股息增长潜力可期；非常规业务推进信心十足

Key Insights - The management of Abu Dhabi National Oil Drilling Company (ADNOCDRI) maintains a positive outlook on its business and emphasizes maximizing shareholder returns as a top priority. The company’s unconventional business segment shows promising disclosures, suggesting potential upside to its 10% dividend growth policy [1][2] - ADNOCDRI has established itself as the fastest-growing drilling company globally and a comprehensive solution provider in the region, reinforcing its strong market position [1] Dividend Policy - The company has previously proposed a progressive dividend policy, committing to a minimum annual increase of 10% per share over the next five years (FY24-28). However, the board has the discretion to exceed this guideline, indicating flexibility in balancing corporate growth opportunities with dividend distribution [2][3] Unconventional Drilling Performance - The company reports that all eight of its unconventional drilling rigs are operational, with an increase in well numbers leading to cost reductions, surpassing initial expectations. Two fracturing fleets are currently in operation, with the potential to deploy an additional fleet if demand arises. The company expresses strong confidence in this project [2][3] - Based on the current operational efficiency of its eight rigs, ADNOCDRI does not foresee the need for additional rigs to complete the task of drilling 144 gas wells [2] Rig Expansion Plans - As of the end of FY2024, ADNOCDRI owns a total of 142 rigs, with a target to increase this number to at least 148 by FY2026 and 151 by FY2028. The company plans to introduce an island rig in the second half of FY2025, potentially operational by early FY2026, along with two additional rigs in FY2026/2027 and three more in FY2027/2028 [3] Enersol Initiative - The company has successfully deployed 16 new hybrid drilling rigs, with ongoing efforts to enhance electrification. Enersol is identified as a key support for the company’s decarbonization strategy, demonstrating a commitment to reducing carbon footprint and improving operational efficiency [3] Regional Expansion - ADNOCDRI indicates that its potential operations in Kuwait and Oman are expected to impact revenue primarily in FY2026, with plans to utilize existing rigs for these projects [3]