SUBSCRIBE
PROFILE

ADNOC Gas posts record $5 billion profit in 2024

ADNOC Gas reports a net profit of $5 billion in 2024, marking a 13% year-on-year growth. The company strengthens its position with adjusted revenues of $24.43 billion and plans strategic investments through 2029. ##

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25€/month*

*billed annually at 99€/year for the first year then 149,00€/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99€/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2€/month*
then 14.90€ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

The year 2024 was a turning point for ADNOC Gas, one of the key players in natural gas in the United Arab Emirates (UAE). The company achieved a record net profit of $5 billion, recording a 13% increase compared to the previous year. This performance was driven by strong domestic demand, increased sales volumes, and improved pricing.

Growth supported by demand and volume optimization

The company’s adjusted revenues increased by 7% year-on-year, reaching $24.43 billion. This rise is explained by a 2% increase in sales, which amounted to 3,616 million million British thermal units (MMBTU). The 13% higher contribution from the ADNOC LNG (ALNG) joint venture also strengthened the company’s commercial momentum.

With earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching $8.65 billion, up 14%, ADNOC Gas has demonstrated its ability to maintain solid margins. The EBITDA-to-revenue ratio stood at 35%, confirming the company’s operational efficiency and financial stability.

Rising quarterly results and an ambitious investment strategy

The fourth quarter of 2024 was particularly strong, with net income reaching $1.38 billion, the highest since the company’s IPO. Quarterly EBITDA reached $2.28 billion, a 3% increase from the previous quarter.

To support its growth, ADNOC Gas plans strategic investments of $15 billion between 2025 and 2029. A significant portion of these funds will be allocated to acquiring ADNOC’s 60% stake in the low-carbon intensity Ruwais liquefied natural gas (LNG) project, scheduled for the second half of 2028.

Increasing dividends reflect a stable return policy

ADNOC Gas’s dividend distribution policy continues to grow, with a total payout of $3.41 billion for the 2024 fiscal year. An initial tranche of $1.71 billion was paid in September 2024, while the remaining amount will be distributed in April 2025, pending approval at the Annual General Meeting. This 5% annual increase aligns with the company’s strategy to ensure regular returns to shareholders, backed by free cash flow of $4.58 billion.

ADNOC Gas’s strong performance and growth outlook illustrate the company’s ambition to expand its influence in the gas market while capitalizing on growing demand and targeted investments to strengthen its positioning.

