ADNOC Gas doubles third-quarter net income to $1.34 billion, lifts 2026 guidance

By James Calloway

ADNOC Gas doubled its third-quarter net income to $1.34 billion, up 101% from $665 million in the second quarter of 2026, and raised its full-year net income guidance to at least $4 billion, the Abu Dhabi company reported November 10.

The upgraded guidance replaces the original 2026 forecast of $3.5 billion to $4 billion. Earnings before interest, taxes, depreciation and amortization rose 70% quarter over quarter to $2.03 billion, with gains recorded across domestic gas, liquefied natural gas, export-traded liquids and sulfur operations.

For operators and offtakers watching Gulf supply chains, the number that matters most is not the profit line but what sits behind it: the company maintained customer deliveries through continued disruption to energy shipments in the Strait of Hormuz.

What drove the quarter?

Domestic natural gas sales climbed 20% from the previous quarter, supported by demand inside the United Arab Emirates. Domestic gas EBITDA rose 28%.

The sharper moves came in the traded businesses:

• International product sales EBITDA: up 106% quarter over quarter
• Sulfur operations EBITDA: up 249% quarter over quarter
• Group EBITDA: up 70% to $2.03 billion

Management attributed the performance to operational improvements, commercial execution, and its ability to keep product moving despite difficult regional transportation conditions. The company has adjusted inventory management, logistics and supply-chain arrangements to limit the financial effect of shipping restrictions.

Still, management cautioned that maritime disruption through the Strait of Hormuz remains a significant operating challenge. The takeaway: the quarter shows diversified revenue streams doing their job, but the logistics risk has not gone away.

Dividends and cash flow

ADNOC Gas approved a quarterly dividend of $940 million, a 5% increase from the previous year. Operating cash flow for the first nine months of 2026 reached $3.82 billion, covering $2.82 billion in dividends roughly 1.3 times.

The company intends to raise the annual dividend by 5% per year through 2030, subject to financial performance and capital requirements. The payout is covered, not stretched — a distinction that matters with a capital program of this size on the books.

The $28 billion build-out

Alongside shareholder distributions, ADNOC Gas is advancing an approximately $28 billion investment program covering 2026 through 2030. The sanctioned and advancing projects include:

• Rich Gas Development
• Ruwais LNG
• Maximizing Ethane Recovery and Monetization
• Estidama

The program underpins management's target of lifting group EBITDA by 60% by 2030 against the 2023 baseline. Restoration of the damaged Habshan gas processing complex is also progressing, with full capacity expected by the second quarter of 2027.

For contractors and service companies in the Emirates, the pipeline through the end of the decade is now the main event; the quarterly earnings are the financing mechanism behind it.

What to watch

The third-quarter results demonstrate improved earnings resilience and the company's capacity to generate cash while funding substantial infrastructure development. Future performance, however, remains exposed to shipping disruptions, commodity prices, project execution, and the timing of infrastructure restoration.

The central question for investors is whether ADNOC Gas can sustain improved operating margins while meeting its dividend commitments and delivering a multiyear expansion program at the same time.

Watch the Habshan restoration timeline — second quarter 2027 — as the next hard checkpoint on that path.

Disclaimer: This article is provided for informational purposes only and does not constitute investment, legal, or financial advice. Views are based on publicly available information at the time of publication and are subject to change.