Revenues from the sale of gas and condensate amounted to approximately $ 125 million in the first quarter, compared with approximately $ 81 million in the corresponding period last year, an increase of approximately 54%
Isramco Yahash Limited Partnership deals with oil and gas exploration, and holds about 29% of the Tamar gas field
Main results for the first quarter:
Revenues from the sale of gas and condensate amounted to $ 125 million in the first quarter, compared with $ 81 million in the corresponding period last year, an increase of 54%. The increase in revenues was mainly due to an increase of 51% in the amount of natural gas sold during the reporting period. To the electricity company compared to the corresponding period.
State royalties in the first quarter amounted to $ 14 million, compared with $ 9 million in the corresponding period last year. The increase in state royalties during the reporting period is mainly due to the increase in revenues from the sale of natural gas and condensate.
The cost of producing natural gas and condensate sold in the first quarter amounted to approximately $ 10 million, compared with approximately $ 12 million in the corresponding period last year. Also, in the corresponding period last year, tax expenses were recorded for the operator’s foreign workers’ wages for previous years. On the other hand, there is an increase in the costs of transporting gas to Egypt following the flow of natural gas through Jordan to Egypt starting in March 2022.
The partnership’s EBITDA (excluding the effect of the oil and gas profits levy) for the first quarter amounted to approximately $ 87 million, compared with approximately $ 45 million in the corresponding period last year, an increase of approximately 93%.
The partnership’s net financial debt as of the date of the report stands at approximately $ 432 million.
The oil and gas profit levy (Sheshinsky levy) in the first quarter was about $ 22 million, compared with a total of about $ 13 million in the corresponding period last year. The increase is mainly due to an increase in receipts, net in the reporting period compared to the corresponding period last year and an increase in the levy rate.
Net financing expenses in the first quarter amounted to $ 3 million, compared with $ 5 million in the corresponding period last year. .
Tax expenses in the first quarter amounted to approximately $ 10 million following the application of a company’s tax regime to the partnership, starting in the 2022 tax year. Were deducted from the partnership capital.
The partnership’s capital amounted to approximately $ 417 million, compared to the capital as of December 31, 2021, which amounted to approximately $ 379 million, the increase in capital was due to the profit during the reporting period.
Net income in the first quarter amounted to approximately $ 38 million, compared with approximately $ 18 million in the corresponding quarter last year, an increase of approximately 117%.