A detailed technical assessment of the impact is still in progress and nearing completion, with the Abu Dhabi-based company saying it will issue an update once it is completed
Adnoc Gas said it will restore 80 per cent of its Habshan complex by the end of the year, after it was damaged by falling debris from Iranian attacks.
The complex was struck on April 3, in which an Egyptian national died, and on April 8. The gas processing company, a subsidiary of Adnoc, said that shortly after both incidents, 60 per cent of the complex’s processing capacity was restored.
“Operations teams responded effectively, prioritising safety and minimising interruptions to customers,” it said. A detailed technical assessment of the impact is still in progress and nearing completion, and the company said it will provide an update.
Adnoc Gas reported a net income of $1.1 billion in this year’s first quarter, despite ongoing disruptions in the Strait of Hormuz. The company produced $572 million in free cash flow and closed the quarter with $4.2 billion in cash on its balance sheet.
Its board has also approved a $941 million dividend, payable in June.
Because the Strait of Hormuz remains closed due to Iran’s blockade, Adnoc Gas said its Q2 performance may be affected, with net income expected to fall between $400 million and $600 million.
On the assumption that the Strait is open for the second half of 2026, higher LNG and LPG prices, in line with the current Brent forward curve, are expected to help offset deferred volumes. ADNOC Gas anticipates full-year 2026 net income to range from $3.5 billion to $4.0 billion, with this outlook reflecting the expected impact of the second quarter.
Adnoc Gas recently signed a $5 billion deal with TA’ZIZ to supply it with natural gas. It is also investing $55 billion in local manufacturing, which it announced at Make it in the Emirates.
“As we manage the disruption to maritime movements through the Strait of Hormuz, the long-term foundations of Adnoc Gas remain intact, Adnoc Gas CEO Fatema Al Nuaimi said.
She added that the continued industrial expansion has helped drive demand growth and increased flexibility associated with the UAE’s evolving production framework.
“This quarter was shaped by exceptional external disruption, and our priorities were clear: protect our people and assets, maintain safe domestic supply, and protect shareholder value through disciplined execution. Our Q1 results demonstrate resilience, supported by rigorous cost management and a solid balance sheet,” Al Nuaimi said.
Source: Khaleejtimes
