ADNOC Gas reported a net income of $1.1 billion for the first quarter of 2026, a result that underscored the state-owned energy giant’s ability to withstand external shocks while maintaining supply to domestic customers.
The company, which is the United Arab Emirates’ largest supplier of natural gas for power generation and industry, said it had successfully managed logistics, inventories, and supply chains to offset ongoing export disruptions. The most pressing challenge has been heightened volatility in maritime movements through the Strait of Hormuz, a critical chokepoint for regional energy flows.
Chief Executive Fatema Al Nuaimi described the quarter as one defined by exceptional external disruption. “Our priorities were clear: protect our people and assets, maintain safe domestic supply, and protect shareholder value through disciplined execution,” she said. “Our Q1 results demonstrate resilience, supported by rigorous cost management and a solid balance sheet.”
The company generated 4.2 billion in cash on its balance sheet. That financial firepower, ADNOC Gas said, allows it to continue investing through market cycles without wavering from its dividend commitments. The board approved a quarterly dividend of $941 million, scheduled for payment in June 2026. The company has also pledged an annual dividend growth rate of 5 percent through 2030.
Longer-term targets remain intact. ADNOC Gas reiterated its goal of growing earnings before interest, taxes, depreciation, and amortization by more than 40 percent between 2023 and 2029. The company pointed to robust UAE economic expansion as a tailwind, citing a 55 billion push to expand local manufacturing under the Make it in the Emirates initiative. Rising numbers of domestic and industrial customers continue to drive demand for ADNOC Gas.
The quarter was not without operational setbacks. The company reported two security-related incidents at its Habshan complex on April 3 and April 8. Standard response and continuity protocols were activated, and operations teams restored 60 percent of the facility’s processing capacity within a short period. ADNOC Gas now expects to reach 80 percent restoration by the end of 2026 and a return to full capacity in 2027. A detailed technical assessment of the incidents’ impact is nearing completion, though the company noted that a dynamic supply chain environment has added complexity to the process.
Ms. Al Nuaimi sought to frame the disruption within a longer-term perspective. “As we manage the disruption to maritime movements through the Strait of Hormuz, the long-term foundations of ADNOC Gas remain intact,” she said. “Demand growth in the UAE, supported by continued industrial expansion, and increased flexibility associated with the UAE’s evolving production framework, reinforces our confidence in ADNOC Gas’ strategy and dividend commitment.”
With inputs from WAM
