ABU DHABI / MENA Newswire / — ADNOC Gas reported first quarter net income of $1.1 billion, underscoring resilient earnings despite disruption to maritime movements through the Strait of Hormuz. The company said it generated $572 million in free cash flow and ended March with $4.2 billion in cash, while its board approved a quarterly dividend of $941 million for payment in June. ADNOC Gas said it continued meeting domestic customer requirements by managing logistics, inventories and supply chains through a difficult operating backdrop.
The company’s detailed first quarter filing showed profit of $1.079 billion, with revenue of $5.003 billion and EBITDA of $1.824 billion on its reporting basis. ADNOC Gas said quarterly net income was 8% below the previous quarter as regional disruption weighed on exports, even as higher commodity prices supported the broader market. The company said its financial position allowed it to maintain investment discipline during the period and keep its dividend outlook for 2026 unchanged.
Operating data in the filing showed pressure on volumes. Domestic gas sales were 519 TBTU in the first quarter, down from 595 TBTU in the previous quarter, while trading and export volumes fell to 202 TBTU from 260 TBTU. ADNOC LNG joint venture product share volumes were 46 TBTU, compared with 52 TBTU in the prior quarter. In a filing to the Abu Dhabi Securities Exchange, the company also reported asset utilization of 75.7%, asset availability of 93.4% and asset reliability of 98.1%.
Operational update
ADNOC Gas also provided an update on the Habshan complex, where it said two security related incidents on April 3 and April 8 prompted standard response and continuity protocols. The company said 60% of the complex’s processing capacity was restored within a short period and that overall supply across its network has been substantially restored. Some processing trains at Habshan remain offline, but ADNOC Gas said it has continued serving domestic customers through its broader infrastructure while a technical assessment of the impact nears completion.
The company said it is working toward restoring 80% of Habshan processing capacity by the end of 2026, with full capacity expected in 2027. ADNOC Gas also said Phase 1 of the Rich Gas Development project is expected to help ease bottlenecks and capture increased upstream associated gas output after the lifting of production constraints. The update highlighted the company’s effort to keep gas flowing to the domestic market while operating in what it described as a dynamic supply chain environment.
Dividend and balance sheet
The board’s dividend decision leaves intact the company’s stated 2026 dividend outlook and its policy of annual dividend growth of 5% until 2030. ADNOC Gas also kept unchanged its target for EBITDA growth of more than 40% between 2023 and 2029. The company said its cash position and free cash flow generation support continued spending across market cycles, as it pursues projects aimed at expanding processing flexibility and reinforcing gas supply to power generation and industry in the UAE.
Alongside the quarterly results, ADNOC Gas said disruption to liftings of its products through the Strait of Hormuz continues to affect operations, even as it works with customers and partners on a transaction by transaction basis. For the quarter, the numbers showed a business that remained profitable and cash generative despite weaker volumes and interrupted export flows. With domestic supply maintained, a dividend approved and restoration work under way at Habshan, the first quarter offered a clear measure of the company’s resilience under regional disruption.
