Ratio Energies made $150 million net profit from 2022 Leviathan gas sales

The company’s record-breaking natural gas sales from the Leviathan gas fields have propelled Ratio Energies into 2023 at a strong production pace.

 The Leviathan platform (photo credit: ALBATROSS)
The Leviathan platform
(photo credit: ALBATROSS)

Ratio Energies, a leading energy exploration and production company, has announced a record performance in 2022 thanks to its share in the Leviathan gas fields. The company reported the sale of 11.4 billion cubic meters (BCM) of natural gas from the Leviathan reservoir, generating an operating profit of $240 million and a net profit of $150 million.

A significant portion of the gas sales (to the tune of 7.6 BCM) were through exports to Egypt and Jordan, highlighting the high demand for natural gas in international markets. The profits made by Ratio Energies from these exports have allowed the company to invest further in exploration and production efforts in the Leviathan fields.

How have production levels changed in the new year?

Last year’s production levels have continued to persist into the new year, as well. As of the report’s release date, during the first quarter of 2023 Ratio Energies has sold 2.9 BCM of natural gas from the Leviathan reservoir.

Furthermore, Ratio Energies announced a dividend distribution of $35 million, bringing the total profit distribution for 2022 to $60 million. This highlights the company's commitment to delivering returns to its shareholders while maintaining a focus on sustainable growth.

 Yigal Landau, Ratio Energies CEO (credit: RAMI ZARNEGAR)
Yigal Landau, Ratio Energies CEO (credit: RAMI ZARNEGAR)

"2022 has been an excellent year for Ratio Energies in all parameters, and we are delighted to announce another dividend distribution to the holders of our units, bringing us to an impressive dividend yield of 7.5% as of the report release date,” said Yigal Landau, CEO of Ratio Energies. ”We intend to continue this trend while preparing for the next development stages. In Q1/2023 the demand for natural gas remained strong, similar to last year, and we are working on increasing production.”

Landau went on to say that the Leviathan partners, including Ratio Energies, have approved budgets for a third pipeline from the platform in order to increase production to 13.7 BCM per year from mid-2025.

“At the same time, and for the long term, we are promoting the optimal alternative for Phase I – Second Stage, which will make it possible to virtually double the current production quantity, and for which too we have approved budgets,” Landau said.

Overall, Ratio Energies' success in 2022 is a testament to the company's strategic focus on the Leviathan gas fields. With strong production levels, exports and a commitment to delivering returns to shareholders, the company is well-positioned to continue its growth trajectory in the years to come.