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UAE’s Adnoc Gas said on Monday that it delivered record full-year results despite an average Brent crude oil price of $69, a drop of 14 percent year-on-year.
The company’s 2025 net income was primarily driven by the strength of its domestic gas business where its Ebitda was up 10 percent on sales volume growth of 4 percent year-on-year and improved commercial terms.
Fourth quarter net income reached $1.17 billion, down 10 percent year-on-year and down 6 percent compared to the previous quarter.
Adnoc Gas reported revenue of $23.47 billion in 2025, down 4 percent compared to 2024, and fourth-quarter revenue of $5.48 billion, down 10 percent year-on-year and 6 percent compared to the prior quarter.
Full-year Ebitda was almost flat at $8.46 billion, while quarterly Ebitda dropped 10 percent year-on-year to $2.04 billion.
Adnoc Gas said capital expenditure increased to $3.6 billion in 2025 as several major projects progressed.
The company confirmed its 2025 dividend of $3.584 billion.
“2025 was a defining year for Adnoc Gas. We delivered record earnings while investing in growth, demonstrating that our business is resilient, scalable, and globally relevant,” Fatema Al Nuaimi, CEO of Adnoc Gas, said.
“As demand for reliable delivery of gas continues to expand, Adnoc Gas is strategically positioned to serve both the UAE and international markets with confidence and discipline,” Al Nuaimi said.
New FIDs
Looking ahead, Adnoc Gas remains “well positioned” to capture continued domestic demand growth beyond 2026, supported by strategic infrastructure investments, including the Adnoc Estidama gas pipeline project, which will expand access to the Northern Emirates and reinforce the UAE’s long-term objective of achieving gas self sufficiency.
Adnoc Gas said the final investment decision (FID) for phases two and three of the Rich Gas Development (RGD) project is anticipated in the first quarter of 2026.
This expansion, benefiting from the growth of Adnoc’s upstream operations, is one of the “critical” projects to enable Adnoc Gas by 2029 to expand its overall capacity by 30 percent.
Last month, Adnoc Gas also finalized its LNG supply deal with India’s Hindustan Petroleum, a unit of state-owned ONGC.
Under the SPA, HPCL will receive 0.5 million tonnes per annum (mtpa) at its 5 mtpa Chhara LNG import terminal in Gujarat, which launched commercial operations last year.
India is now the UAE’s largest customer and a “very important part” of Adnoc Gas’ LNG strategy, the company said.
By 2029, Adnoc Gas will be the operator for 15.6 mtpa of LNG, and of that, 3.2 mtpa is contracted to Indian energy companies, including HPCL.
This agreement will be supplied from Adnoc Gas’ Das Island liquefaction facility, which has a production capacity of up to 6 mtpa.
In 2024, Adnoc announced the final investment decision on its Ruwais project.
The LNG project will more than double Adnoc’s existing UAE LNG production capacity to around 15 mtpa, as the company builds its international LNG portfolio.