Ratio Energies Limited Partnership · TASE:RATI
Ratio Energies Limited Partnership — Investor Presentation (August 2023)
16 slides from Ratio Energies Limited Partnership's investor presentation, August 2023
Slide 1: Ratio Energies Investor Presentation August 2023
RATIO ENERGIES Limited Partnership INVESTOR PRESENTATION August 2023
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: H1 2023 by the numbers and key highlights
Entrepreneurial E&P player, prospect generator and 15% WI holder in the Leviathan Field H1 2023 by the numbers Key highlights $176M $64M Submitted bids for new exploration New bids for licenses offshore Israel, as part of exploration a global consortium Revenues Revenue Net Income 7.75 FID taken for
Slide 4: Leviathan: world-class asset and regional energy anchor
LEVIATHAN Ownership Gross Reserves & Resources1 World-class asset Operator 619 BCM and 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 devel
Slide 5: Phase 1A upstream: optimizing production and monetizing opportunities
PHASE 1 A Phase 1a Near-mid Term Optimization UPSTREAM Project Status Completed in Completion of 5th production well Q2 2023 FID taken in Expediting 3rd gathering line1 Q2 2023 Optimizing Completion of condensate Expected completion production & transport infrastructure in Q4 2023 monetizing 10-year
Slide 6: Phase 1A midstream: expanding infrastructure to meet regional gas demand
PHASE 1A Current and planned development projects MIDSTREAM Turkey Capacity expansion by laying a new 1 EMG offshore pipeline between Ashdod and Ashkelon Increasing existing pipeline capacity for 2 FAJR* transportation of incremental volumes to Egypt Cyprus 3 Nitzana* New onshore pipeline between Is
Slide 7: Leviathan Phase 1B
LEVIATHAN PHASE 1B Increasing production capacity, entering new markets Upstream Midstream Approved development plan to Several infrastructure alternatives increase production to ~ 21 BCM/y for gas exports being considered: Leviathan platform expansion FLNG Facility $45M budget in 2023 for Pre-FEED*
Slide 8: Leviathan's marketing advantage
LEVIATHAN’S Sales mix 2020-2023 (BCM) MARKETING 10.7 11.4 ADVANTAGE 7.3 4.6 4.9 Egypt 1.9 5.3 2.7 Jordan 1.9 2.7 3 Israel 3.5 3.4 3.8 1.3 1 Long-term strategic 2020 2021 2022 H1 2023 agreements in high demand markets Egypt Jordan Israel Blue Ocean long-term NEPCO long-term Mixture of long- and agree
Slide 9: Egypt gas market
EGYPT GAS MARKET Regional Demand- Feedgas demand gas hub production gap for LNG exports Egypt is a mature natural gas Fast-rising domestic gas Egypt exported ~8 mt market which aspires to demand with production (~11 BCM) of LNG in 2022 and become a regional gas hub from legacy fields declining aims
Slide 10: Israel gas market
ISRAEL GAS MARKET Rising gas Competitive Opportunities demand environment Driven by growing usage 3 gas fields supply all of Israel New opportunities for of gas in power generation, gas consumption, assuring Leviathan in Israel with industry, and transport Israel’s energy security and privatization,
Slide 11: Jordan gas market
JORDAN GAS MARKET Steady gas Expanding regional Opportunities demand collaborations Jordan gas consumption is Being already the key energy New opportunities for projected to remain steady as supplier for Jordan, Leviathan Leviathan in Jordan arise raising power demand will be will benefit from infra
Slide 12: Financial Results
FINANCIAL RESULTS
Slide 13: H1 2023 key financial metrics
H1 2023 Revenue ($M) EBITDA ($M) KEY FINANCIAL 127 121 METRICS H1 2022 H1 2023 179 176 Operating Cash Flow ($M) 102 73 H1 2022 H1 2023 H1 2022 H1 2023 Revenue mix 23% 14% Net Income ($M) H1 2022 H1 2023 74 64 77% 86% Export Markets Domestic Market H1 2022 H1 2023 13
Slide 14: Robust and steady cash flow from Phase 1A
ROBUST & 10 years Net Cash Flow Forecast from Phase 1A (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 sustainable >$180M Avg. estimated dividend, debt 50 annual net CF1 payment, and -50 future investments
Slide 15: Financial soundness and high liquidity
FINANCIAL Long-term debt planning Net Financial Debt1 ($M) SOUNDNESS Debt service from cash flow eliminates need to refinance in short-mid term & HIGH Conservative debt management Hedging transactions as part of the partnership LIQUIDITY risk-management in a changing interest rate environment 587 56
Slide 16: Ratio Energies contact details
RATIO ENERGIES LIMITED PARTNERHIP 85 Yehuda Ha’levi St. Tel-Aviv 6579614 Israel www.ratioenergies.com Alon Sela Head of Capital Markets 03-5661338 alon@ratioenergies.com
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