##

  • Popular on energynews.pro
World Bank invests $430mn to support Tunisia’s energy interconnection
E.ON warns of uncertainty surrounding German grid revenue reform
ReNew to invest $9.33bn in India in large-scale energy portfolio
Caprock Midstream expands Texas gas network and appoints Steve Jones as CEO
Malaysia accelerates carbon taxation to safeguard industrial competitiveness
Dana Gas explores return to Syria with SPC amid Western sanctions relief
Dana Gas signed a memorandum of understanding with the Syrian Petroleum Company to assess the revival of gas fields, leveraging a legal window opened by temporary sanction easings from European, British and US authorities.
Egypt activates a public investment lever with the new Badr-15 gas well
With the commissioning of the Badr-15 well, Egypt reaffirms its commitment to energy security through public investment in gas exploration, amid declining output from its mature fields.
Venture Global signs 20-year LNG supply agreement with Mitsui
US-based Venture Global has signed a long-term liquefied natural gas (LNG) export agreement with Japan’s Mitsui, covering 1 MTPA over twenty years starting in 2029.
Natural Gas Services raises 2025 guidance after 14.6% increase in adjusted EBITDA
Natural Gas Services Group reported a strong third quarter, supported by fleet expansion and rising demand, leading to an upward revision of its full-year earnings outlook.
Putin and Tokayev strengthen regional energy partnership with Uzbekistan
The visit of Kazakh President Kassym-Jomart Tokayev to Moscow confirms Russia's intention to consolidate its regional energy alliances, particularly in gas, amid a tense geopolitical and economic environment.
CSV commissions Albright plant, expanding sour gas processing deployment in Canada
CSV Midstream Solutions launched operations at its Albright facility in the Montney, marking a key milestone in the deployment of Canadian sour gas treatment and sulphur recovery capacity.
Glenfarne forms strategic alliance with Baker Hughes to accelerate Alaska LNG
Glenfarne has selected Baker Hughes to supply critical equipment for the Alaska LNG project, including a strategic investment, reinforcing the progress of one of the largest gas infrastructure initiatives in the United States.
Gas Liquids Engineering secures construction clearance for Canada’s REEF terminal
Gas Liquids Engineering completed the engineering phase of the REEF project, a strategic liquefied gas infrastructure developed by AltaGas and Vopak to boost Canadian exports to Asia.
KNPC plans gas production increase to 18.3 million cylinders by 2027
Kuwait National Petroleum Company aims to boost gas production to meet domestic demand driven by demographic growth and new residential projects.
Jinhong Gas invests in Spain with a strategic cryogenic unit
Chinese group Jinhong Gas finalises a new industrial investment in Spain, marking its first European establishment and strengthening its global strategy in the industrial gas sector.
Three U.S. gas basins reshape prices, flows and contracts
Appalachia, Permian and Haynesville each reach the scale of a national producer, anchor the United States’ exportable supply and set regional differentials, LNG arbitrage and compliance constraints across the chain, amid capacity ramp-ups and reinforced sanctions.
AltaGas raises $460mn to strengthen financial structure and retain MVP
AltaGas finalises a $460mn equity raise linked to the strategic retention of its stake in the Mountain Valley Pipeline, prompting credit outlook upgrades from S&P and Fitch.
Vallourec to deliver over 30,000 tonnes of pipes for TotalEnergies in Iraq
TotalEnergies has tasked Vallourec with supplying tubular solutions for drilling 48 wells as part of its integrated gas project in Iraq, reinforcing their ongoing industrial cooperation on the Ratawi field.
JERA launches environmental assessment for 2.6GW gas plant project in Sodegaura
The Japanese energy group plans to replace four steam turbines at its Sodegaura site with three combined-cycle gas turbines, with full commissioning targeted for 2041.
Petrus Resources increases quarterly production and reduces net debt
Petrus Resources recorded a 7% increase in production in the third quarter of 2025, along with a reduction in net debt and a 21% rise in cash flow.
Venture Global signs 20-year deal to supply LNG to the Balkans via Greece
Venture Global has signed a liquefied natural gas sales agreement with Atlantic-See LNG Trade S.A., a newly formed Greek joint venture, to supply 0.5 million tonnes annually starting in 2030, reinforcing regional energy security.
INNIO and KMW build 54 MW gas-fired power plant to secure data centres
INNIO and KMW partner to construct a 54 MW modular gas power plant in Mainz, designed to stabilise the grid and ensure supply to the future Green Rocks data centre.
ExxonMobil takes 60% stake in gas exploration permit in Greece’s Ionian Sea
ExxonMobil joins a Greek energy consortium to explore a gas field in the Ionian Sea, strengthening its presence in the Eastern Mediterranean after Chevron, amid post-Russian energy diversification efforts.
Pembina and PETRONAS sign 20-year agreement for Cedar LNG liquefaction capacity
Pembina Pipeline Corporation and PETRONAS have signed a long-term agreement securing 1 million tonnes per year of liquefaction capacity at Canada's Cedar LNG terminal, reinforcing their positions in the global liquefied natural gas market.
NG Energy reaches 40 MMcf/d gas output in Colombia through Aruchara-4 and Sinú-9 wells
NG Energy boosts its gas production in Colombia to 40 MMcf/d, with projected sales above $11.00 per MMBtu and expected profitability in Q4 2025.

All the latest energy news, all the time

Annual subscription

8.25€/month*

*billed annually at 99€/year for the first year then 149,00€/year ​

Unlimited access - Archives included - Pro invoice

START - 99€/year

Monthly subscription

Unlimited access • Archives included

5.2€/month*
then 14.90€ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.