ADNOC Gas Posts Stunning Profit Recovery as Energy Exports Rebound

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ADNOC Gas reported third-quarter net income of $1.34 billion, up from $665 million in the second quarter, while EBITDA rose 70% quarter on quarter to $2.03 billion. The company attributed its strong performance to domestic gas sales and LNG, export-traded liquids, and sulfur exports.

ADNOC Gas doubled its net income to $1.34 billion for the third quarter from the previous quarter as it raised its domestic gas sales and LNG and sulfur exports. The gas arm of Abu Dhabi’s national energy company ADNOC on Tuesday reported strong performance across its domestic gas, LNG, export-traded liquids (ETL), and sulfur businesses. Net income jumped from $665 million for the second quarter to $1.34 billion for the third quarter, on core earnings, or EBITDA, soaring by 70% quarter-on-quarter to $2.03 billion. ADNOC Gas’ domestic…