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1IADNOC Classification: Public
Table of Contents
Financial Highlights 3
Operational Highlights 6
Outlook 8
Financial Statements 9
Dividend Policy 13
Appendix: Glossary 15
Page | 2ADNOC Classification: Public
1
Financial Highlights
ADNOC Gas plc (“ADNOC Gas” or the “Company”) delivered quarterly revenue of
$5,226 million, EBITDA of $1,774 million and net income of $1,275 million (including a
non-recurring item of $298 million from recognizing a deferred tax income).
The Company demonstrated its resilience and maintained a robust EBITDA margin of 34%
in a lower price environment.
ADNOC Gas continued to focus on operational efficiency and cost optimization, further
demonstrating the best-in-class mix of assets across its network. During the first quarter,
high levels of reliability across its assets were maintained at 98.5%.
Prevailing market conditions proved timely in allowing the Company to proceed with several
scheduled shutdowns across its facilities to enhance the technical life of those assets as
part of its continued focus on maintaining world-class reliability and availability. Domestic
Gas production volumes were marginally lower, 510 TBTU, compared to 533 TBTU in the
first quarter of 2022. Exports & Traded liquids volumes also declined to 210 TBTU versus
217 TBTU in the year-ago period. ADNOC Gas’ share of LNG production volumes reduced
from 71 MTBTU to 62 MTBTU, mainly due to planned shutdowns.
Brent crude prices in the first quarter of 2023 were 24% lower year-on-year. LNG, LPG
and Naphtha prices also declined versus the prior year period.
Hence, revenue was impacted by a less favorable pricing environment in the first quarter
of 2023, falling 15% versus the first quarter of 2022, from $6,161 million to $5,226 million.
At the same time the feedstock cost declined 17% from $3,532 million to $2,938 million,
benefiting from the Gas Supply and Purchase Agreement (GSPA) with ADNOC Upstream.
This 25-year contract is well designed and enables ADNOC Gas to share in any price
upside while also providing downside protection in a less favorable price environment.
1 ADNOC Gas was incorporated in the Abu Dhabi Global Market, Abu Dhabi, UAE on December 8, 2022 and the
relevant assets were contributed to ADNOC Gas effective January 1, 2023 as part of a reorganisation (the
“Reorganisation”) that included the entry into a gas supply and purchase agreement, a transitional marketing and
transportation agreement, a sulphur sales and marketing agreement, a pipelines use and operation agreement, a re-
injection gas sale agreement and certain lease agreements. The unaudited pro forma financial results for Q1 2022
presented in this document give effect to the impact of the Reorganisation as if the Reorganisation had taken place on
January 1, 2022.
The unaudited pro forma financial results for Q1 2022 have been prepared for illustrative purposes only and are
based on available information and certain assumptions and estimates that we believe are reasonable and may differ
materially from the actual amounts that would have been achieved had the Reorganisation taken place on January 1,
2022.
Page | 3ADNOC Classification: Public
EBITDA in the period stood at $1,774 million, 17% lower than in the first quarter of 2022.
Domestic Gas EBITDA amounted to $554 million, 3% higher due to favorable contract
prices. The EBITDA of Export & Traded Liquids was impacted by the price environment
decreasing from $1,216 million a year ago to $937 million in the current period. ADNOC
Gas’ share of LNG EBITDA reduced from $306 million to $220 million year-on-year, mainly
due to the price environment and lower volumes due to planned shutdowns.
In the first quarter of 2023, net income was $1,275 million. This represents an increase
from $1,172 million recorded in the first quarter of 2022. The first quarter of 2023 includes
a non-recurring item of $298 million from recognizing a deferred tax asset following the
formation of ADNOC Gas. Despite a lower revenue of $935 million during this period, the
impact was largely offset by a decrease in feedstock costs, which fell by $594 million, and
a reduction in taxes by $162 million.
A reduction in Free Cash Flow from $1,373 million in the first quarter of 2022 to $1,075
million in the first quarter of 2023 was mainly due to lower Net Income coupled with
marginally higher CapEx and lower taxes.
CapEx spend of $174 million in the first three months of 2023 was driven by growth
projects such as further maximizing ethane recovery and monetization (“MERAM”) across
the Company’s operations, extending the gas pipeline network by more than 500 kilometers
to better connect the Northern Emirates of the UAE (“ESTIDAMA”) and the construction of
an additional greenfield gas processing facility co-located with a significant ADNOC
upstream reservoir.
The comprehensive shutdown program and solid asset management systems continue to
demonstrate the effectiveness of our maintenance activities. Of the total CapEx spend,
$113 million was spent on sustaining our assets and turnaround activities enhancing
technical life.
