ADNOC Gas lifts profit outlook after beating earnings forecast
ADNOC Gas has raised its outlook for full-year profits by at least 14% after third-quarter earnings smashed expectations — and views a looming glut of LNG on the global market as an opportunity rather than a risk, CEO Fatema Al Nuaimi told Semafor.
Key points
- Still, the company was able to ride soaring LNG prices to third-quarter net income of $1.3 billion, double its forecast.
- While global LNG supplies are currently tighter than they’ve been in years, some analysts expect to see an oversupply by the early 2030s as a raft of new terminals come online.
- “I don’t call it a glut, I call it market creation,” Al Nuaimi said of the possibility of a major price dip in the next few years.
Although overall Gulf LNG exports are recovering — in October they reached the highest level since the start of the US-Iran war — ADNOC Gas’ exports remain slightly below what they were when the conflict began.
Additional details
- “That’s where you can attract more consumers to be hooked into the LNG value chain.”.
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