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3h ago

ADNOC Gas Takes FID and Awards $8.2 Billion for Rich Gas Development as Q2 Profit Beats Guidance

The moves commit major capital to expand processing, fractionation and LNG capacity, back a $940 million dividend, raise the 2030 EBITDA target to 60 percent, with near-term results tied to Strait of Hormuz shipping disruptions.

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Overview

  • ADNOC Gas, which reported results on Monday, posted second-quarter net income of $665 million, above its prior $400–$600 million guidance range.
  • The company took Final Investment Decisions for the Rich Gas Development and awarded $8.2 billion of EPC contracts for Phases 2 and 3, bringing total RGD investment to $13.2 billion.
  • Phase 2 will add a new gas processing train at Habshan under a $3.9 billion contract with Wison Engineering and Phase 3 will add an NGL fractionation train at Ruwais under a $4.3 billion contract with Tecnimont.
  • The board approved a $940 million quarterly dividend and reaffirmed a progressive policy, and management set Q3 net income guidance of $600–$800 million with a conditional full-year 2026 range of $3.5–$4.0 billion that depends on Strait of Hormuz shipping resumption.
  • ADNOC Gas plans roughly $28 billion of investment through 2030 to lift capacity and efficiency, target 60 percent EBITDA growth by 2030, scale AI and robotics for faster, cheaper inspections, and advance linked projects such as MERAM in 2027 and Ruwais LNG expected to start in late 2028 to boost exports and feed domestic industry.