ADNOC Gas posted net income of AED2.44 billion ($664.4 million) for the second quarter of 2026, coming in above the company's own guidance range of $400 million to $600 million. The figure still marks a steep drop from a year earlier, but for a quarter disrupted by shipping restrictions, it is a result the Abu Dhabi-listed gas producer is presenting as resilience rather than retreat.

The number was 52 percent below the $1.385 billion ADNOC Gas recorded in the same quarter of 2025. The company attributed the gap in part to maritime trade interruptions, including restrictions on shipping through the Strait of Hormuz, which constrained export sales during the quarter.

Domestic demand carries the quarter

First-half 2026 net income reached approximately $1.7 billion, with the first quarter contributing about $1.1 billion and the second about $664.4 million. Nearly $1 billion of that first-half total came from domestic customers, underscoring how much of ADNOC Gas's earnings base now sits inside the UAE rather than in export markets.

Chief Financial Officer Peter van Driel said "the majority of profit came from the domestic market, which remained the backbone of the company's operating results."

The company's balance sheet showed $572 million in free cash flow in the first quarter and $4.2 billion in cash at the end of March 2026. The board approved a $941 million dividend for the first quarter, paid out in June 2026.

Outlook trimmed for the year

ADNOC Gas is projecting third-quarter 2026 net income of between $600 million and $800 million. For the full year, it now expects net income of $3.5 billion to $4 billion, down from the $5.2 billion recorded in 2025.

Despite the softer near-term numbers, the company is pressing ahead with a large capital programme. It plans to commit approximately $28 billion between 2026 and 2030 toward capacity, infrastructure and commercial growth. In the second quarter alone, it awarded $8.2 billion in engineering, procurement and construction contracts for phases two and three of the Rich Gas Development project.

Wison Engineering will build a new natural gas processing unit at Habshan, while Tecnimont will add a natural gas liquids fractionation unit at Ruwais. The Estidama pipeline project is meanwhile extending the domestic network from about 3,200 kilometers to more than 3,500 kilometers.

Expanding ties with India

ADNOC Gas has been building out long-term supply relationships with Indian buyers. In January 2026, it signed a contract worth between $2.5 billion and $3 billion with Hindustan Petroleum Corporation to supply 0.5 million tonnes of LNG annually for 10 years. A separate agreement with IndianOil covers as much as 1.2 million tonnes of LNG annually for 14 years, valued at an estimated $7 billion to $9 billion, with deliveries beginning in 2026. Altogether, ADNOC Gas's contracts with Indian customers now total more than $20 billion in value.

The company's LNG platform was launched in Abu Dhabi Global Market in July 2026, giving it a dedicated base for structuring these deals.