Connection

popular articles

Nigerian oil giant NNPC prepares imminent stock market debut
South Africa: Complex Energy Transition after Komati’s Closure
Japan Restarts Nuclear Reactor Near Fukushima Amid Safety Concerns
NRG-Pallas Selected to Test Fuel for Kairos Power’s Modular Reactor
Sungrow Hydrogen wins major contract for China’s 100,000-ton green methanol project

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. ##
  • [favorite_button]

Please share:

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.

##

Register free of charge for uninterrupted access.

Publicite

Latest news

NexGen Announces Record Uranium Discovery at Patterson Corridor East
OCI Energy, CPS Energy and LG Vertech unite for 120 MW storage project in Texas
Nano Nuclear raises $105mn in private placement to strengthen cash position
The European Union seals strategic energy agreement with OLADE
Chevron receives narrow U.S. authorization to retain its Venezuelan assets

Recently published in

Baghdad Challenges Kurdistan’s Gas Contracts with American Companies

The Iraqi federal government initiates legal proceedings against the autonomous region of Kurdistan regarding gas contracts signed with American companies, while Washington reaffirms its support for these strategic energy agreements.
South Africa Seeks US Support to Exploit Shale Gas Reserves
South Africa aims to revive the exploitation of its shale gas reserves by seeking technological and commercial support from the United States, proposing a major purchasing agreement for American liquefied natural gas.
en_1140290943540-18
South Africa Seeks US Support to Exploit Shale Gas Reserves
South Africa aims to revive the exploitation of its shale gas reserves by seeking technological and commercial support from the United States, proposing a major purchasing agreement for American liquefied natural gas.
en_1140290943540-18
China Adopts Henry Hub Indexation in American LNG Contracts
Several Chinese companies have signed long-term contracts to purchase liquefied natural gas indexed to the U.S. Henry Hub, despite heightened trade tensions and the recent application of specific tariffs on American hydrocarbons.
en_1140290958540-15
China Adopts Henry Hub Indexation in American LNG Contracts
Several Chinese companies have signed long-term contracts to purchase liquefied natural gas indexed to the U.S. Henry Hub, despite heightened trade tensions and the recent application of specific tariffs on American hydrocarbons.
en_1140290958540-15
Jereh deploys AI-powered fracturing platform in Sichuan
Jereh integrates artificial intelligence solutions into its oil operations, increasing fracturing efficiency by 36% through an autonomous electric system tested in the Sichuan Basin.
en_1140290963540-7
Jereh deploys AI-powered fracturing platform in Sichuan
Jereh integrates artificial intelligence solutions into its oil operations, increasing fracturing efficiency by 36% through an autonomous electric system tested in the Sichuan Basin.
en_1140290963540-7

Australia Extends North West Shelf Gas Project Operations by 40 Years

The Australian government has authorized an extension of the major North West Shelf gas project until 2070, sparking economic, cultural, and environmental debates both domestically and on international liquefied natural gas markets.
Woodfibre LNG develops world’s first net zero LNG export facility
Pacific Energy’s Canadian subsidiary plans to produce liquefied natural gas with one of the lowest carbon intensities in the sector, using low-emission technologies and local carbon credits.
en_1140290944540-14
Woodfibre LNG develops world’s first net zero LNG export facility
Pacific Energy’s Canadian subsidiary plans to produce liquefied natural gas with one of the lowest carbon intensities in the sector, using low-emission technologies and local carbon credits.
en_1140290944540-14
South Africa aims to import US LNG worth $12 billion over ten years
South Africa has proposed a liquefied natural gas import agreement with the United States to strengthen bilateral trade and establish a long-term business partnership.
en_1140290945540-14
South Africa aims to import US LNG worth $12 billion over ten years
South Africa has proposed a liquefied natural gas import agreement with the United States to strengthen bilateral trade and establish a long-term business partnership.
en_1140290945540-14
Arbitration: Enagás Secures USD 302 Million from Peru After Upward Revision
ICSID increases compensation owed to Enagás to USD 302 million in dispute over Peru’s cancellation of a major gas pipeline project.
en_1140290950540-13
Arbitration: Enagás Secures USD 302 Million from Peru After Upward Revision
ICSID increases compensation owed to Enagás to USD 302 million in dispute over Peru’s cancellation of a major gas pipeline project.
en_1140290950540-13

Serbia extends gas contract with Russia until 30 September

Belgrade has confirmed the temporary extension of its gas supply contract with Moscow, ensuring the daily delivery of 6 million cubic metres until autumn at an unchanged price.
Gas stocks in Europe surpass 50 bcm but remain below required levels
European gas reserves reach 50.3 bcm, but current injection rates may prevent meeting the 90% regulatory target before November.
en_1140290955540-13
Gas stocks in Europe surpass 50 bcm but remain below required levels
European gas reserves reach 50.3 bcm, but current injection rates may prevent meeting the 90% regulatory target before November.
en_1140290955540-13
Venture Global secures final approval to build CP2 gas terminal in Louisiana
The U.S. federal commission has authorised Venture Global to begin construction of the CP2 plant, a 28 Mt/year LNG terminal that could become the country’s largest.
en_1140290962540-8
Venture Global secures final approval to build CP2 gas terminal in Louisiana
The U.S. federal commission has authorised Venture Global to begin construction of the CP2 plant, a 28 Mt/year LNG terminal that could become the country’s largest.
en_1140290962540-8
Sonelgaz to invest $4.94bn to strengthen its network and electricity exports
The Algerian state utility plans a 56% increase in 2025 investment, targeting domestic network expansion and electricity export growth towards Europe and Africa.
en_1140290975540-3
Sonelgaz to invest $4.94bn to strengthen its network and electricity exports
The Algerian state utility plans a 56% increase in 2025 investment, targeting domestic network expansion and electricity export growth towards Europe and Africa.
en_1140290975540-3

