ADNOC Gas profit slumps 52% but beats companys guidance

DUBAI, Aug 10 (Reuters) - ADNOC Gas reported a 52% slide in second-quarter profit on Monday, as the Abu Dhabi state-owned company's sales dropped due to the closure of the Strait of Hormuz after the U.S. and Israel launched attacks on Iran.

The Iran war has hurt oil-rich Gulf countries as Tehran has attacked their energy infrastructure and oil tankers, while also blocking shipping in the Strait of Hormuz, which carried a fifth of the world's oil and liquefied natural gas before the conflict.

Nevertheless, ADNOC Gas said on Monday it plans to expand oil and gas sales, expecting to invest about $28 billion between 2026 and 2030 to deliver growth.

Second-quarter profit fell to $665 million from $1.39 billion a year earlier, but came in above its guidance range of $400 million to $600 million, ADNOC Gas said.

Third-quarter profit would likely be in the $600 million to $800 million range, it said, "based on the assumption that maritime routes through the Strait of Hormuz continue to be disrupted".

"ADNOC Gas delivered resilient second-quarter net income above our guided range, despite a challenging operating environment," the company said.

During the quarter, the company said it awarded $8.2 billion in engineering, procurement and construction contracts for the second and third phases of its Rich Gas Development project.

In 2025, ADNOC Gas awarded $5 billion in contracts for the first phase of the RGD Project, designed to expand domestic gas processing capacity and boost export-traded liquid recovery.

The second phase, to be delivered by Wison Engineering , will add a new natural gas processing unit at the Habshan facility.

Meanwhile phase three, to be delivered by Tecnimont, an arm of Italian company Maire, will add a new natural gas liquids (NGL) fractionation unit at Ruwais, aimed at increasing the recovery of higher-value liquids from natural gas for export.

(Writing by Nayera Abdallah; Editing by Sonali Paul)