Ratio Energies Limited Partnership · TASE:RATI
Ratio Energies Limited Partnership — Q3 2024 Earnings Presentation
21 slides from Ratio Energies Limited Partnership's earnings presentation, December 2024
Slide 1: Investors Presentation Q3 and 9M 2024
RATIO ENERGIES Limited Partnership Investors Presentation Q3 and 9M, 2024
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
32 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 3.9 Bn Market Cap1 |3 1| As of November 26, 2024
Slide 4: 3rd Quarter 2024 Key Highlights
Record Quarterly Production 3.06 BCM in Q3-2024 2.89 BCM in Q3-2023 Rise in Average Gas Price 6.18 $/mmbtu in Q3-2024 6.06 $/mmbtu in Q3-2023 Revenue Up 10% $104M in Q3-2024 $95M in Q3-2024 3 Quarter 2024 rd Key Highlights Net Profit Up 13% $38M in Q3-2024 $34M in Q3-2024 Leviathan Expansion Progres
Slide 5: Assets
Assets Leviathan Leviathan field Zone G Haifa Largest gas field discovery in the East-Med 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 interes
Slide 6: Leviathan Field
Gross Reserves & Resources1 608 BCM Natural Gas Leviathan Field 430 47 mmbbl Condensate 178 A strategic regional energy anchor with significant impact 33 14 2P 2C 15% 39.66% 45.34% 330 km2 31-Dec-2019 Reservoir area First gas 1.3 BCF/D 50 BCM Current Total natural production from 5 gas supplied prod
Slide 7: Leviathan Project
Leviathan Sales By Market (BCM) 10.7 11.4 11.0 Leviathan Project 7.3 3.4 4.9 6.2 8.5 1.9 2.7 5.4 12 BCM/y 2.7 Production Capacity 1.9 2.7 4.6 2.0 14 BCM/y 3.5 3.8 Production Capacity 2.1 1.1 2020 2021 2022 2023 9M 2024 21 BCM/y Avg price: $5.01 $5.10 $6.19 $6.11 $16.2 Production Capacity (mmbtu) Dom
Slide 8: Leviathan Project
Leviathan 3rd Gathering Line Leviathan Project Expanding capacity: additional gathering line from Leviathan field to platform 12 BCM/y Project Status Currently underway Production Capacity Expected completion: end-2025 1 14 BCM/y Investment $568M-Total budget($85M Ratio’s share) Production Capacity
Slide 9: Leviathan Project
June 2024 Leviathan Letter of intent from the ministry Project of energy for additional 118 BCM export permit 2 July 2024 Initiated Front-End Engineering 12 BCM/y Design (FEED) and commenced Production Capacity procurement of long-lead items Mid-2025 14 BCM/y Expected Final Production Capacity Inves
Slide 10: Transmission Infrastructure
Transmission Regional gas transmission infrastructure: Expanding Leviathan's annual export capacity from Infrastructure 10 BCM to 16 BCM¹ Midstream Projects Midstream Capacity 1. EMG Pipeline (BCM p.a.) 25 Capacity expansion through new offshore pipeline 6 6 1 2 4 2. FAJR+ Pipeline 13 2 11 Enhancing
Slide 11: Export Markets: Egypt
Export Markets: Egypt Blue Ocean Energy 60 BCM 15 Years 22 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 12: Export Markets: Jordan
Export Markets: Jordan NEPCO 45 BCM 15 Years 12 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 13: Domestic Market: Israel
Domestic Market: Israel Customer Portfolio 26 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 26.2 24.1 24.7 25.3 25.9 25 22.8 23.4 21.5 22.2 • Main dri
Slide 14: Exploration Licenses
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 ||14 14 1| Joint
Slide 15: Financial Results
P ENERGIES Financial Results [15
Slide 16: 9M 2024: Financial Highlights ($M)
9M 2024: Financial Highlights ($M) 289 271 36 191 35 186 105 6.21 98 6.10 236 253 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 Domestic Export Revenue EBITDA Net Income Avg. Gas Price ($/mmbtu) | 16
Slide 17: Q3-2024: Financial Highlights ($M)
Q3-2024: Financial Highlights ($M) 104 95 15 10 70 38 6.18 65 6.06 85 89 34 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Domestic Export Revenue EBITDA Net Income Avg. Gas Price ($/mmbtu) | 17
Slide 18: Projected Cash Flow
> $ 1.4 Bn Cumulative Net Cash Flow Net Cash Flow Forecast from Phase 1A 2024 through 2030 (2P+2C)1 600 500 400 271 Projected 300 205 216 198 200 174 159 133 Cash Flow 100 - Based on long-term agreements with take-or- (100) pay clauses and floor (200) price protection (300) (400) 2024 2025 2026 2027
Slide 19: Consistent Shareholder Returns
35 Consistent 30 30 30 25 Shareholder Returns Balanced financial strategy: $150M in dividends since 2022, ongoing investments in Leviathan field development and continuous debt reduction Q2 2022 Q4 2022 Q2 2023 Q4 2023 Q2 2024 Dividend Payments ($M) ||19 19
Slide 20: Robust Financial Position ($430M)
Total debt ($M) 865 827 Robust Financial Position 663 598 Enabling sustainable dividends, debt service, 538 and future investments $115M $190M Cash and Avg. net projected equivalents cash flow 31.12.2020 31.12.2021 31.12.2022 31.12.2023 30.09.2024 Net Financial debt1 Continues deleveraging ($430M) S
Slide 21: Thank You
O - 7 i) W U 4 W Z W Thank You
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