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Adnoc Gas said this is the highest third-quarter net income in its history.
Net income dropped slightly from $1.38 billion in the second quarter of this year.
Year-to-date net income reached $3.99 billion, exceeding market expectations, even as oil prices averaged $71/bbl in the first nine months of 2025 compared to $83/bbl in 2024, Adnoc Gas said.
Adnoc Gas reported revenue of $5.93 billion in the third quarter, down 6 percent compared to the same quarter last year and nearly flat compared to $5.96 billion in the previous quarter.
Ebitda dropped by 1 percent year-on-year to $2.18 billion, while domestic gas Ebitda rose 26 percent year-on-year to $914 million in the third quarter.
Adnoc Gas said the strength of the UAE economy, which the IMF predicted will grow by 4.8 percent in 2025 and 5 percent in 2026, was the primary driver of a 4 percent increase in domestic gas sales volumes for the first nine months.
That is coupled with improved underlying margins following successful structural improvements from contract renegotiations, it said.
“Despite a lower oil price environment, we continue to deliver robust returns, underpinned by operational excellence and improved commercial agreements,” Fatema Al Nuaimi, CEO of Adnoc Gas, said.
“Our enhanced dividend policy with quarterly distribution further demonstrates our commitment to maximizing value for our shareholders,” Al Nuaimi said.
LNG supply
Al Nuaimi recently said that securing over 80 percent of Ruwais LNG’s capacity in just over a year from FID is a “remarkable achievement that sets a new benchmark for large-scale LNG projects globally.”
Adnoc signed a 15-year sales and purchase agreement with a unit of UK-based LNG giant Shell to supply the latter with LNG from its terminal in Al Ruwais.
The SPA with Shell International Trading Middle East Limited FZE is for the delivery of up to 1 million tons per annum (mtpa) of LNG.
Shell holds a 10 percent stake in the Al Ruwais LNG project through its subsidiary, Shell Overseas.
In June 2024, Adnoc made the final investment decision to build its LNG export terminal in Al Ruwais.
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.
Moreover, BP, Mitsui & Co., Shell, and TotalEnergies agreed to buy a 10 percent equity stake in Adnoc’s Al Ruwais LNG export terminal.
Adnoc Gas said in November 2024 that it expects to spend about $5 billion to buy a 60 percent operating interest from its parent company Adnoc in the Al Ruwais LNG plant.