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Adnoc Gas Q2 Sales Volumes Slump 39% as Hormuz Disruption Hits Exports

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Adnoc Gas released its Q2 2026 results on Monday, reporting a steep decline in natural gas sales due to the ongoing disruption in the Strait of Hormuz, which curtailed the exports of liquefied petroleum gas, naphtha and liquefied natural gas during the quarter.

Gas sales volumes dipped 39% year-over-year, dropping to 567 trillion British thermal units, from 931 TBtu last year and 770 TBtu the prior quarter.

Domestic gas sales fell 30% to 429 TBtu and were down 17% sequentially, which, according to the company, reflected resilient demand despite the disruption, alongside lower reinjection gas ethane offtake.

Export and traded liquids volumes fell 53% to 117 TBtu from 252 TBtu a year earlier, and were 42% below the first quarter, as the disruption in the Strait of Hormuz, which accounted for one-fifth of global LNG flows, persisted throughout the quarter.

Despite the low volumes, the company highlighted its asset availability and reliability at 99.9%, compared to 93.6% and 97.6%, respectively, a year earlier. Asset utilization, however, dropped to 54.1% from 79.9%.

The company also said recovery from security-related incidents at its Habshan complex on April 3 and April 8 was progressing ahead of schedule, with gas supply restored to 85%.

Just months after exiting the Organization of the Petroleum Exporting Countries, the company said that it was moving ahead with an $8.2 billion expansion of its processing infrastructure, after taking final investment decisions on phases 2 and 3 of its Rich Gas Development project.

This lifts its committed capital spending to about $28 billion from $20 billion through 2030, and includes a new gas-processing train primarily serving the UAE market and an NGL train geared toward exports.

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