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NewMed Energy records increase in net profit to $123 million in Q3/2022

24 Nov 2022

  • Net revenues up c.28% totaling around $265 million compared with around $207 million last year
  • Growth in quantity of natural gas produced from Leviathan in the quarter – c.3.0 BCM compared with 2.8 BCM last year
  • The Partnership is increasing the sales forecast for the entire year (2022), from 10.65 BCM to 11.2 BCM
  • The Partnership announced an additional $50 million profit distribution, the same amount as in Q1 and Q2 of this year
  • Royalties and taxes paid to the State in this quarter: ILS 277 million
  • Yossi Abu, CEO of NewMed Energy: 'In 2023 we will significantly speed up Leviathan’s expansion'
Photo - see caption

NewMed Energy has released its financial statements for Q3/2022.

Further to the record sales from the Leviathan reservoir, the Partnership’s net profit totalled c.$123 million, compared with a loss of $50 million in the corresponding period (which derived from initial recognition of a deferred tax liability). Q3/2022 is the strongest quarter, in terms of sales, since NewMed Energy’s establishment.

The net revenues (net of royalties) from natural gas and condensate sales in Q3 increased by c.28%, totalling around $265 million, compared with $207 million in the same quarter last year. The net revenues in the first nine months of 2022 were $725 million, compared with $580 million in the same period last year, up 25%. The increase in profit and revenues derives, in part, from the continued rise in the quantity of natural gas marketed from the Leviathan reservoir to the regional and domestic customers.

The profit before tax for Q3 is $170 million, compared with $108 million in the same quarter last year, reflecting an increase of 57%.

Production from the Leviathan reservoir in Q3/2022 increased, totalling 3.0 BCM. A rise was also recorded in the quantity of gas supplied to Israel (1.2 BCM) and in the quantity of gas exported to Egypt, which this quarter totalled 1.1 BCM. In the nine months of 2022, 8.5 BCM was produced from the Leviathan reservoir.

Below is a breakdown of natural gas sales from the Leviathan reservoir (100%) according to the destination countries of its customers in Q3/2022 and in the nine months of 2022, compared with the same quarter of 2021 and the nine months of 2021 (in BCM).

Photo - see caption

The Partnership is increasing the sales forecast for the entire year (2022), from 10.65 BCM to 11.2 BCM.

NewMed Energy also announced the board’s decision to approve a profit distribution in the sum of $50 million, in accordance with the standard criteria. Since the beginning of the year the Partnership has distributed profits in the sum of $100 million ($50 million in Q1 and $50 million in Q2).

To date, since the beginning of the year, the Partnership has paid royalties, taxes and oil and gas profit levy to the State treasury in the sum of ILS 980 million, which also includes a capital gain in respect of the sale of its share in the Tamar reservoir. This quarter the Partnership paid ILS 277 million to the State treasury.

As is recalled, in September, the Partnership announced a merger with the British London-listed company Capricorn Energy. The consolidated Company will be one of the largest international energy companies on the London and Tel Aviv stock exchanges, with significant business, assets and operating capabilities. The discussions for the closing of the transaction are ongoing and completion is expected during Q1 2023.

Yossi Abu, CEO of NewMed Energy: 'NewMed Energy is continuing to reach new heights and has recorded another quarter of achievements, driven by Leviathan’s performance. In 2023 we will significantly speed up Leviathan’s expansion and entry into new markets, while strengthening the collaboration with our customers in Israel, Egypt and Jordan. At the same time, we are developing opportunities in the renewable energy market and look forward to completing the merger with London listed Capricorn Energy.'

For further detail, please read here the wider Immediate Report on the Q3 Results: FS30092022ENG-24.11.pdf (

Source: NewMed Energy

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