ADNOC Gas Holds Q3 2026 Net Profit at $1.3 Billion as Hormuz Disruption Cuts Exports
Revenue fell 11% to $5.3 billion as Hormuz disruption curbed LPG, naphtha and LNG liftings, while capital spending doubled and the board approved a $940 million dividend.
ADNOC Gas booked net profit of $1.3 billion for the third quarter of 2026, level with the same period a year earlier, even though maritime disruption in the Strait of Hormuz held back export liftings for the entire three months.
Revenue fell 11% year on year to $5.3 billion. EBITDA slipped 7% to $2 billion on the same basis, then climbed 70% from the second quarter. The annual decline traced back to smaller volumes of high-margin exports, mainly LPG, naphtha and LNG, which the company said the disruption curtailed.
Higher production, recovering export liftings and an exceptional contribution from sulphur drove the quarter-on-quarter rebound.
Domestic volumes fall
Domestic gas sales volume dropped 19% year on year to 513 TBtu, pulled lower by reduced re-injection gas and ethane offtake. Sales gas volumes were broadly flat.
Brent crude averaged $96 a barrel in the quarter, against $69 a year earlier, a 40% increase. Shipping disruption in the strait tightened global supply. ADNOC Gas said market conditions improved during the quarter, while the disruption continued to make for a difficult operating environment.
Capital spending doubles
Capital expenditure reached $1.7 billion, double the $827 million spent in Q3 2025 and 69% above the second quarter, as the company accelerated investment in strategic growth projects. Cash flow from operations came to $1.8 billion, most of which went into that programme. Free cash flow was $539 million.
The board approved a quarterly dividend of $940 million, payable on 8 December 2026. The company is targeting 5% annual dividend growth through 2030.
"Strong execution across the business has been the key driver of our renewed momentum and excellent results," said Fatema Al Nuaimi, chief executive of ADNOC Gas. She said operational strength and commercial agility let the company meet domestic and international demand safely and reliably.
Guidance raised
ADNOC Gas raised full-year 2026 net income guidance to at least $4 billion. It placed sixth on a 2026 ranking of the Middle East's 100 most valuable companies.
A flat profit line sitting next to a doubled capital budget puts the emphasis on delivery. The growth projects absorbing operating cash now have to lift export volumes once Hormuz transits normalise; until they do, the dividend commitment rests on domestic sales and the strength of the sulphur contribution rather than on the export barrels that normally carry the margin.