Page | 4ADNOC Classification: Public
Financial Summary
$ Million Q1 222 Q4 222 Q1 23 YoY % QoQ %
Q1 23 vs. Q1 23 vs.
Q1 22 Q4 22
Revenue 6,161 5,888 5,226 -15% -11%
COGS -3,532 -3,445 -2,938 -17% -15%
Opex -479 -517 -514 7% -1%
EBITDA 2,150 1,926 1,774 -17% -8%
Net
Income342
1,172 1,084 1,275 9% 18%
EBITDA Margin 35% 33% 34% -1% 1%
Net Income Margin 19% 18% 19% 0% 0%
Net cash generated from operating
1,496 1,394 1,248 -17% -10%
activities
Capital Expenditure -123 -388 -174 41% -55%
Free Cash Flow4 1,373 1,006 1,075 -22% 7%
Revenue reconciliation
Description $ Million
Total Revenue (As reported in Consolidated Statement of Profit or Loss) 4,095
+ Revenue from ADNOC LNG JV proportionate Share (Equity Accounted) 638
+ Revenue from Re-injection Gas 479
+ Revenue from IG (intercompany elimination & Other Income) 14
ADNOC Gas Revenue 5,226
2 Pro Forma Adjusted Results
3 Net Income in Q1 2023 includes a $298 million benefit from recognizing a deferred tax asset, a non-reoccurring
item, following the formation of ADNOC Gas.
4 Illustrative Free Cash Flow is calculated as pro forma Adjusted EBITDA less income tax and capital expenditure
plus dividends from ALNG for the relevant period
Page | 5ADNOC Classification: Public
Operational Highlights
ADNOC Gas Plants Efficiency
Efficiency (YTD) Q1 22 Q4 22 Q1 23
Asset Availability (%) 98.2 91.9 90.8
Asset Utilization (%) 85.7 86.4 75.9
Asset Reliability (%) 99.8 97.6 98.5
ADNOC Gas Production Volumes (TBTU)
Domestic Gas Trading & Exports ADNOC LNG JV Product Share
856
820
782
45
71
62
252
217 210
533 560 510
Q1 2022 Q4 2022 Q1 2023
Note: ADNOC Gas’ proportionate 70% share of volumes in ALNG.
Lower availability and utilization recorded on account of planned shutdowns. Consequently,
production fell versus the prior quarter and comparable quarter in the previous year.
ADNOC LNG JV Plants Efficiency
Efficiency (YTD) Q1 22 Q4 22 Q1 23
Asset Availability (%) 99.2 70.4 85.9
Asset Utilization (%) 96.4 81.9 83.2
Asset Reliability (%) 99.2 89.0 85.9
Page | 6ADNOC Classification: Public
100% ADNOC ALNG JV Production Volumes (TBTU)
ADNOC LNG JV
101
88
64
Q1 2022 Q4 2022 Q1 2023
Plant availability and utilization metrics were impacted in both the fourth quarter of 2022
and the first quarter of 2023 due to planned and unplanned shutdowns.
Page | 7ADNOC Classification: Public
Outlook
To enable ADNOC’s strategic imperative of expanding production capacity from four to five
million barrels per day by 2027, ADNOC Gas has accelerated its own growth plans. It is
making good progress on its five-year (2023 to 2027) $14 billion strategic and growth
project portfolio, encompassing a range of projects integral to elevating the efficiency of
operations and production output. These projects should enable ADNOC Gas to ramp up
production to 4,440 TBTU by 2028, representing 20% growth versus current production
levels.
Key projects include further maximizing ethane recovery and monetization (“MERAM”) across
operations, extending the gas pipeline network by more than 500 kilometers to better
connect the Northern Emirates of the UAE (“ESTIDAMA”) and the construction of an
additional greenfield gas processing facility co-located with a significant ADNOC upstream
reservoir. The new facility is expected to add approximately 1.9 Billion Standard Cubic Feet
Per Day (bscfd) of processing capacity to ADNOC Gas’ operations by 2027 at the earliest
(“Bab Gas Cap”).
ADNOC Gas’ fiscal year 2023 financial guidance is presented below:
Units FY23 RANGE
Volumes
Domestic Gas Products TBTU 2,150 – 2,250
Export and Traded Liquids TBTU 900 – 950
ADNOC LNG JV Products1 TBTU 200 – 250
Unit Margins After Tax (Net Income/ Sales in MMBTU)
Domestic Gas Products $/ MMBTU 0.7-0.8
Export and Traded Liquids $/ MMBTU 1.7-1.8
ADNOC LNG JV Products1 $/ MMBTU 1.3-1.6
1ADNOC Gas’ proportionate 70% share of volumes.
