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ADX:ADNOCDRILL

7 stories mentioning ADX:ADNOCDRILL

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Equities

Adnoc Drilling Price Target Rises as FAB Securities Notes Q1 Results

Adnoc Drilling's (ADX:ADNOCDRILL) oil field services growth and regional expansion powered operations in the first quarter, FAB Securities said, raising its price target for the offshore drilling company."The company maintained operational resilience in 1Q26 despite regional tensions, owing to long-term contracts that protected the business," analysts said Tuesday. "Looking ahead, management remains constructive on the outlook, supported by sustained drilling activity, continued [oil field services] expansion, attractive regional growth opportunities, and the two island rigs to begin operation in 2H26."For the three months ended March 31, net profit attributable to equity shareholders edged up 1.1% year over year to $345 million, matching FAB's estimate of $341 million. Meanwhile, revenue climbed 5% to $1.23 billion, compared with the research firm's forecast of $1.21 billion.The stock's buy rating was reiterated with a revised price target of 7 Emirati dirhams. As of Feb. 17, the price target was 6.5 dirhams.

ADX:ADNOCDRILL
Equities

Adnoc Drilling Says Ready to Scale Up UAE Oil Production Capacity

Adnoc Drilling (ADX:ADNOCDRILL) said Tuesday it is ready to increase its oil production capacity if sought by its parent company, state-owned Abu Dhabi National Oil Co., or Adnoc.Youssef Salem, chief financial officer of the offshore drilling company, told Reuters in an interview that Adnoc Drilling can deliver "any production capacity" by 2027 beyond the current target of 5 million barrels per day.

ADX:ADNOCDRILL
Equities

BofA Upbeat on Adnoc Drilling Amid Potential Oil Production Boost in UAE; Price Objective Nudged Higher

BofA Global Research is optimistic on Adnoc Drilling (ADX:ADNOCDRILL) amid the United Arab Emirates' plans to boost its oil production capacity over the medium term."ADNOC Drilling delivered another inline quarter and reiterated its 2026E guidance despite ongoing regional conflict. However, the earnings call was dominated by questions around the company's medium-term growth outlook, particularly if UAE increases its oil production capacity to 6mb/d. While management refrained from providing explicit targets, we believe such a scenario is likely to be incorporated into 2027-31 business plan," analysts said Tuesday. "In parallel, the second phase of the unconventional is also likely to be announced in the coming months, given that progress on Phase 1 is ahead of schedule and key project risks have largely been de-risked."As such, the price objective was bumped up to 6.90 Emirati dirhams from 6.80 dirhams, with an unchanged buy rating on the stock.In terms of earnings forecasts, the research firm raised its projected EPS for the drilling company by 3% for 2026, 5% for 2027 and 4% for 2028. Sales and EBITDA estimates over the three-year period were also upwardly adjusted.

ADX:ADNOCDRILL
Asia Markets

UAE Stocks in Red as US Rejects Iran's Response to Peace Plan

Markets in the United Arab Emirates closed lower on Monday as the FTSE ADX General Index fell 0.526%, while the DFM General Index declined 1.39%.Oil prices climbed after US President Donald Trump said in a social media post that he did not like Iran's response to the US peace proposal and deemed it "totally unacceptable." According to reports, Iran's counterproposal included compensation for war damages, full sovereignty over the Strait of Hormuz, and lifting of all sanctions, among others."While optimism for an imminent deal is fading, there remains a glimmer of hope that talks between Trump and Chinese President Xi later this week could yield positive results on Iran. The hope is that China can use its influence over Iran to push it closer towards a peace deal. Clearly, this is easier said than done," ING said.As of 3:43 pm UAE time, the Brent crude oil futures stood at nearly $103.92 per barrel, up 2.60% from the previous day.On the economic front, the US Bureau of Labor Statistics will release the consumer price index report for April on Tuesday, with analysts expecting a 0.5% monthly and a 3.6% annual increase in headline inflation. Core CPI is expected to increase to 0.3% monthly and 2.6% on an annual basis.Back home and on the corporate front, Adnoc Drilling (ADX:ADNOCDRILL) recorded a 5% year-over-year growth in revenue for the first quarter, supported by increased oilfield services and offshore segment activities. Shares of the offshore drilling company closed the session 0.32% in the red.Emaar Development (DFM:EMAARDEV) and Emaar Properties (DFM:EMAAR) shed 2.11% and 1.78%, respectively, despite recording higher attributable profits. Salik (DFM:SALIK), on the other hand, lost 1.71% after its attributable profit and revenue for the period declined year over year.

