Higher demand in export markets led to another strong percentage quarter with revenues of $82 million
During the first quarter, 2.7 billion cubic meters of natural gas were sold from the Leviathan Reservoir, generating an operating profit of 49 million dollars and net profit 28 million dollars
Enter an additional transport path to Egypt It allowed to meet record demand in export markets, resulting in regional sales of 1.8 billion cubic meters during the quarter
From the beginning of the year to the date of the report’s release, 4.5 billion cubic meters of natural gas were sold from the Leviathan Reservoir
Tel Aviv, IsraelAnd the May 31, 2022 /PRNewswire/ – Ratio Energies (TASE: RATI-L), which owns 15% of the Leviathan Natural Gas Reservoir, announces first-quarter results for 2022. Total revenue and operating profit for the quarter were 82 million dollars And the 49 million dollars respectively, up 14% over the same quarter last year. The net profit ratio for the first quarter was 28 million dollarswhich is a 12% increase over the same quarter last year.
During the first quarter, 2.7 billion cubic meters of natural gas was sold from the Leviathan Reservoir, of which 1.8 billion cubic meters was exported to Egypt And the Jordan. From the beginning of the year to the date of the report’s release, 4.5 billion cubic meters of natural gas had been sold from the Leviathan Reservoir. Sales growth was facilitated by the introduction of an additional transportation route in early March between Israel And the Egypt Across Jordan
Natural gas was sold at an average price of $5.59 per million calories compared to $4.91 In the same quarter last year, an increase of 14% directly affected the profit streak that the partnership recorded. The increase in the average price is mainly due to a change in the sales mix in favor of exports, which is affected, among other things, by oil prices. The rise in oil prices in recent months should also be expressed in the rise in the average price of natural gas for export markets in the second quarter of 2022.
During the quarter, drilling of the “Leviathan-8” well began, which will make it possible to maximize the potential volumes of gas for sale while increasing the reservoir’s surplus when it joins the four existing production wells.
In this quarter, the ratio continued to maintain its high cash balances, which amounted as at the end of the quarter 222 million dollarsAnd the $21 million More than the end of the previous quarter. The partnership is working to begin the distribution of dividends to unit holders based on its financial results for the year 2022.
Yigal LandauCEO of Ratio Energy: “2022 continues the trend of peak demand last year, which resulted in another strong quarter for sales and export ratios coupled with an increase in the average price of natural gas.
The agreement that we signed during the first quarter to open an additional route to transport natural gas to Egypt Across Jordan It proves itself and enables us to respond to the increasing demand for natural gas from customers in the countries of the region along with regular delivery to the local market. We believe that the Leviathan Reservoir will be able to contribute to gas supplies to European countries as part of the process of diversifying the sources of supply. Accordingly, we continue to work with Leviathan partners to select the best alternative for stage development 1 bWhich will make it possible to achieve a significant increase in production and sales of the tank.”
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SOURCE Ratio Energy Limited Partnership