The Company’s long-term growth remains supported by the maintenance of production
capacity, the UAE’s goal to achieve gas self-sufficiency and the development of its vast
low carbon solutions. ADNOC Gas continues to strive to make strong progress on delivering
growth and maximizing returns for our shareholders. The immediate focus remains on
meeting robust financial targets, whilst maintaining operational excellence.
Page | 8ADNOC Classification: Public
Financial Statements
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
For the period from 8 December 2022 (date of incorporation) to 31 March 2023
USD’000
Revenue 4,094,906
Other operating income 245,977
Gas cost – minimum price (726,885)
Gas cost – profit sharing (1,681,006)
Gas cost – fuel gas payment (41,343)
Other operating costs (465,307)
General and administration expenses (79,008)
Share of operating costs in equity accounted investee (64,490)
Share of results of equity accounted investee 89,146
Finance costs (38,306)
Finance income 2,503
Other income 8,809
––––––––––––––
Profit before tax for the period 1,344,996
Current income tax expense (373,657)
Deferred tax credit 303,876
––––––––––––––
Profit and total comprehensive income for the period 1,275,215
Earnings per share:
Basic (USD) 0.021
Page | 9ADNOC Classification: Public
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period from 8 December 2022 (date of incorporation) to 31 March 2023
Share Retained Total
capital earnings equity
USD’000 USD’000 USD’000
Balance at incorporation 50 - 50
Additional shares issued upon Group
Reorganization 19,187,805 - 19,187,805
Profit and comprehensive income for the period - 1,275,215 1,275,215
––––––––––– –––––––––- ––––––––-
Balance at 31 March 2023 19,187,855 1,275,215 20,463,070
Page | 10ADNOC Classification: Public
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
As at 31 March 2023
31 March 2023
USD’000
Assets
Non-current assets
Property, plant and equipment 20,078,873
Intangible assets 97,120
Right-of-use assets 30,106
Investment in equity accounted investees 1,269,165
Deferred tax assets 444,797
––––––––––––––
Total non-current assets 21,920,061
––––––––––––––
Current assets
Inventories 147,439
Trade receivables 141,018
Prepayments and other receivables 1,206,993
Contract assets 1,214,626
Amounts due from related parties 408,173
Cash and cash equivalents 2,143,346
––––––––––––––
Total current assets 5,261,595
––––––––––––––
Total assets 27,181,656
Equity and liabilities
Equity
Share capital 19,187,855
Retained earnings 1,275,215
––––––––––––––
Total equity 20,463,070
––––––––––––––
Non-current liabilities
Lease liabilities 25,846
Decommissioning provision 2,154,224
––––––––––––––
Total non-current liabilities 2,180,070
––––––––––––––
Current liabilities
Shareholder loans 1,350,000
Trade and other payables 401,182
Amounts due to related parties 2,671,618
Lease liabilities 6,648
Income tax payable 109,068
––––––––––––––
Total current liabilities 4,538,516
––––––––––––––
Total liabilities 6,718,586
––––––––––––––
Total equity and liabilities 27,181,656
Page | 11ADNOC Classification: Public
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
For the period from 8 December 2022 (date of incorporation) to 31 March 2023
OPERATING ACTIVITIES USD’000
Profits after tax for the period 1,275,215
Adjustments for:
Depreciation on property, plant and equipment 247,021
Depreciation on right-of-use assets 1,574
Amortization of intangible assets 5,741
Allowance for slow moving and obsolete inventories 2,001
Share of results of equity accounted investees (89,146)
Share of operating costs of equity accounted investees 64,490
Deferred tax credit (303,876)
Current income tax expense 373,657
Finance income (2,503)
Finance costs 38,306
––––––––––––
Net cash flows from operating activities before changes in working capital 1,612,480
Changes in working capital:
Increase in inventories (25,870)
Increase in trade receivables (301,612)
Increase in prepayments and other receivables (103,423)
Increase in amounts due from related parties (1,178,601)
Decrease in trade and other payables (130,454)
Increase in amounts due to related parties 1,225,615
––––––––––––
Cash flows from operating activities 1,098,135
Tax paid (264,588)
––––––––––––
Net cash flows generated from operating activities 833,547
––––––––––––
INVESTING ACTIVITIES
Payments for purchase of property, plant and equipment (117,015)
Finance income 2,503
––––––––––––
Net cash flows used in investing activities (114,512)
––––––––––––
FINANCING ACTIVITIES
Shareholder loans 1,350,000
Share capital 50
Repayment of lease liabilities (6,279)
Finance costs paid (6,000)
––––––––––––
Net cash flows generated from financing activities 1,337,771
––––––––––––
NET INCREASE IN CASH 2,056,806
Cash and cash equivalents arising on Group Reorganization 86,540
_________
CASH AND CASH EQUIVALENTS, AT THE END OF THE PERIOD 2,143,346
Non-cash transactions
Gas costs 1,103,570
Page | 12ADNOC Classification: Public
Dividend Policy
The Company’s ability to pay dividends is dependent on several factors, including the
availability of distributable reserves, capital expenditure plans and other cash requirements
in future periods. Any level or payment of dividends will depend on, among other things,
future profits and the business plan of the Company, at the discretion of our Board of
Directors and ultimately shareholder approvals.