Indonesia faces gas shortage by 2033 without new projects

Wood Mackenzie warns of a potential gas supply deficit in Indonesia, due to slow development of untapped resources and a lack of attractive regulatory framework.
Mubadala Energy signs gas supply deal with Indonesia’s Pupuk for 200 mmscf/d
Mubadala Energy will supply natural gas to two Pupuk Indonesia plants starting in late 2028, when production begins at the South Andaman block, according to statements made at an industry forum in Jakarta.
en_1140290959540-11
Mubadala Energy signs gas supply deal with Indonesia’s Pupuk for 200 mmscf/d
Mubadala Energy will supply natural gas to two Pupuk Indonesia plants starting in late 2028, when production begins at the South Andaman block, according to statements made at an industry forum in Jakarta.
en_1140290959540-11
QatarEnergy launches LNG production in the US and accelerates North Field expansion
QatarEnergy is set to begin liquefied natural gas production in the US by the end of 2025 and expand its North Field East project in Qatar starting mid-2026.
en_1140290960540-10
QatarEnergy launches LNG production in the US and accelerates North Field expansion
QatarEnergy is set to begin liquefied natural gas production in the US by the end of 2025 and expand its North Field East project in Qatar starting mid-2026.
en_1140290960540-10
TotalEnergies signs agreement to purchase 2 Mtpa of LNG from Ksi Lisims LNG project in 2025
TotalEnergies has signed a 20-year contract to purchase 2 million tonnes per annum (Mtpa) of LNG from Ksi Lisims LNG, a liquefaction project located in British Columbia, Canada.
en_1140290949540-10
TotalEnergies signs agreement to purchase 2 Mtpa of LNG from Ksi Lisims LNG project in 2025
TotalEnergies has signed a 20-year contract to purchase 2 million tonnes per annum (Mtpa) of LNG from Ksi Lisims LNG, a liquefaction project located in British Columbia, Canada.
en_1140290949540-10

Shell secures broad strategy approval but fails to unite on LNG

Shell shareholders approved 21 out of 22 resolutions at the Annual General Meeting, rejecting a motion related to liquefied natural gas activities despite strong overall support for the group’s strategy.
Santos gets green light for $2.3 billion gas project in New South Wales
An Australian tribunal has approved Santos' $2.3 billion Narrabri gas project despite objections from Indigenous communities and environmental concerns, citing major public benefits for gas supply.
en_1140290946540-10
Santos gets green light for $2.3 billion gas project in New South Wales
An Australian tribunal has approved Santos' $2.3 billion Narrabri gas project despite objections from Indigenous communities and environmental concerns, citing major public benefits for gas supply.
en_1140290946540-10
Two $110bn energy deals signed between Kurdistan and US-based companies
Kurdistan signs oil and gas development agreements with HKN Energy and Western Zagros worth $110bn over the projects’ lifespan.
en_1140290959540-10
Two $110bn energy deals signed between Kurdistan and US-based companies
Kurdistan signs oil and gas development agreements with HKN Energy and Western Zagros worth $110bn over the projects’ lifespan.
en_1140290959540-10
Pertamina signs ten gas sales agreements with local companies
Indonesian state-owned oil company PT Pertamina has signed ten gas sales agreements with domestic firms, including gas distributor PGN and electricity provider PLN.
en_1140290943540-10
Pertamina signs ten gas sales agreements with local companies
Indonesian state-owned oil company PT Pertamina has signed ten gas sales agreements with domestic firms, including gas distributor PGN and electricity provider PLN.
en_1140290943540-10

Mexico targets $1.6bn in annual savings by cutting US gas purchases

Mexico could eliminate imports of 384 billion cubic feet of gas per year by reaching 45% clean electricity by 2030, according to Ember.
Energean exits Moroccan offshore after gas drilling yields mixed results
Energean transfers its offshore stakes in Morocco to Chariot just one year after entering the market, following below-expectation outcomes from the Anchois-3 gas well.
en_1140290999540
Energean exits Moroccan offshore after gas drilling yields mixed results
Energean transfers its offshore stakes in Morocco to Chariot just one year after entering the market, following below-expectation outcomes from the Anchois-3 gas well.
en_1140290999540
Turkey banks on 75 bcm gas field to ease import bill
Ankara announces the discovery of a new Black Sea gas reserve worth $30bn as part of its strategy to boost public investment in the energy sector.
en_1140291006540
Turkey banks on 75 bcm gas field to ease import bill
Ankara announces the discovery of a new Black Sea gas reserve worth $30bn as part of its strategy to boost public investment in the energy sector.
en_1140291006540
Indonesia launches two offshore projects to strengthen energy independence
Two new oil and gas sites in the Natuna Sea are expected to produce 20,000 barrels of oil and 60 million cubic metres of gas per day.
en_1140291008540
Indonesia launches two offshore projects to strengthen energy independence
Two new oil and gas sites in the Natuna Sea are expected to produce 20,000 barrels of oil and 60 million cubic metres of gas per day.
en_1140291008540

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS