Ratio Energies Limited Partnership · TASE:RATI
Ratio Energies Limited Partnership — FY2024 Earnings Presentation
23 slides from Ratio Energies Limited Partnership's earnings presentation, March 2025
Slide 1: Ratio Energies FY & Q4 2024 Investors Presentation
RATIO ENERGIES Limited Partnership FY & Q4, 2024 Investors Presentation March 2025
Slide 2: Disclaimer
This presentation was prepared by Ratio Energies – Such Information is based solely on the Partnership ’s Limited Partnership (the “Partnership” or “Ratio”). subjective assessment, based on facts and figures concerning the status of the Partnership’s business, It is not an offer to buy or sell secur
Slide 3: Ratio Energies: Pioneering E&P Player and Prospect Generator of Leviathan
33 Years of operations Industry-leading partners RATIO ENERGIES Pioneering E&P Player and Prospect Generator of Leviathan TASE: RATI Key indexes: TA-125 I TA-Oil & Gas I TA-Dividend 15% Working interest in Leviathan field NIS 4•4 Bn Market Cap1 3| 1| As of March 19, 2025
Slide 4: FY 2024 Key Highlights
11•2 BCM Gas Sales 2.73BCM in Q4-2024 2.75BCM in Q4-2023 $376M Revenue $87M in Q4-2024 $92M in Q4-2023 $6•12/MMBtu Average Gas Price Stable price environment, $6.11/mmbtu in FY 2023 FY 2024 Key Highlights $139M Net Profit $35M in Q4-2024 $29M in Q4-2024 Leviathan Expansion Progress $505M FEED Budget
Slide 5: Assets
Assets Leviathan Leviathan field Zone G Haifa Largest natural gas field in the Mediterranean 15% Tel Aviv Zone G Secured 6 new exploration 1 licenses offshore Israel 10% 2 |5 1|Not yet officially awarded 2|The joint venture agreement with ENI includes an option for Ratio to increase its working inte
Slide 6: Leviathan Field
Gross Reserves & Resources1 580 BCM Natural Gas Leviathan Field 420 45 mmbbl Condensate 160 A strategic regional energy anchor with significant impact 33 12 2P 2C 15% 39•66% 45•34% 330 km2 31-Dec-2019 Reservoir area First gas 1•3 BCF/D 52 BCM Current Total natural production from 5 gas supplied prod
Slide 7: Leviathan Project: Sales by Market
Leviathan Sales By Market (BCM) 11.4 11.0 11.2 11.6 Leviathan 10.7 1.5 Project 4.6 3.8 2.1 2.7 7.3 2.7 2.7 11.6 12 BCM/y 3.5 2.7 Production Capacity 7.0 1.9 6.2 4.9 14 BCM/y 3.4 Production Capacity 1.9 2020 2021 2022 2023 2024 2025 E 21 BCM/y Avg price: $5.01 $5.10 $6.19 $6.11 $6.12 Production Capac
Slide 8: Executing our strategy while expanding growth horizons
Upstream Midstream 2025 • Expanding Leviathan infrastructure: constructing a 3rd gathering line • Strengthening export capacities: upgrading transmission network Executing our • Advancing Leviathan growth: (Ashdod-Ashkelon, FAJR) strategy while driving expansion project • Expanding export infrastruc
Slide 9: Leviathan 3rd Gathering Line
Leviathan 3rd Gathering Line Project Expanding capacity: additional gathering line from Leviathan field to platform 12 BCM/y Project Status Currently underway Production Capacity Expected completion: Q1-2026 1 14 BCM/y Investment $568M-Total budget($85M Ratio’s share) Production Capacity Production
Slide 10: Leviathan Project Expansion Milestones
June 2024 Letter of intent from the ministry of energy for additional 118 BCM Leviathan export permit 2 Project July 2024 Initiated Front-End Engineering Design (FEED) and commenced procurement of long-lead items 12 BCM/y February 2025 Production Capacity Submitted field development and expansion pl
Slide 11: Midstream Infrastructure
