ADNOC Gas posted a net profit of $1.1 billion for the first quarter of 2026, an eight per cent decline compared to the previous quarter. The company stated that these results were achieved while it managed logistics and domestic demand amidst regional export constraints caused by the disruption of ship traffic in the Strait of Hormuz.
The company ended the period with $4.2 billion in cash on its balance sheet and generated $572 million in free cash flow. A target for profit growth of over 40 per cent between 2023 and 2029 remains unchanged.
Domestic demand continues to be supported by a $5 billion supply contract with TA’ZIZ and a $55 billion investment by ADNOC in local manufacturing, the company remarked.
ADNOC Gas stated that security-related incidents occurred at the Habshan site on April 3 and April 8, which triggered standard response and continuity protocols. Work to restore full capacity at the Habshan site is scheduled for completion in 2027.
Processing capacity reached 60 per cent restoration shortly after the events, and the company is working toward achieving 80 per cent restoration by the end of 2026. While maritime closures in the Strait of Hormuz continue to hinder product liftings, the company said it is managing inventories and collaborating with customers to meet commitments.
ADNOC Gas stated that net profit for the second quarter is expected to fall between $400 million and $600 million if maritime operations resume before the quarter ends. Higher prices for liquefied natural gas and liquefied petroleum gas are expected to help offset deferred volumes in the second half of the year.
Full-year net profit for 2026 is forecast to range between $3.5 billion and $4 billion. Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said, “This quarter was shaped by exceptional external disruption, and our priorities were clear: protect our people and assets, maintain safe domestic supply, and protect shareholder value through disciplined execution.”
Al Nuaimi added that demand growth in the UAE and increased flexibility in the production framework reinforce confidence in the strategy of the company.
The business expects Phase 1 of the Rich Gas Development project to further ease bottlenecks and enable it to take advantage of increased upstream gas output.
