During Q3, 3 BCM of Natural Gas were sold from the Leviathan reservoir with significant sales for export which produced an operating income of $70 million and net income of $45 million for Ratio
From the beginning of the year until the date of release of the report, 10.4 BCM of natural gas were sold from the Leviathan reservoir
In view of the strong cash flow, the Partnership intends to continue distributing dividend during the next quarter based on the 2022 financial results
TEL AVIV, Israel, Nov. 30, 2022 /PRNewswire/ -- Ratio Energies Partnership (TASE: RATI-L), which holds 15% of the Leviathan natural gas reservoir, reports its results for Q3/2022: The revenues in this quarter were $106 million, up some 31% year-over-year. The operating income for the quarter was $70 million, up some 40% year-over-year. Ratio ended the quarter with a net profit of $45 million. The revenues from the beginning of 2022 until the end of the quarter were $284 million, compared with $226 in the same period last year, up some 25%.
During the quarter, 3 BCM of natural gas were sold from the Leviathan reservoir. The average price of natural gas sold during the quarter was 6.5$ per MMBtu. 1.8 BCM was sold to customers in the export markets in Egypt and Jordan, and 1.2 BCM to the domestic market. From the beginning of the year until the date of release of the report, 10.4 BCM of natural gas from the Leviathan reservoir have been sold. During the quarter, Ratio, together with the Leviathan partners, also announced the signing of a binding agreement for the transport of condensate (crude oil) from the Leviathan reservoir through the infrastructure of PEI - Energy Infrastructures Ltd. This agreement will enable the Leviathan partners to commercialize and sell the condensate on the free market in Israel and worldwide.
During Q3, bonds payments, principal and interest totaling $156 million were made. After the report period and prior to its release, Ratio carried out full prepayment of the B bonds series in the sum of $66 million. The Partnership intends to distribute a dividend based on the 2022 financial results.
Yigal Landau, CEO of Ratio Energies: "The global and regional demand for natural gas continues to be strong and is expressed in an increase of the quantities which were sold from the Leviathan reservoir, combined with an additional increase in the average price, which brought Ratio another excellent quarter in all the parameters. We intend to continue the distribution of profits in the next quarter based on the financial results of 2022. Concurrently with the regular supply and security of the domestic market's energy needs, we continue to examine together with our partners the best alternative for the development of phase 1b and the possibilities for increasing the volumes of production in Leviathan. Alongside transmission infrastructure solutions which will enable the transmission of larger quantities of natural gas to customers in the export markets".
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