According to FUNDER website data,
230 mutual funds hold NIS 72.15 million in Isramco Yahash shares
Funds that hold significant holdings in the stock – for the full list of holdings
The following is a change in the holdings of the mutual funds in the Isramco Yahash share according to FUNDER-MVF data.
In 2020, a total amount of approximately 8.25 natural gas was sold from the Tamar reservoir, which exceeded the partnership’s forecast at a volume estimated at approximately BCM 7.94.
In February 2021, all of Tamar’s partners signed a balancing agreement that allows the sale of gas separately – a significant breakthrough in the local gas market which will give the Tamar reservoir the ability to fully compete in the natural gas market.
In July 2020, gas flow from the Tamar project began under the export agreement to Egypt
Ron Maor has been appointed CEO of the partnership and will take up his position on 30.3.2021
The partnership announced profit distributions (including balance payments) amounting to approximately $ 221 million in 2020
Eran Landner, Acting CEO of Isramco: “In 2020, we continued to work hard to promote the partnership’s activities and led significant moves despite the challenges in the gas economy and the effects of the crisis. In January and February 2021, we signed a balance agreement with all Tamar partners that allows gas marketing separately, and a compromise agreement.”
We see the balancing agreement as a significant breakthrough and an important tool that will give the Tamar reservoir the ability to fully compete with the natural gas market. The agreement leads to a significant improvement in the structure of competition in the natural gas market in Israel, thus effectively fulfilling the goals of the gas outline for opening the market to real competition.
Throughout the period, we acted, and we continue to act, to promote activity in the local market, including the signing of additional gas agreements, as well as to promote our activity of exporting gas from the Tamar reservoir to regional markets. In July, gas flow from the Tamar project began under the export agreement to Egypt, and the quantity supplied was in line with forecasts.
The moves we led in 2020 and the moves we are working to promote in the coming years will help us in our estimation to maintain the volume of sales from the Tamar reservoir in the long term. At the same time, we continue to operate in accordance with the work plan at Prospect Decker in the power of Samson. “
Main results for 2020:
Revenue from the sale of gas and condensate, less royalties, in 2020 amounted to approximately $ 343 million, compared with approximately $ 487 million in the corresponding period last year. The decrease in revenues was mainly due to a decrease of about 21% in the quantities of natural gas sold in 2020 and a decrease of about 8% in the average price of natural gas compared to the corresponding period last year.
The decrease in the quantities of gas sold is mainly due to a decrease in sales of natural gas to HHI, due to the winning of Whale partners in the HHI tender; A decrease resulting from a number of customers who began consuming gas from the Whale Reservoir; And a decrease in the demand of a number of customers which in the evaluation of the partnership was mainly due to the corona crisis. On the other hand, during the reporting period, the partnership began selling gas under new agreements, including the export agreement to Egypt starting in July 2020.
A significant part of the supply of natural gas and condensate from the Tamar project in 2020 was supplied to HHI (approximately 34% of the total said revenue), to another major customer (approximately 12% of the said revenue) and to a variety of other customers.
The cost of producing natural gas and condensate sold in 2020 amounted to about $ 28 million, compared to about $ 43 million in the corresponding period last year. The decrease in production cost is mainly due to maintenance work performed on the production platform in the corresponding period last year.
EBITDA in 2020 amounted to approximately $ 306 million, compared to approximately $ 434 million in the corresponding period last year.
Net financing expenses in 2020 amounted to approximately $ 21 million, compared with approximately $ 38 million in the corresponding period last year. The decrease was mainly due to interest expenses, exchange rate differences and revaluation, which were recorded in the corresponding period last year on the shekel loan repaid in November 2019.
The partnership’s profits in 2020 amounted to about $ 238 million, compared to about $ 339 million in the corresponding period last year. The decrease in the partnership’s profits is mainly due to a decrease in revenues from the sale of natural gas less royalties, mainly as a result of a decrease in the amount of natural gas sold from the Tamar reservoir. On the other hand, there is a decrease in production costs (including depreciation) and net financing expenses.
Cash flow from operating activities in 2020 amounted to approximately $ 305 million, compared to approximately $ 434 million in the corresponding period last year.
The partnership’s capital as of December 31, 2020 amounted to approximately $ 538 million, compared with the capital on December 31, 2019, which amounted to approximately $ 588 million. The decrease was due to a profit distribution in the amount of approximately $ 150 million, balance payments for participants in participating units that are corporations and tax payments for participants in participating units in the amount of approximately $ 71 million, taxes imputed for all partners in the partnership in the amount of approximately $ 67 million and on the other , From the profit in the reporting period in the amount of approximately $ 238 million.
The partnership’s net financial debt as of December 31, 2020 amounted to approximately $ 380 million (excluding distribution obligation, balance payments and tax for individuals in the total amount of approximately NIS 141 million).
Main results for the fourth quarter of 2020:
Revenues from the sale of gas and condensate in the fourth quarter of 2020 amounted to approximately $ 95 million, compared with approximately $ 135 million in the corresponding quarter last year.
The cost of producing natural gas and condensate sold in the fourth quarter of 2020 amounted to about $ 8 million, compared to about $ 9 million in the corresponding quarter last year.
EBITDA in the fourth quarter amounted to approximately $ 85 million, compared to approximately $ 124 million in the corresponding period last year.
