ADNOC Gas Q3 Net Income Doubles to $1.34 Billion as Guidance Rises

ADNOC Gas announced its third-quarter 2026 results on November 10, 2026, reporting net income of $1.34 billion, up 101% from $665 million in the second quarter. EBITDA rose 70% quarter on quarter to $2.03 billion, and the company raised its full-year 2026 net income guidance to at least $4 billion following the stronger performance.

Business Lines Drive the Earnings Rebound

ADNOC Gas attributed the rebound to operational performance and commercial execution across domestic gas, LNG, export-traded liquids and sulfur. UAE domestic gas sales rose 20% quarter on quarter on resilient demand, while robust margins lifted domestic gas EBITDA by 28% over the same period.

International product-sales EBITDA rose 106% quarter on quarter as the company scaled up sales, while sulfur EBITDA increased 249%. Together with the domestic business, which ADNOC Gas described as a stable foundation for earnings, these figures show a recovery across its integrated portfolio.

Cash Generation Supports Dividends

The board approved a $940 million quarterly dividend payable in December 2026, 5% higher year on year and consistent with the company’s target for annual increases at that rate through 2030.

For the first nine months of 2026, ADNOC Gas generated $3.82 billion of cash flow from operations, equivalent to 1.3 times its $2.82 billion of year-to-date dividends. The company said its cash generation and balance sheet provide the financial capacity to fund long-term growth while maintaining shareholder returns.

Expansion Advances as Operating Constraints Persist

ADNOC Gas plans approximately $28 billion of investment between 2026 and 2030 and targets 60% EBITDA growth by 2030 compared with 2023. The program spans the Rich Gas Development, Ruwais LNG, Maximizing Ethane Recovery and Monetization, and Estidama.

During the third quarter, ADNOC Gas broke ground on Phase 3 of the Rich Gas Development, which will add a natural-gas-liquids fractionation train at Ruwais. The company expects the train to produce more than 8 million tonnes annually for export once complete. At Ruwais LNG, the first two main refrigeration compressor trains were installed.

MERAM completed its first tie-in to existing processing facilities and introduced first gas to the project, while Estidama’s first sales-gas compression train started up and reached operational readiness. Restoration work at the damaged Habshan complex also progressed according to plan, with ADNOC Gas continuing to target full capacity by the second quarter of 2027.

Those advances came against continuing disruption to maritime movements through the Strait of Hormuz. ADNOC Gas said market conditions improved during the third quarter, but the disruption still created a challenging operating environment. It used inventory, logistics and supply-chain management and worked with customers, contractors and partners to mitigate the impact. The full-year outlook remains subject to regional maritime conditions.

The central issue for subsequent results is whether ADNOC Gas can sustain the third-quarter recovery while managing maritime disruption, restoring Habshan and executing its expansion. Meeting the raised earnings guidance while maintaining dividend coverage and funding investment will test both operating performance and cash generation.