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  • UAE Flag
    EARNINGS CALL INSIGHT
    30 May 2025
    ADNOC Drilling
    BUY
    AED 5.30
    AED 6.25
    +17.92%

    UAE Equity Research - ADNOC Drilling - Acquisition Insight

    ADNOC Drilling is acquiring a majority stake in a regional land rig portfolio operated by SLB (Schlumberger) in Oman and Kuwait, marking its first major international expansion.
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  • UAE Flag
    FIRST LOOK NOTES
    13 May 2025
    DANA Gas
    BUY
    AED 0.73
    AED 0.95
    +31.03%

    UAE Equity Research - Dana Gas 1Q25 - First Look Note

    The Company's KRI’s average production increased 2.7% YOY to 39,650 boepd in 1Q25, driven by strong demand from local power stations, whereas Egypt saw a 31.0% YOY decline to 12,550 boepd, supported by the depletion of the natural field, and the effect of a planned maintenance shutdown.
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  • UAE Flag
    FIRST LOOK NOTES
    13 May 2025
    ADNOC Drilling
    BUY
    AED 5.39
    AED 6.25
    +15.96%

    UAE Equity Research - ADNOC Drilling 1Q25 - First Look Note

    OFS segmental revenue grew significantly from USD 146 Mn in 1Q24 to USD 342 Mn in 1Q25, mainly driven by USD 122 Mn revenue from the unconventional business, coupled with increased IDS activity and provision of more discrete services. ADNOCDRILL was operating 95 onshore and 47 offshore, with a rig availability of 96%, as of 1Q25.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    12 May 2025
    ADNOC Drilling
    BUY
    AED 5.25
    AED 6.25
    +19.05%

    UAE Equity Research - ADNOC Drilling 1Q25 - Earnings Call Insight

    Net revenue grew strongly 32.1% YOY to USD 1,170 Mn in 1Q25 driven by the expansion of operations. Onshore Segment revenue grew 20.1% YOY to USD 494 Mn in 1Q25, primarily due to new rigs starting operations and USD 30 Mn contribution from unconventional activity related to land drilling.
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  • UAE Flag
    FIRST LOOK NOTES
    08 May 2025
    ADNOC Distribution
    BUY
    AED 3.42
    AED 4.46
    +30.41%

    UAE Equity Research - ADNOC Distribution 1Q25 - First Look Note

    ADNOCDIST total fuel volume marginally grew 1.1% YOY to 3.7 Bn liters in 1Q25, driven by increased mobility, network expansion, with increased share from KSA operations. The Company expects to add 40 to 50 new service stations across the network with 30 to 40 stores under the DOCO model in 2025.
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  • UAE Flag
    FIRST LOOK NOTES
    07 May 2025
    ADNOC Gas
    BUY
    AED 3.27
    AED 3.93
    +20.18%

    UAE Equity Research - ADNOC Gas 1Q25 - First Look Note

    ADNOCGAS’s total sales volume increased 1.3% YOY to 902 TBTU in 1Q25, despite maintenance activity. The Company anticipates more shutdowns for the remainder of 2025, including two major ones related to tie-ins for new growth projects.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    07 May 2025
    ADNOC Distribution
    BUY
    AED 3.42
    AED 4.46
    +30.41%

    UAE Equity Research - ADNOC Distribution 1Q25 - Earnings Call Insight

    Revenue fell 3.2% YOY to AED 8,473 Mn in 1Q25, mainly due to reduced selling prices stemming from a drop in crude oil prices, partially offset by a growth in fuel volumes and higher contribution from non-fuel segment.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    06 May 2025
    ADNOC Gas
    BUY
    AED 3.27
    AED 3.93
    +20.18%

    UAE Equity Research - ADNOC Gas PLC 1Q25 - Earnings Call Insight

    Revenue increased 2.4% YOY to USD 4,670 Mn in 1Q25, driven by higher sales volumes, well-managed shutdowns, and favorable LNG and LPG pricing market conditions. Total sales volume rose 1.3% YOY to 902 trillion British thermal units (TBTU) in 1Q25.
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  • UAE Flag
    SECTOR NOTE
    17 Apr 2025
    Energy

    UAE Equity Research - Energy Sector 1Q25 - Preview Note

    Following the recent price correction, ADNOC Distribution stands out as our preferred pick over ADNOC Drilling, ADNOC Gas, and Dana Gas, backed by its strong operational execution, diversified revenue streams, and scalable growth strategy. While lower crude oil prices impacted its topline, ADNOC Distribution recorded robust growth in fuel volumes and non-fuel transactions.

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