Adnoc Gas reports lower net income, revenue in Q2

Adnoc’s new gas and LNG unit, Adnoc Gas, reported lower net income and revenue in the second quarter of this year due to lower prices.

Adnoc Gas reported revenue of $5.4 billion in the second quarter, down by 24 percent versus the pro forma adjusted revenue of $7.1 billion in the same period last year.

Also, the company said that its net income dropped by 29 percent to $984 million in the second quarter.

During the January-June period, revenue decreased by 20 percent to $10.62 billion, while net income dropped by 12 percent to $2.26 billion.

“Our results for the first half of 2023 showcase the resilience and robustness of our business in the current lower price environment compared to the higher prices witnessed in the first half of 2022,” Ahmed Alebri, CEO of Adnoc Gas, said.

“Our recent signing of significant long-term LNG agreements and our domestic investments demonstrate that we remain ideally positioned to meet both local and international demand,” he said.

Adnoc launched Adnoc Gas on January 1 as it looks to further expand its international presence.

Earlier this year, Adnoc Gas signed a three-year LNG supply deal with a unit of France’s TotalEnergies worth up to $1.2 billion.

After that, the firm signed a long-term deal worth up to $9 billion to supply LNG to India’s top state oil refiner Indian Oil.

Adnoc owns a 70 percent stake in Adnoc LNG, that currently produces about 6 mtpa of LNG from its facilities on Das Island.

Besides this terminal, Adnoc is also working on the second LNG export plant in Al Ruwais.

According to Adnoc, the LNG terminal would have two 4.8 mtpa LNG trains, boosting the company’s LNG production capacity by 9.6 Mtpa, as it looks to respond to the growing global demand for natural gas.

Besides this, Adnoc is working to renew its fleet of LNG carriers and has already ordered six new vessels at China’s Jiangnan Shipyard.

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