ADNOC Gas Posts $665 Million Q2 Profit, Approves $8.2 Billion Gas Expansion

ADNOC Gas beat its own second-quarter guidance and committed billions more to its long-term gas processing buildout, raising its growth outlook through 2030.

MONTREAL (Oil Monster): ADNOC Gas reported a stronger-than-expected second quarter in 2026. Net income reached $665 million, exceeding its guidance range of $400 million to $600 million.

The company advanced its long-term expansion strategy by approving final investment decisions for the second and third phases of its Rich Gas Development (RGD) project and awarding major engineering, procurement and construction contracts.

What the $8.2 Billion in New Contracts Covers

ADNOC Gas awarded $8.2 billion in contracts for the two phases. Wison Engineering received a $3.9 billion contract for Phase 2, while Tecnimont secured a $4.3 billion contract for Phase 3.

What Phase 2 and Phase 3 Will Build

Phase 2 will add a new gas-processing train at the Habshan facility, which in turn will boost processing capacity and support growing demand from the UAE's downstream and petrochemical industries. Phase 3 will introduce an NGL fractionation train at Ruwais, enabling greater recovery of higher-value natural gas liquids.

How Much ADNOC Gas Has Committed to the RGD Project

The total investment in the RGD project has now reached $13.2 billion, the company said. This includes the $5 billion already committed to Phase 1.

What the Higher Growth Target Means

ADNOC Gas has raised its long-term growth outlook. The company now targets 60% EBITDA growth by 2030, compared with its earlier goal of more than 40% growth through 2029. The company also expects to invest approximately $28 billion between 2026 and 2030.

What the Dividend Decision Signals

ADNOC Gas also approved a $940 million quarterly dividend.