Whale continues to break records: Revenue in 2021 stands at $ 883 million
The Whale Reservoir, which has performed remarkably well throughout the past period, continues to break records, as reflected in reports for 2021, in which there was a 50% increase in revenue, which stood at $ 883 million.
CEO Yossi Abu: "Leviathan, the most important energy anchor in the Middle East." State revenues: NIS 1.3 billion
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Of money
24/03/2022
Thursday, 24 March 2022, 10:45 Updated: 10:58
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Levitan continues to break records with excellent financial statements for 2021, which are published today: The reports show a jump of about 50%: NewMed Energy's revenues in 2021 soared to a peak of $ 883 million.
Other main points of the report:
• An increase in the amount of natural gas sold from Whale: about 10.7 BCM in 2021 compared to about 7.3 BCM in the corresponding period last year.
• Significant jump in net income in the fourth quarter: $ 218 million - an increase of about 54% from the corresponding quarter last year ($ 142 million).
• Net income in 2021 amounted to approximately $ 405 million.
• For the year 2021, the partnership paid royalties to the state, tax payments and levies amounting to approximately NIS 1.3 billion.
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Significant increase in exports to the countries of the region
NewMed Energy's net profit in 2021 amounted to about $ 405 million, compared to about $ 365 million in 2020. It should be noted that the annual net profit was affected by a one-time accounting provision for deferred taxes, amounting to $ 208 million, due to changes in tax regulations applicable to partnerships Oil and gas, which will take effect at the beginning of 2022, as well as the net profit in 2021, includes the capital gain and tax on the sale of Tamar this year.
In the fourth quarter of 2021, the net profit recorded a significant jump to a total of about $ 218 million, an increase of about 54% compared to the corresponding quarter last year, in which the net profit was about $ 142 million.
Most of the increase in net profit is due to an increase in the quantities of natural gas sold to both the domestic market and regional markets this year (which are more exposed to global energy prices), as well as the capital gain recorded by the partnership upon completion of its 22% holdings. 2021
The increase in the amount of natural gas sold from the Whale Reservoir led to an increase in NewMed Energy's revenues that took off in 2021 to a peak of about $ 883 million, an increase of about 50% compared to the corresponding figure in 2020, which stood at about $ 587 million.
The amount of natural gas sold from the Whale Reservoir this year amounted to about 10.7 BCM compared to 7.3 BCM last year.
The partnership's invited cash flow from operating activities amounted to approximately $ 454 million in 2021, compared with a total of approximately $ 329 million in 2020.
This year, the partnership distributed profits totaling approximately $ 200 million and balance payments of $ 36 million.
Exports of whales to the countries of the region
During 2021, significant amounts of gas will be exported from the whale reservoir to customers in Egypt and Jordan.
In each of the four quarters this year, there was an increase in exports compared to the corresponding period last year, when the total amount of natural gas for export amounted to about 6.1 BCM compared to about 3.8 BCM in 2020, an increase of over 60%.
In parallel with exports via the EMG pipeline, the flow of natural gas from Whale to Egypt also began last month through the Jordanian transmission infrastructure.
The use of this infrastructure will allow a significant increase in the quantities of natural gas exported to customers in Egypt.
For the year 2021, NewMed Energy paid royalties and taxes to the state treasury in the amount of NIS 1.3 billion.
Yossi Abu, CEO of NewMed Energy (Photo:.)
Peaks value for investors and the state
Yossi Abu, CEO of NewMed Energy
: “2021 was a year of breaking records.
Exports to the countries of the region have proven themselves and Whale supplies huge amounts of natural gas to the domestic market and the countries of the region, which among other things replaces polluting and expensive energy sources such as coal and liquid fuels.
"We are maximizing the value of existing core assets by promoting the expansion of Whale - the significant energy anchor in the Middle East, the development of the Aphrodite Reservoir alongside other channels of activity that will bring additional value to investors to the country and the environment."
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Yossi Abu