Midstream Investment in regional transmission infrastructure to Infrastructure double export capacity Midstream Projects Midstream Capacity 1. Ashdod-Ashkelon looping (BCM p•a•) 25.5 Capacity expansion through new offshore pipeline 6 6 1 2 4 2. FAJR+ Pipeline 13.5 2 11 Enhancing existing pipeline ca
Slide 12: Midstream Infrastructure: Capacity, Production and Sales
Midstream Investment in regional transmission infrastructure to Infrastructure double export capacity Leviathan midstream capacity, gas production and sales (BCM p•A•)3 BCM 21 Future transmission 20 Nitzana completion Expected capacity (BCM p.a) Budget Midstream projects ($M, Leviathan's FAJR+ compl
Slide 13: Export Markets: Egypt
Export Markets: Egypt Blue Ocean Energy 60 BCM 15 Years 24 BCM GSPA Contract volume Term Gas supplied to date Egypt's Energy Landscape Egypt Natural Gas Production and Demand Outlook BCM • Natural gas: Primary energy source, accounting for 100 >80% of power generation 80 • LNG facilities: 2 plants w
Slide 14: Export Markets: Jordan
Export Markets: Jordan NEPCO 45 BCM 15 Years 13 BCM GSPA Contract volume Term Gas supplied to date Jordan’s Energy Landscape Jordan’s Natural Gas Production and Demand Outlook BCM • Consistent demand for natural gas for power 4.5 4.0 generation and industrial use 3.5 3.0 • Minimal domestic gas produ
Slide 15: Domestic Market: Israel
Domestic Market: Israel Customer Portfolio 21 BCM 2-25 Years 4 BCM1 Power and industry Contract volume Term range Gas supplied to date Israel Energy Outlook Israel Natural Gas Demand Outlook BCM • Projected gas demand growth: ~50% by 2030 30 • Main drivers are growth in electricity demand, coal phas
Slide 16: Exploration Licenses: Zone G
Exploration Partners Licenses 75% 15% 10% 1 Zone G RATIO ENERGIES: October 2023 Joint venture secured Zone G in Ministry Pioneering Global E&P of Energy's 4th licensing round Partnerships in Israel 1,733 km2 Exploration area 3D seismic survey To commence upon official license award ||16 16 1| Joint
Slide 17: Financial Results
Financial Results | 17
Slide 18: FY 2024: Financial Highlights ($M)
FY 2024: Financial Highlights ($M) 362 376 47 56 247 248 6.11 6.12 139 127 306 329 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 Domestic Export Revenue EBITDA Net Income Avg. Gas Price ($/MMBtu) | 18
Slide 19: Q4-2024: Financial Highlights ($M)
Q4-2024: Financial Highlights ($M) 92 87 21 11 61 6.16 57 35 5.82 29 71 76 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Domestic Export Revenue EBITDA Net Income Avg. Gas Price ($/MMBtu) | 19
Slide 20: Projected Cash Flow
> $ 1.3 Bn Cumulative Net Cash Flow Net Cash Flow Forecast from Phase 1A 2024 through 2031 (2P+2C)1 600 500 400 Projected 300 249 238 214 200 173 161 123 139 Cash Flow 100 0 Based on long-term agreements with take-or- -100 pay clauses and floor -200 price protection -300 -400 2025 2026 2027 2028 202
Slide 21: Consistent Shareholder Returns
40 35 Consistent 30 30 30 Shareholder Returns 25 Balanced financial strategy: $190M in dividends since 2022, ongoing investments in Leviathan field development and continuous debt reduction 1 Q2 2022 Q4 2022 Q2 2023 Q4 2023 Q2 2024 Q4 2024 Dividend Payments ($M) |21 1| Ratio Energies declared $ 40M
Slide 22: Robust Financial Position ($395M)
Total debt ($M) Robust Financial 865 827 Position 663 Enabling sustainable dividends, debt service, and future investments 598 528 $138M $185M Cash and Avg• net projected equivalents cash flow Net Financial debt1 ($395M) 31.12.2020 31.12.2021 31.12.2022 31.12.2023 31.12.2024 Continues deleveraging C
Slide 23: Thank You
O - 7 i) W U 4 W Z W Thank You
Ratio Energies Limited Partnership — FY2024 Earnings Presentation on 6ix