Q1 2026 Adnoc Drilling Company PJSC Earnings Call Transcript

May 11, 2026 / 12:00 PM GMT

Transcript

Key Points

Positve

ADNOC Drilling Company PJSC (ADX:ADNOCDRILL) delivered its best-ever first quarter with a revenue of $1.23 billion, driven by high fleet utilization and growth across integrated drilling and oilfield services.
The company achieved a 98% rig availability and drilled 191 wells, significantly reducing non-productive time by 62% compared to the plan.
ADNOC Drilling Company PJSC (ADX:ADNOCDRILL) distributed $262.5 million in dividends for Q1, reflecting a commitment to attractive, progressive returns for shareholders.
The acquisition of 80% of MBPS added 22 rigs to the fleet, enhancing regional capabilities and expanding the fleet to 30 rigs.
The company maintained a strong balance sheet with net debt at $1.7 billion, equivalent to 0.8 times EBITDA, providing significant flexibility for growth and strategic investments.

Negative

Revenue, EBITDA, and net profit were lower sequentially in Q1 due to fewer calendar days and the full impact of onshore rig repurposing.
The unconventional business is expected to face moderation in Q2, leading to approximately $50 million less revenue compared to Q1.
The EBITDA margin for Q1 was lower than guidance at 43%, partly due to higher costs associated with the fastest-growing oilfield services segment.
The company faces challenges from geopolitical tensions in the region, although these have not yet impacted operations.
There is uncertainty regarding the impact of the OPEC exit and potential changes in regional expansion strategy, which could affect future capacity and infrastructure requirements.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ADNOCDRILL.AD - Adnoc Drilling Company PJSC
Q1 2026 Adnoc Drilling Company PJSC Earnings Call
May 11, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello, everyone, and thank you for joining us today for the AdNoc Drill-In First Quarter 2026 Earnings Webcast and Conference Call.

My name is Sammy, and I'll be coordinating your call today.

During the presentation, you can register a question by pressing star followed by one on your telephone keypad.

If you change your mind, please press star followed by two on your telephone keypad to remove yourself from the question queue.

I'll now hand over to your host, Max Cominelli, Vice President of Investor Relations at Adnoc Drilling to begin.

Please go ahead.

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Unidentified_2 [2

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