Abu Dhabi National Oil Company (ADNOC) set the official selling price of its benchmark Murban crude for September at $83.80 per barrel, up from the official August selling price of $82.52. Oil prices rebounded by about 1%, distancing from their lowest level in several months, as market focus shifted to supply constraints and a recovery in financial markets from a sell-off.

Meanwhile, ADNOC Drilling’s CFO, Yousef Salem, stated that the company has financial facilities of around $1.25 billion, which will be used to finance its expansions, in addition to the remaining annual cash returns after distributions amounting to $700 million.

ADNOC Drilling achieved a net profit of 2.1 billion dirhams in the first half, growing 28% year-on-year, with second-quarter net profit up 29% and 7%, respectively, to 1.1 billion dirhams, driven by higher EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization).

The company witnessed growth across all sectors in Q2 2024, led by the offshore sector, which grew by 63% and achieved the highest EBITDA margin at 67%.