Pramod Kumar | agbi.com | Thursday, October 15, 2026 | 11:37 AM UTC
QatarEnergy CEO Saad al-Kaabi estimated annual revenue losses of $20 billion after Iranian attacks on the company’s LNG facilitiesCopyright:Reuters/Imad Creidi
QatarEnergy has reported a sharp decline in net profit and revenue in the first six months of 2026 due to the Iran conflict.
An Iranian missile strike in March disrupted the state company’s liquefied natural gas export capacity.
Net profit attributable plunged 69 percent to QAR15 billion ($4 billion) between January and June, compared to QAR48 billion a year earlier, according to the company’s unaudited consolidated financial statement published on the UK Financial Conduct Authority data portal.
Revenue declined 35 percent to QAR87 billion in the first half.
Crude oil and condensate revenues dropped more than 55 percent and 29 percent, respectively. Income from LNG fell 5 percent, while natural gas declined 40 percent.
However, cash generated from operations rose to QAR21 billion between January and June, from QAR13 billion a year earlier. As a result, the company’s utilisation of own cash in financing activities increased by 500 percent, according to the financial statement.
As of June 30, total assets stood at QAR704 billion, while total liabilities reached QAR184 billion.
Following the Iranian strike on the Ras Laffan facility in March, QatarEnergy CEO Saad Al-Kaabi estimated annual revenue losses of $20 billion after the attacks disrupted nearly 17 percent of its export capacity.
Ras Laffan accounts for about 20 percent of global supply. It covers almost 30 percent of UAE gas demand through its Dolphin pipeline, a joint venture between Mubadala, Occidental Petroleum and TotalEnergies.
The Gulf state has warned that repairs could take up to five years.
The Qatari Emir, Sheikh Tamim bin Hamad al-Thani, said this week that the US-Iran war had negatively affected the country’s public finances, leading to a sharp decline in revenue during the first half of 2026.
He confirmed that work on the North Field Gas expansion was progressing as planned, while the Golden Pass project in the US had made significant progress.
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