Ratio Energies Limited Partnership · TASE:RATI
Ratio Energies Limited Partnership — Investor Presentation (March 2024)
16 slides from Ratio Energies Limited Partnership's investor presentation, March 2024
Slide 1: Ratio Energies Investors Presentation FY 2023
RATIO ENERGIES Limited Partnership INVESTORS PRESENTATION FY 2023 March, 2024
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 for the provision of information only. The information used to
Slide 3: 2023 Highlights
Entrepreneurial E&P player and prospect generator of Leviathan 32 2023 Highlights $362 85 Years of Operations M % 15% Revenue Revenue From Export 7.75 WI in Leviathan Project 11BCM 6.1 $/mmbtu RATI TLV Stock Exchange 7.75 Leviathan Gas Sales1 Average Price $60M Symbol Main TA-90 TA-125 Indexes TA-Oi
Slide 4: Our Assets, Our Partners
RATIO ENERGIES Our Assets Our Partners 15% Leviathan Field Leviathan Zone G Field 73 27 27 28 28 7.75 36 36 37 70 70 10%* 7.75 Zone G * The joint venture agreement with ENI includes an option for Ratio to increase its working interest up to 30% 4
Slide 5: Leviathan Project
LEVIATHAN Ownership PROJECT World-class asset; best-in-class operations and gas quality Operator 15% 15% 39.66% 40% Regional energy anchor with wide World-class operator array of opportunities for future assuring the highest standards of operations and developments unlocking opportunities 45% for fu
Slide 6: Leviathan Phase 1A: 3rd Gathering Line
LEVIATHAN PHASE 1A: Laying a 3rd gathering line from 3rd GATHERING Leviathan reservoir to the production platform will bring capacity to 14 BCM/y LINE Increase production FID taken on June 2023 capacity to 14 BCM/y Revenue increase upon completion of 3rd GL ($M) < 30% 13.7 BCM Estimated project comp
Slide 7: Leviathan Expansion: Phase 1B
LEVIATHAN EXPANSION: PHASE 1B Increasing production capacity up to 21 BCM/y Approved development plan to increase production up to ~ 21 BCM/y 12 Current capacity BCM/y Working with Israel’s Ministry of Energy to secure additional export 7.75 14 Near-term capacity quotas BCM/y Mid-2025 Expected FID i
Slide 8: Midstream
MIDSTREAM Current and planned development projects Turkey Capacity expansion by laying a new 1 EMG offshore pipeline between Ashdod and Ashkelon Doubling regional Increasing existing pipeline capacity for transmission 2 FAJR* transportation of incremental volumes to Egypt Cyprus capacity to meet 3 N
Slide 9: Leviathan Sales by Markets
LEVIATHAN SALES BY MARKETS Israel Leviathan sales by market (BCM/y) 7.75 • Israel gas demand forecast to grow ~50% by 2030 • Main drivers are growth in electricity demand and generation, coal phase out, and growing use of gas for transport and industry 11.4 11.0 10.7 • 8-10 new gas powered combined-
Slide 10: New Exploration Licences in Zone G
NEW EXPLORATION *10% LICENCES IN *75% ZONE G1 (Operator) Zone G 15% Partnership with industry leaders creates new growth opportunities * The joint venture agreement with ENI includes an option for Ratio to increase its working interest up to 30% Our Partners One of the global energy majors with Glob
Slide 11: Financial Results
FINANCIAL RESULTS
Slide 12: FY 2023 Financial Metrics
FY 2023 Revenue ($M) EBITDA ($M) FINANCIAL METRICS 270 247 FY 2022 FY 2023 380 362 Operating Cash Flow ($M) 197 151 FY 2022 FY 2023 FY 2022 FY 2023 Revenue mix 15% Net Income ($M) 25% FY 2022 FY 2023 150 127 75% 85% Export Markets Domestic Market FY 2022 FY 2023 12
Slide 13: Robust & Steady Cash Flow from Phase 1A
ROBUST & Net Cash Flow Forecast from Phase 1A 2024 through 2030 (2P+2C)1 STEADY $M CASH FLOW 600 FROM 500 PHASE 1A 400 300 271 205 216 198 Allows sustainable 200 133 174 159 $ 1.4 B dividend, debt 100 Accumulated service, and - cash-flow future investments (100) (200) (300) (400) 2024 2025 2026 2027
Slide 14: Well-Capitalized and Maintains High Liquidity
WELL-CAPITALIZED AND MAINTAINS HIGH LIQUIDITY Debt service ability from current cash-flow Accumulated cash-flow after debt service (2024-2030, $M)1 Debt Structure (31.12.2023) Significant deleverage from start of production 800 $745M Principle – Senior debt Accumulated cash-flow Principle – Bonds af
Slide 15: Looking Ahead
LOOKING Maintaining momentum on Leviathan expansion AHEAD alongside efforts to secure increased export quotas Development of regional gas transmission systems capacity to maximize sales Commencing work with ENI and Dana Petroleum on new exploration licenses Ensuring financial and operational readine
Slide 16: Ratio Energies
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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