The Company is targeting to pay a fixed dividend amount of $1,625 million in the fourth
quarter of 2023 in respect of the first half of the year ended December 31, 2023, and a
further $1,625 million in the second quarter of 2024 in respect of the second half of the
year ended December 31, 2023.
Thereafter, we expect to grow the annual target dividend amount from $3,250 million (which
is equal to the annualized dividend for fiscal year 2023) by a growth rate of 5% per annum
on a dividend per share basis over the period 2024-2027.
This progressive dividend policy is designed to reflect our expectation of strong cash flow
and our expected long-term earning potential, while allowing us to retain sufficient flexibility
to fund continued investment in long-term growth opportunities. In addition, the Company
expects that the Board of Directors will also consider market conditions, the then-current
operating environment in the markets in which the Company operates and the outlook for
the ADNOC Group’s business.
Page | 13ADNOC Classification: Public
Earnings Webcast and Conference Call
ADNOC Gas will host an earnings webcast and conference call followed by a Q&A session
for investors and analysts on Thursday, May 11, 2023, at 1:00 pm UAE time / 10:00 am
UK time.
The call will be hosted by Ahmed Alebri (CEO), Peter van Driel (CFO) and Mohamed Al
here.
Hashemi (COO). Interested parties are invited to join the call by clicking
A replay and transcript will be made available following the event, accessible from the
Investor Relations section .
of ADNOC Gas’ website
Second Quarter 2023 Results
We expect to announce our second quarter 2023 results on or around August 10, 2023.
Contacts
Nicolas Robert
Vice President, Investor Relations
nrobert@adnoc.ae
Abdulla Al Hammadi
Manager, Investor Relations
abdullah.hammadi@adnoc.ae
May 11, 2023
ADNOC Gas plc
Page | 14ADNOC Classification: Public
Appendix: Glossary
Financial Terms
EBITDA represents Earnings Before Interest, Tax, Depreciation and Amortization
Net debt is calculated as total interest-bearing debt less cash and bank balances
(including term deposits with banks) adjusted for lease liabilities.
Net debt to EBITDA ratio is calculated as interest-bearing net debt as of the end of the
period presented, divided by EBITDA for the twelve months ended on the last day of the
period presented.
Capital Employed is calculated as the sum of total assets minus non-interest-bearing
current liabilities.
Return on Capital Employed is calculated as operating profit for the twelve months
ended on the last day of the period presented divided by capital employed on the last
day of the period presented. Operating Profit is defined as profit excluding financing, tax
and income and expenses from investments.
Leverage ratio is calculated as (a) interest-bearing net debt, divided by (b) the sum of
interest-bearing net debt plus total equity.
Return on Equity is calculated as profit for the period for the twelve months ended on
the last day of the period presented divided by total equity on the last day of the period
presented.
Operating Working Capital is calculated as current assets excluding cash and bank
balances minus current liabilities excluding lease liabilities.
Operating Cashflows are Net cash generated from operating activities as stated in the
cash flow. statement.
Free Cash Flow is calculated as net cash generated from operating activities less
payments for purchase of property & equipment and advances to contractors and finance
income received.
Opex represents Operating expenditure that includes direct cost and general and
administrative expenses excluding depreciation, amortization and impairment as stated in
the statement of profit or loss and other comprehensive income
Page | 15ADNOC Classification: Public
Capital Expenditure is total cash capital expenditure for payments made for purchase of
property and equipment including prepaid delivery payments as stated in the cash flow
statement.
All financial terms have meaning as defined in the International Financial Reporting
Standards (“IFRS”) unless otherwise stated.
IFRS are accounting standards issued by the IFRS Foundation and the International
Accounting Standards Board (IASB). They constitute a standardized way of describing the
company's financial performance and position so that company financial statements are
understandable and comparable across international boundaries.