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Adnoc Drilling Affirms 2026 Outlook After Record First-quarter Performance
US Markets

Adnoc Drilling Affirms 2026 Outlook After Record First-quarter Performance

Adnoc Drilling (ADX:ADNOCDRILL) said Monday it is well-placed to meet its full-year 2026 guidance, following a "best-ever" first-quarter performance.The offshore drilling company expects net profit of between $1.45 billion and $1.50 billion and revenue of $5 billion for 2026, bolstered by high utilization, expanding integrated services and multi-year contract visibility.Supporting this reiterated outlook, Adnoc Drilling's profit after tax rose year over year to $346.7 million from $340.9 million, while revenue climbed to $1.23 billion from $1.17 billion in the year-ago period. The 5% increase in revenue was underpinned by operational stability and efficiency alongside "strong" cash generation across its segments amid shifting market conditions.With free cash flow up 12% year over year to $356 million, the board recommended a cash dividend of 0.06025 Emirati dirham per share for the first quarter, subject to shareholders' approval. A year ago, the management paid 0.04976 dirham per share.While the quarterly dividend translates to $262.5 million in total, Adnoc Drilling said its 2026 dividend floor of $1.05 billion is still "well supported by strong free cash flow generation, long-term contract coverage and balance sheet strength."

ADX:ADNOCDRILL
Asia Markets

Emirati Equities Gain Amid Key Economic Data Focus; Adnoc Drilling Soars

Shares in the United Arab Emirates kicked off the week higher as the FTSE ADX General Index added 0.320%, while the DFM General Index gained 0.226% at the close of Monday trading.Investors will await the release of the UAE's S&P Global PMI data for April on Tuesday to get insights into the country's non-oil private sector activity. The metric dropped to 52.9 in March from 55 in February.On the oil front, OPEC+ agreed to raise oil output in June by 188,000 barrels per day following the UAE's exit from the group and amid supply disruptions caused by the continued closure of the Strait of Hormuz."The exit of OPEC's third-largest producer substantially weakens the organisation and raises questions over its survival as an effective cartel. As the UAE increases output outside OPEC, the group's share of global supply will decline, reducing its ability to manage prices. If the UAE successfully raises output and revenue outside the cartel, it could also undermine the value of membership for other producers with large reserves or ambitions to raise output, such as Venezuela," Oxford Economics said in a note.On the corporate side, Adnoc Drilling (ADX:ADNOCDRILL) was the Abu Dhabi bourse's most traded by value and closed the session at 9.17% in the green. The offshore drilling company concluded the purchase of an 80% stake in the drilling and oilfield services joint venture MB Petroleum Services.Dubai-listed Parkin Co. (DFM:PARKIN) secured a multi-year parking enforcement services deal from Emaar Properties (DFM:EMAAR) unit Emaar Mall Management. Parkin's stocks ended 1.54% lower while Emaar Properties closed the session 1.70% higher.On the geopolitical front, US President Donald Trump launched "Project Freedom" to guide ships and crews safely out of the Strait of Hormuz, while also adding that his representatives are having "very positive" discussions with Iran."After a volatile week, the oil market is steadier as the market digests President Trump's plan to get vessels through the Strait of Hormuz," ING said. "Reports indicate that, for now, the plan won't involve the US Navy escorting vessels. Even if this allows vessels to leave the Persian Gulf, we're likely to see little inbound traffic. This would only amount to temporary relief, as floating storage leaves the Persian Gulf.

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Equities

Adnoc Drilling Finalizes Purchase of 80% Stake in MB Petroleum Services JV

Adnoc Drilling (ADX:ADNOCDRILL) concluded the purchase of an 80% stake in drilling and oilfield services joint venture MB Petroleum Services with MB Holding Co.The deal, comprising 22 drilling and workover rigs, as well as production service units, was completed ahead of its mid-year timeline, according to a Monday release. The joint venture has operations in Oman, Kuwait, Saudi Arabia, and Bahrain.Adnoc Drilling expects the joint venture, with an enterprise value of $204 million, to be earnings, cash flow, and returns accretive.

ADX:ADNOCDRILL