ERBIL, Kurdistan Region - Dana Gas, the largest private sector natural gas company in the Middle East, has published its financial figures for the first half of 2026, reporting an increase of 47 percent in a net profit of 393 million AED ($107 million).
The increase comes despite an escalation in security risks and heightened regional tensions related to the Iran war and subsequent attacks, in which gas refining and production capacity in the Kurdistan Region were directly impacted due to shut-ins and temporary suspension of operations.
Company profits and revenues in the first half of 2026
According to the report, the net profit of 393 million AED ($107 million) shows a significant surge compared to 270 million AED ($73 million) in the first half of 2025.
The company states that part of this increase was due to gas benchmark adjustments for the years 2018 to 2024 at the Khor Mor field, where an amount of 176 million AED ($48 million) was recognized as revenue in the first quarter of this year. Excluding that adjusted amount, the company's net profit stood at 217 million AED ($59 million).
According to the report, in the second quarter of 2026, the company's profit reached 123 million AED ($33 million), representing a 10 percent increase compared to the same period in 2025.
Total company revenue increased by 51 percent, reaching 946 million AED ($258 million). According to the report, the main drivers of this growth were higher oil and gas prices, increased production in Egypt, and higher sales through Pearl Petroleum.
Impact of tensions on Kurdistan Region production
The regional security crisis and military tensions surrounding Iran created obstacles for gas refining operations at the Khor Mor field, preventing the company from producing gas at the full capacity of the KM250 expansion project since war broke out on February 28, prompting shut-ins and a suspension of production for prolonged periods.
Despite these hurdles, the Khor Mor field started 2026 at a record level, exceeding daily production of 700 million cubic feet of gas before security tensions caused intermittent operational halts.
Following the escalation of tensions in July, Dana Gas took temporary precautionary measures. After receiving assurances from the Kurdistan Regional Government and the Federal Government, operations returned to normal. Additionally, under a one-year agreement, 100 million cubic feet of gas per day will be sent to the new power plant in Kirkuk.
Company production schedule and financial status: H1 2026 vs H1 2025
According to the Dana Gas report, production growth in Egypt managed to balance out the challenges faced in the Kurdistan Region; gas production in Egypt increased by 7 percent, reaching 13,300 barrels of oil equivalent per day (boepd).
During these six months, Dana Gas drilled three new wells and completed another well in Egypt. One of the discovered wells contains an estimated 10 billion cubic feet of gas reserves, significantly exceeding initial expectations (3 billion cubic feet). The company plans to drill four additional wells by the end of 2026.
Alongside operational progress, the Egyptian government has repaid all of Dana Gas's accumulated receivables, and financial dues are now being disbursed on schedule.
