Abu Dhabi state-owned enterprise Adnoc Gas reported on Monday a second-quarter net profit of $665 million, a 52% decline from the $1.39 billion recorded in the same period last year. Despite the drop, the result exceeded the company's previously issued guidance range of $400 million to $600 million.

The profit slump was primarily driven by the closure of the Strait of Hormuz, which led to a decrease in the company's sales. The strait was blocked by Tehran following attacks by the United States and Israel on Iran. Before the conflict, the Strait of Hormuz was responsible for the transit of roughly one-fifth of the world's oil and liquefied natural gas. Iran also struck energy infrastructure and oil tankers in Gulf oil-producing states, further amplifying regional disruptions.

Despite the challenging operating environment, Adnoc Gas stated it will continue to expand its oil and gas sales. The company anticipates investing approximately $28 billion between 2026 and 2030 to support growth. During the quarter, Adnoc Gas awarded engineering, procurement, and construction contracts totaling $8.2 billion for the second and third phases of its "Gas Growth Project." In 2025, the company had already awarded $5 billion in contracts for the first phase of the project. The initial phase aims to expand domestic gas processing capacity and increase recoverable liquid yields.

The second phase, being executed by Wison Engineering, will involve constructing a new gas processing unit at the Habshan facility. The third phase, handled by Tecnimont, part of Italy's Maire Group, will build a new natural gas liquids fractionation unit in Ruwais to enhance the recovery of high-value liquids for export. The company stated, "Despite the challenging operating environment, we delivered a resilient second-quarter net profit that exceeded the guidance range."

Adnoc Gas expects third-quarter net profit to fall within a range of $600 million to $800 million. This forecast is based on the assumption that maritime routes through the Strait of Hormuz will continue to face disruptions.