Adnoc Drilling has notched up its second highest quarterly profit figure since it began releasing data back to 2020 thanks to a combination of high revenues and low capex. Q1 revenues of $601mn equaled the firm’s record high figure from 2Q 2021 and with upstream activity increasing amid rising oil prices and tapering Opec+ production cuts, further gains this year are likely.

The firm is a subsidiary of Abu Dhabi state energy giant Adnoc, which retains an 84% stake after the October 2021 IPO, and makes no secret that this affords it a competitive advantage. With Adnoc investing heavily to boost production capacity from around 4mn b/d to 5mn b/d by 2030 and to ramp up gas capacity, Adnoc Drilling describes itself as a “key enabler to Adnoc’s delivery on its long-term upstream targets.” (CONTINUED - 505 WORDS)