Ratio Energies Limited Partnership · TASE:RATI
Ratio Energies Limited Partnership — Investor Presentation (2023)
18 slides from Ratio Energies Limited Partnership's investor presentation, 2023
Slide 1: Ratio Energies Investor Presentation FY 2022
RATIO ENERGIES INVESTOR PRESENTATION FY 2022
Slide 2: Disclaimer
DISCLAIMER This presentation was prepared by Ratio Energies – Limited Partnership (the “Partnership” or “Ratio”). It is not an offer to buy or sell securities of the Partnership, nor an invitation to receive such offers, and is designed, as aforesaid, for the provision of information only. The infor
Slide 3: 2022 Highlights
Entrepreneurial E&P player and prospect generator of Leviathan +30 2022 Highlights $380M 30 Years of Operations % YoY 15% Revenue 7.75 WI in Leviathan Project 11.4 BCM 6.2 $/mmbtu RATI TLV Stock Exchange 7.75 Leviathan Gas Sales 1 Average Price $60M Symbol Main TA-90 TA-125 Indexes TA-Oil & Gas Firs
Slide 4: Ratio on the Global Energy Map
RATIO ON THE GLOBAL ENERGY MAP Israel Ratio offers pure Israel play exposure to Strategically located in the EastMed rises Israel’s top gas as a leading regional asset, with a East Med natural gas producer Closest to Europe with global scale high potential resources Europe becoming a hotspot for Wor
Slide 5: Leviathan: World-Class Asset and Regional Energy Anchor
LEVIATHAN Ownership Gross Reserves & Resources1 World-Class Asset Operator 619 BCM and a Regional 15% 15% 101 77 48 mmbl Energy Anchor 40% 39.66% World-class operator 8 6 Contingent resources – Future development assuring the highest Contingent resources – standards of operations and 441 current dev
Slide 6: Phase A Upstream
PHASE 1 A Phase 1a Near-mid Term Optimization UPSTREAM Project Expected ompletio Completion Expediting 3rd gathering line1 Mid-2025 Completion of 5th production well Q2 2023 Continuous efforts to optimize Completion of Condensate infrastructure Q4 2023 production and 10 Year's outlook for Ratio3 Lev
Slide 7: Phase 1A Midstream
PHASE 1A Under Development MIDSTREAM Turkey Current Planned Capacity Capacity 500mmcf/d 750mmcf/d Cyprus EMG 350mmcf/d 550mmcf/d Leviathan’s Leviathan’s Expanding Current Capacity future Capacity1 infrastructure to meet regional Future Development2 Damietta Jordan gas demand IDKU Current Planned Isr
Slide 8: Leviathan Phase 1B
LEVIATHAN PHASE 1B Increase Production Capacity and Gain Entry to Global LNG Markets Upstream Midstream Approved development plan to Several gas sales infrastructure increase production to ~ 21 BCM/A alternatives being considered: Leviathan platform expansion FLNG Facility $45M budget in 2023 for Pr
Slide 9: Leviathan's Marketing Advantage
LEVIATHAN’S Leviathan Gas Sales Agreements MARKETING Egypt ADVANTAGE ~135 BCM Blue ocean long-term agreement 60 BCM total contract quanti quantity Signed GSPAs Brent linkage, floor price, take-or-pay 29 BCM Additional spot sales Supplied over past 3 years Israel Long-term strategic Mixture of long-
Slide 10: Egypt Gas Market
EGYPT GAS MARKET Regional Gas Demand- Rise LNG exports Hub production gap Egypt is a mature natural gas Fast-rising domestic natural Egypt exported ~8 m market which aspires to gas demand while production (~11 BCM) of LNG in 2022 become a regional gas hub from mature fields declines with intention t
Slide 11: Israel Gas Market
ISRAEL GAS MARKET Rising gas demand Competitive Opportunities environment Driven by growing usage of 3 Gas fields supply all of Israel New opportunities for gas to power generation, gas consumption, assuring Leviathan in Israel with industry, and transport Israel’s energy security and privatization
Slide 12: Jordan Gas Market
JORDAN GAS MARKET Steady gas demand Enabling regional Opportunities collaborations Jordan demand for gas Key energy supplier for New opportunities for projected to remain steady as Jordan, and use of Leviathan in Jordan comes raising power demand will be infrastructure enables from transitioning fro
Slide 13: Financial Results
FINANCIAL RESULTS
Slide 14: FY 2022 Key Financial Metrics
FY 2022 Revenue ($M) EBITDA ($M) KEY +35% FINANCIAL +30% 199 270 METRICS FY 2021 FY 2022 380 Operating Cash Flow ($M) 293 Continued +24% improvements 122 151 across the board FY 2021 FY 2022 FY 2021 FY 2022 Revenue mix Net Income ($M) +93% 25% 37% FY 2021 FY 2022 150 63% 75% 77 Export Markets Domest
Slide 15: Robust & Steady Cash Flow from Phase 1A
ROBUST & 10 years Net Cash Flow Forecast from Phase 1A Only (2P+2C)1 STEADY $M CASH FLOW 450 >$440M FROM 350 263 Avg. estimated annual revenue PHASE 1A 245 250 188 198 179 149 141 143 149 152 150 Allows debt >$180M Avg. estimated payment, future 50 annual ULCF investments and -50 sustainable dividen
Slide 16: High Debt Service Capability
HIGH DEBT Long-term debt planning Net Financial Debt ($M) SERVICE Debt service from cash flow and without need to refinance in short-mid term CAPABILITY Conservative debt management Hedging transactions as part of the partnership risk-management in a changing interest rate 719 environment 626 518 Fi
Slide 17: Looking Ahead
LOOKING AHEAD Continue to Execute Financial and High Debt Service Continued Periodic Leviathan Marketing Operational Readiness Capabilities from Dividend Payment to Strategy and capitalize on toward Leviathan Robust Cash Flow Shareholders market opportunities Expansion 17
Slide 18: Ratio Energies Limited Partnership
RATIO ENERGIES LIMITED PARTNERHIP 85 Yehuda Ha’levi St. Tel-Aviv 6579614 Israel Tel: +972-3-5661338 Fax: +972-3-5661280 info@ratioenergies.com www.ratioenergies.com
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