Adnoc Gas shareholders approve $3.25 billion dividend for 2023

Adnoc Gas shareholders plc have approved the board of directors’ proposal to distribute a robust full-year 2023 dividend of $3.25 billion.

The decision was taken at the company’s first annual general meeting (AGM) since its landmark initial public offering (IPO) in March 2023. An inaugural interim cash dividend of $1.625 billion was paid in December 2023, with a further $1.625 billion scheduled for distribution in the second quarter of 2024.

Adnoc Gas is well-positioned to benefit from Adnoc’s planned expansion of oil production capacity to five million barrels per day by 2027. In addition, Adnoc has announced its intention to take a final investment decision (FID) on the Ruwais LNG project in 2024, which Adnoc Gas plans to acquire. In 2024, the Company will focus on processing and delivering increased volumes of gas to its customers and enhancing its product mix to meet the growing global demand for lower-carbon solutions. Through two of its ongoing strategic projects, the Company will continue to expand its natural gas pipeline network and develop infrastructure to boost gas supply for its petrochemicals growth in Ruwais. All these projects will make a significant contribution to the UAE economy and expand Adnoc Gas’ capacity to meet increasing global gas demand.

In 2024, Adnoc Gas remains committed to enhancing operational efficiency and driving accelerated growth with a focus on decarbonization, digital transformation, and artificial intelligence (AI)-led technology innovation. The Company’s achievements in 2023 included the deployment of cutting-edge AI technologies such as machine learning, computer vision, and hybrid modelling, aimed at enhancing cost efficiency and employee safety.

Notably, in September 2023, Adnoc Gas successfully completed a groundbreaking “proof of concept” pilot using advanced robotics for continuous monitoring and inspection of large facilities, resulting in improved equipment availability and enhanced employee safety. These solutions have significantly boosted the Company’s plant availability and output gains, resulting in the creation of up to $1 billion in value since 2016. The Company aims to further leverage AI and other new technologies for improved cost efficiencies and reliability. Over the next five years, it expects to save up to $400 million annually and reap significant benefits.

Dr Sultan Ahmed Al Jaber, chairman of Adnoc Gas, said: “Adnoc Gas recorded robust financial and operational results in 2023, has delivered on its dividend promise to shareholders, and is progressing several significant projects that will accelerate its future growth. The Company saw its share price surge 30% from its listing date in March 2023 to year-end, driving its market capitalization to $65 billion and ranking us among the Top 20 Oil & Gas companies worldwide. Total shareholder returns, including the annual dividend, reached 35% in 2023. These exceptional achievements in a volatile gas market underscore our ability to deliver robust financial performance and growth throughout the commodity cycle.”