Ratio Energies is a Tel Aviv-listed limited partnership whose value rests almost entirely on its ~15% non-operated stake in the giant Leviathan gas field offshore Israel, giving it long-life, low-decline reserves and stable, largely contracted cash flows that it distributes at a high payout (~8% yield).
The story is single-asset and quasi-royalty: upside comes from Leviathan expansion (Phase 1B/floating LNG concepts) and higher export volumes to Egypt/Jordan, while risks are concentration, East-Med geopolitics, and project leverage; Morocco and other exploration are optionality but not yet material.
Its EV/EBITDA of 8.4x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 8.5% is higher than the 6.5% median, and at $4.40/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Ratio Energies scores 55/100, strongest on asset quality (70/100). Sub-scores: value 65, quality 70, growth 41, risk 70 (higher = riskier).
Ratio Energies holds approximately 0.4 billion boe of proved (1P) reserves with FY2025 production of about 28 thousand boe/d (2% liquids), a reserve life of roughly 39.1 years. Break-even: ~$30 (gas-linked breakeven) — Quasi-royalty economics on Leviathan; low unit operating costs with contracted, largely gas-price/oil-linked pricing to domestic and export (Egypt/Jordan) offtakers keep breakeven low relative to global peers.
For Ratio Energies, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Israel | 95% | 39 | OECD but conflict-exposed; gas export/security constraints. |
| Morocco | 5% | 51 | Frontier explorer; stable but modest reserves, Western Sahara. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Leviathan | Israel | Producing gas (non-op ~15%) | Core asset; ~22 tcf gross field, domestic + Egypt/Jordan exports |
| Leviathan expansion | Israel | Development/growth | Phase 1B compression & potential FLNG/export capacity increase |
| Domestic gas supply | Israel | Contracted sales | Long-term take-or-pay style contracts to Israeli utilities/IPPs |
| Export offtake | Egypt/Jordan | Export sales | Pipeline exports underpinning incremental volumes |
| Morocco exploration | Morocco | Exploration | Early-stage offshore/onshore exploration optionality |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 26 | 28 | 30 | 31 | 28 |
| Proved reserves (bnboe) | 0.60 | 0.58 | 0.55 | 0.53 | 0.40 |
| Revenue ($bn) | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 |
| EBITDA ($bn) | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 |
| Net income ($bn) | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Free cash flow ($bn) | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
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✓ FY2025 figures verified against primary sources:
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