Financing expenses in the fourth quarter of 2020 amounted to approximately $ 5 million, compared with approximately $ 3 million in the corresponding period last year.
The partnership’s profits in the fourth quarter of 2020 amounted to approximately $ 66 million, compared with approximately $ 106 million in the corresponding period last year.
The following are production data in the Tamar project attributed to the partnership in 2018, 2019 and 2020:
|
Natural gas |
||||
|
|
Year 2018 |
The year 2019 |
Year 2020 |
|
|
Total output (100%) in the period (inMMCF) |
363,951 |
368,713 |
291,337 |
|
|
Total output (associated with the holders’ capital rights of the partnership) in the period (inMMCF) |
104,636 |
106,005 |
83,759 |
|
|
Average price per unit of output (associated with the holders’ capital rights holders of the partnership) (USD per MCF) |
5.49 |
5.53 |
5.14 |
|
|
Royalties (any payment derived from the output of the producing property including the gross income from the oil property) Averages paid per unit of output (associated with the holders of the capital rights of the partnership) (Dollar to MCF) |
The country |
0.61 |
0.64 |
0.58 |
|
Third parties |
– |
– |
– |
|
|
Stakeholders |
0.50 |
0.53 |
0.50 |
|
|
Average production costs per unit of output (associated with the partnership’s equity rights holders) (USD per MCF) |
0.34 |
0.40 |
0.33 |
|
|
Average net receipts per unit of output (associated with the holders’ equity rights holders of the partnership) (USD per MCF) |
4.04 |
3.96 |
3.73 |
|
|
Oil and gas profits levy |
– |
– |
– |
|
|
Average net receipts per output unit after the levy on oil and gas profits (associated with the holders’ capital rights holders of the partnership) (USD perMCF) |
4.04 |
3.96 |
3.73 |
|
|
Depreciation rate in the reported period in relation to the total amount of gas in the project (in%) |
3.3 |
3.3 |
2.7 |
|
|
Condensate |
||||
|
|
Year 2018 |
The year 2019 |
Year 2020 |
|
|
Total output (100%) in the period (inMMCF) |
477.09 |
482.29 |
382.92 |
|
|
Total output (associated with the holders’ capital rights holders of the partnership) in the period (in thousands of barrels) |
137.16 |
138.66 |
110.09 |
|
|
Average price per unit of output (associated with the holders’ capital rights holders of the partnership) (dollars per barrel) |
62.95 |
56.42 |
34.88 |
|
|
Royalties (any payment derived from the output of the producing property including the gross income from the oil property) Averages paid per unit of output (associated with the holders of the capital rights of the partnership) (dollars per barrel) |
The country |
7.01 |
6.53 |
3.96 |
|
Third parties |
– |
– |
||
|
Stakeholders |
5.68 |
5.37 |
3.37 |
|
|
Average production costs per unit of output (associated with the holders’ capital rights holders of the partnership) (dollars per barrel) |
1.85 |
2.19 |
1.79 |
|
|
Average net receipts per unit of output (associated with the holders’ equity rights holders of the partnership) (dollars per barrel) |
48.41 |
42.33 |
25.76 |
|
|
Oil and gas profits levy |
– |
– |
– |
|
|
Average net receipts per unit of output after oil and gas profits levy (associated with the partners’ capital rights holders) (dollars per barrel) |
48.41 |
42.33 |
25.76 |
|
|
Depreciation rate in the reported period in relation to the total amount of condensate in the project (in%) |
3.3 |
3.3 |
2.7 |
|
Other main events during the reporting period and after the reporting period:
– In March 2021, the partnership published a statement of reserves and capitalized cash flow data updated as of December 31, 2020 in relation to the partnership’s share in Tamar. The report prepared by the External Reserves (NSAI) reflects a present value of approximately $ 1.5 billion (2P), for the partnership’s share in the pool (at a discount rate of 10%). The partnership reports that the volume of proven and expected gas reserves (2P) in the Tamar reservoir as of 31.12.2020 is approximately 297 BCM.
– In January 2021, a memorandum of principles was signed for the separate marketing of the gas produced from the Tamar reservoir, following which a balance agreement was signed for the sale separately from the Tamar reservoir. In addition, Tamar’s partners and the IEC signed a compromise agreement regarding disputes that arose between Tamar’s partners who do not own the Leviathan reservoir, and Delek Drilling, Noble and Ratio in connection with the addition to the HHI-Tamar agreement.
– In 2020, a total amount of approximately BCM 8.25 natural gas was sold from the Tamar reservoir, compared with approximately BCM 10.4 natural gas in the corresponding year last year. The decrease in the quantities of natural gas sold is mainly due to a decrease in sales of natural gas to HHI, due to the winning of Whale partners in the HHI tender.
– In January 2021, Noble, as the operator of the Tamar project and the Levitan project, entered into an agreement for the supply of transmission services on a binding basis (Firm) for the purpose of flowing natural gas from the Tamar reservoir and the Levitan reservoir to EMG’s reception point in Ashkelon.
– On November 3, 2020, the partnership issued to the public two new series of debentures, (Series B) and (Series C). In the amount of approximately NIS 525 million.
– On January 19, 2021, the General Partner’s Board of Directors approved the appointment of Mr. Ron Maor as CEO of the General Partner and on March 4, 2021, the meeting of the holders of the participating units approved the terms of his tenure and employment.