Abu Dhabi: ADNOC Gas reported net income of $665 million (AED2.44 billion) for the second quarter of 2026, exceeding its guidance range of $400 million to $600 million despite operational challenges and disruptions to maritime traffic through the Strait of Hormuz.The company also announced a major milestone in its long-term growth strategy with final investment decisions (FIDs) and engineering, procurement and construction (EPC) contract awards for Phases 2 and 3 of its Rich Gas Development (RGD) Project.Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, described the developments as a defining moment for the company."With the final investment decision and contract awards for the Rich Gas Development Project, we are not only accelerating one of the world's largest gas-processing growth programs, we are raising our ambition, targeting 60 percent EBITDA growth by 2030."Growth target raisedADNOC Gas increased its targeted EBITDA growth to 60% by 2030 compared with 2023 levels, up from its previously announced target of more than 40% growth between 2023 and 2029.To support this ambition, the company now expects to invest approximately $28 billion between 2026 and 2030.$8.2 billion in major contract awardsThe company awarded $8.2 billion in EPC contracts for the next phases of the RGD project:Phase 2: $3.9 billion awarded to Wison EngineeringPhase 3: $4.3 billion awarded to TecnimontPhase 2 will add a new gas-processing train at the Habshan facility, expanding processing capacity and supporting growth in the UAE's downstream and petrochemical sectors.Phase 3 will add a new natural gas liquids (NGL) fractionation train at Ruwais, increasing the recovery of higher-value liquids for export markets.Combined with the $5 billion committed to Phase 1 in 2025, total investment in the RGD project now stands at $13.2 billion.Expanding gas growth programmeADNOC Gas said it is executing one of the industry's largest gas expansion programmes through four major projects:Ruwais LNGMaximising Ethane Recovery and Monetisation (MERAM)Rich Gas Development (RGD)EstidamaTogether, the projects are expected to generate $13.4 billion in In-Country Value (ICV) and support the UAE's industrial growth and economic diversification objectives.The company said MERAM remains on track for delivery in 2027, while both Ruwais LNG and Estidama continue to progress as planned.Dividend approvedSupported by strong operating cash flow, ADNOC Gas' board approved a $940 million quarterly dividend, payable in September 2026.The payment aligns with the company's commitment to deliver 5% annual dividend growth through 2030.ADNOC Gas said it remains the largest dividend payer on the Abu Dhabi Securities Exchange (ADX).Recovery ahead of scheduleThe company also provided an update on the security-related incidents at the Habshan site on 3rd and 8th April.ADNOC Gas said recovery efforts have progressed faster than expected, with gas supply restored to 85%, surpassing the year-end recovery target set in May.The company added that disruptions to shipping movements through the Strait of Hormuz affected product liftings during the second quarter, but proactive logistics and supply-chain management helped mitigate impacts and maintain customer commitments.Q3 and full-year outlookFor the third quarter of 2026, ADNOC Gas expects net income in the range of:$600 million to $800 millionThis forecast assumes continued disruption to maritime traffic through the Strait of Hormuz.Looking ahead, the company said that if maritime operations return to normal during the fourth quarter and pricing conditions stabilise, full-year 2026 net income is expected to range between:$3.5 billion and $4 billion
