Oil & Gas Adnoc Gas dividend unchanged despite record profit By Pramod Kumar, Eva Levesque February 6, 2025, 4:35 PM Adnoc Gas/X Adnoc Gas adjusted revenues for 2024 were up 7 percent to $24.4 billion compared to 2023 Adnoc Gas, which is traded on the Abu Dhabi stock exchange, left its 2024 fiscal-year dividend commitment unchanged, despite record profits. The gas-processing company, which is majority owned by national hydrocarbon producer Abu Dhabi National Oil Company (Adnoc), said it confirms its commitment to a 2024 dividend payout of $3.41 billion, of which $1.71 billion was settled in September. Annual net income rose 13 percent to a record $5 billion for the year, on the back of higher liquefied natural gas (LNG) and other gas sales, and higher prices, the company said in a press release. The company has committed to an annual 5 percent increase in its dividend. 2024 revenue rose 7 percent to $24.4 billion compared with 2023. Adnoc Gas plans to spend as much as $15 billion on capital projects in the five-year period to 2029. It expects to acquire a 60 per cent stake in Ruwais LNG from its parent company, Adnoc, in the second half of 2028 for up to $5 billion. The company may consider expanding the Ruwais plant beyond the 9.6 million tonnes per annum (mpta) under construction. “If we have more feedstock (coming from Adnoc), it will be economically beneficial to expand and sell more LNG; that is definitely an option,” said Peter van Driel, chief financial officer at Adnoc Gas. Van Driel said the company is on track to realise its ebitda (earnings before interest, taxes, depreciation and amortization) growth of over 40 percent by 2029 by increasing its margins and boosting investments. Last year, ebitda grew by 14 percent to $8.65 billion, on the back of a stable margin of 35 percent. Adnoc Gas plans to invest $15 billion by 2029 to expand both its gas processing and liquids capacities by 30 percent. Adnoc Gas strikes $450m LNG supply deal in Japan Lunate to buy stake in Adnoc Gas Pipelines Adnoc produces graphene and hydrogen at Habshan plant Van Driel said that the phase 2 expansion of the Integrated Gas Development project, which will deliver 370 million cubic feet per day (cfpd), will be ready in 2025. The Maximizing Ethane Recovery and Monetization project, which will produce 3.4 million tonnes per year, will be ready in 2026. The over 1.5 billion cfd Rich Gas Development and the 1.85 billion cfpd Bab Gas Cap project should receive their final investment decisions in 2025 and 2026, respectively, Van Driel said. These projects are estimated to cost around $5 billion each. The company has secured around 80 percent of its total Ruwais LNG production capacity through long-term agreements with international customers, including China, among the top four Adnoc Gas customers. The Adnoc Gas share price is down 1 percent today, but has risen 13 percent in the last year and is up 49 percent since its $2.5 billion IPO in March 2023.
