADNOC Gas's wider midstream and LNG buildout. Alongside the RGD contracts, the company is scaling artificial intelligence and robotics across its assets, including aerial drones, four-legged inspection robots and tank-climbing crawlers, which it says can cut inspection costs by up to 75% and complete some inspections up to 15 times faster.
