ADNOC Gas reported net income of $665 million for the second quarter of 2026, while restoring 85% of its gas supply following damage to its Habshan facility in April.
The Abu Dhabi-based gas processing company said on Monday that recovery work had progressed faster than expected, allowing it to surpass a target set earlier this year. The company had previously aimed to restore 80% of capacity by the end of 2026.
Following two separate incidents at the Habshan complex, processing capacity was initially restored to 60%. The company has since completed a technical assessment and accelerated recovery efforts.
ADNOC Gas said the progress would support its wider expansion plans as it seeks to increase production, processing volumes and higher-value gas exports.
The company has raised its target for EBITDA growth to 60% by 2030 compared with 2023, up from its previous goal of more than 40% during the 2023-2029 period. It expects to invest about $28 billion between 2026 and 2030 to support the expansion.
ADNOC Gas also remains one of the largest dividend-paying companies listed on the Abu Dhabi Securities Exchange. Its board recently approved a quarterly dividend of $940 million, scheduled for payment in September. The company has committed to increasing its annual dividend by 5% through 2030.
The expansion programme includes four major projects: Ruwais LNG, Maximizing Ethane Recovery and Monetization, Rich Gas Development and Estidama. Together, the projects are expected to generate $13.4 billion in In-Country Value.
MERAM is scheduled for completion in 2027, while Ruwais LNG and Estidama are progressing according to plan.
ADNOC Gas is also moving ahead with additional developments, including the Bab Gas Cap and Umm Shaif Gas Cap projects. These developments are expected to increase gas production and processing volumes while supporting LNG exports and future revenue growth.
The company has awarded $8.2 billion in engineering, procurement and construction contracts for the second and third phases of its Rich Gas Development project.
Wison Engineering received a $3.9 billion contract for Phase 2, which will add a new natural gas processing train at the Habshan facility. Tecnimont secured a $4.3 billion contract for Phase 3, involving a new natural gas liquids fractionation train at Ruwais.
The new awards follow a $5 billion investment committed to the first phase, bringing total planned investment in the Rich Gas Development project to $13.2 billion.
The projects are expected to benefit from increased associated gas volumes as ADNOC works toward its production capacity targets.