2022 Unaudited Pro-Forma Results have been prepared for illustrative purposes only
and are based on available information and certain assumptions and estimates that we
believe are reasonable.
Page | 16ADNOC Classification: Public
Cautionary Statement Regarding Forward-Looking Statements
The information contained in this presentation is for background purposes only and does
not purport to be full or complete. No reliance may or should be placed by any person for
any purposes whatsoever on the information contained in this presentation or on its
completeness, accuracy or fairness. The information in this presentation is subject to
change. No obligation is undertaken to update this presentation or to correct any
inaccuracies, and the distribution of this presentation shall not be deemed to be any form
of commitment on the part of ADNOC gas plc and its subsidiaries (“ADNOC Gas”) to
proceed any transaction or arrangement referred to herein. This presentation has not been
approved by any competent regulatory authority. This presentation does not constitute or
form part of any offer or invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for any shares or any other securities nor shall it (or any part of it)
or the fact of its distribution, form the basis of, or be relied on connection with or act as
an inducement to enter into, any contract or commitment whatsoever. Investors should not
purchase any shares on the basis of the information contained in this presentation.
distribution of this presentation and other information may be restricted by law and persons
into whose possession this presentation, any document or other information referred to
herein comes should inform themselves about, and observe, any such restrictions. Any
failure to comply with these restrictions may constitute a violation of the securities laws of
any such jurisdiction. This presentation has not been reviewed, verified, approved and/or
licensed by the Central Bank of the United Arab Emirates (the “UAE”), the Securities and
Commodities Authority of the UAE and/or any other relevant licensing authority in the UAE
including any licensing authority incorporated under the laws and regulations of any of the
free zones established and operating in the territory of the UAE, including the Financial
Services Regulatory Authority, a regulatory authority of the Abu Dhabi Global Market, and
the Dubai Financial Services Authority, a regulatory authority of the Dubai International
Financial Centre, or any other authority in other jurisdiction. None of Abu Dhabi National
Oil Company (ADNOC) P.J.S.C (“ADNOC”), ADNOC Gas and/or any of their respective
subsidiary undertakings, affiliates or any of their respective directors, officers, employees,
advisers, agents or any other person(s) accepts any responsibility or liability whatsoever
for, or makes any representation or warranty, express or implied, as to the truth, accuracy,
completeness or fairness of the information or opinions in this presentation (or whether any
information has been omitted from this presentation) or any other information relating to
ADNOC Gas associated companies, whether written, oral or in a visual or electronic form,
Page | 17ADNOC Classification: Public
and howsoever transmitted or made available or for any loss howsoever arising from any
use of this presentation or its contents or otherwise arising in connection therewith. If this
presentation contains “forward looking” statements, beliefs or opinions, including statements
with respect to the business, financial condition, results operations, liquidity, prospects,
growth, strategy and plans of ADNOC Gas, and the industry in which ADNOC Gas operates.
These forward-looking statements involve known and unknown risks uncertainties, many of
which are beyond ADNOC Gas’ control and all of which are based on ADNOC Gas’ current
beliefs and expectations about future events. Forward looking statements are sometimes
identified by the use of forward-looking terminology such as “believes”, “expects”, “may”,
“will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”,
“continues”, “assumes”, “positioned” or “anticipates” or the negative thereof, other variations
thereon or comparable terminology or by discussions of strategy, plans, objectives, goals,
future events or intentions. These forward-looking statements include all matters that are
not historical facts and involve predictions. Forward looking statements may and often do
differ materially from actual results. They appear in a number of places throughout this
presentation and include statements regarding the intentions, beliefs or current expectations
of the directors or ADNOC Gas with respect to future events and are subject to relating
to future events and other risks, uncertainties and assumptions relating to ADNOC Gas’
business, concerning, amongst other things, the results of operations, financial condition,
prospects, growth and strategies of ADNOC Gas and the industry in which it operates. No
assurance can be given that such future results will be achieved; actual events or results
may differ materially as a result of risks uncertainties facing ADNOC Gas. Such risks and
uncertainties could cause actual results to vary materially from the future results indicated,
expressed, or implied in such forward-looking statements. Forward-looking statements
contained in this presentation speak only as of the date of this presentation. ADNOC,
ADNOC Gas and/or their respective affiliates, expressly disclaim any obligation undertaking
to release publicly any updates or revisions to any forward-looking statements contained in
this presentation to reflect any change in its expectations or any change in events,
conditions circumstances on which such statements are based unless required to do so by
applicable law.
Page | 18

Sentiment: neutral