ADNOC Gas plc, a subsidiary of Abu Dhabi National Oil Company (ADNOC), reported a Q3 2024 net profit of $1.24 billion, marking an 11% year-on-year increase and beating analysts’ expectations of $1.19 billion. Third-quarter revenue rose 8% year-on-year to $6.28 billion as stronger product prices compensated for lower domestic sales volumes. However, free cash flow dropped 9% to $1.18 billion, with capital expenditure rising by 45% to $503 million. Year-to-date net income, excluding a one-time gain, reached $3.62 billion, up 18% from the same period last year.

ADNOC Gas has updated its 2024 capital expenditure guidance to $1.9 billion – $2.2 billion. The company also announced plans to acquire a 60% stake in the Ruwais LNG plant from ADNOC in 2028, valued around $5 billion, which is expected to increase its LNG capacity to over 15 million tons per annum by 2028. This acquisition comes alongside a recent strategic shift, with ADNOC Gas canceling expansion plans for the Das Island LNG facility in favor of other high-priority projects aimed at a 30% production capacity boost over the next five years.