Adnoc Gas said on Wednesday that this is the company’s highest-ever quarterly net income.
Compared to the previous quarter, net income increased 9 percent.
Adnoc Gas reported a revenue of $5.96 billion in the second quarter, down 2 percent compared to the same quarter last year and down two percent from the previous quarter.
Ebitda increased by 8 percent year-on-year to $2.26 billion.
The second quarter saw a “strong” performance across Adnoc Gas’ product portfolio, especially in the local gas market.
Adnoc Gas also capitalized on opportunities to sell additional volumes at “favourable” prices, in the local gas market and the export market as liquefied natural gas (LNG).
“The Q2 results show that the company’s product portfolio is resilient to oil price volatility,” Adnoc Gas said.
In the near and medium term, the company expects to deliver the Integrated Gas Development Expansion – Phase 2 (IGDE-2), Maximizing Ethane Recovery and Monetization (MERAM), and to take the investment decision on the remaining two phases of the RGD project.
Furthermore, Adnoc Gas is progressing other growth projects, like the Ruwais LNG project to capture an increasing share of the LNG market.
LNG is a “valuable and growing part” of the company’s product portfolio, it said.
Adnoc Gas just signed a 10-year heads of agreement to supply LNG to India’s HOCL.
Before that, the company signed a three-year LNG supply deal with German gas importer Securing Energy for Europe (SEFE).
Adnoc owns a 70 percent stake in Adnoc LNG, which produces about 6 mtpa of LNG from its facilities on Das Island.
In June 2024, it made the final investment decision to build its LNG export terminal in UAE’s Al Ruwais.
Also, Adnoc Gas said in November 2024 that it expects to spend about $5 billion to buy a 60 percent operating interest from its parent company Adnoc in the Al Ruwais LNG export plant.
The LNG project will consist of two 4.8 mtpa trains with a total capacity of 9.6 mtpa, more than doubling Adnoc’s existing UAE LNG production capacity to around 15 mtpa.
