Q4 2025 Newmed Energy LP Earnings Call Transcript
Key Points
- NewMed Energy LP (DKDRF) completed the third gathering line of Leviathan on time and under budget, saving $90 million.
- The company announced a stable dividend of $70 million for Q4 2025, totaling $250 million for the year, consistent with 2024.
- Negotiations with Egypt for the Aphrodite project are progressing well, with agreements on government activities and recoverable reserves.
- The Leviathan expansion project is on track to increase production capacity to 2.1 Bcf a day by 2029.
- The company utilized downtime effectively for maintenance, potentially reducing future operational disruptions.
- Net profit for 2025 declined significantly to $343 million from $524 million in 2024.
- The company faced a $76 million impairment due to the non-commercial status of the Vinekh-1 well in Bulgaria.
- Revenue was impacted by lower Brent prices, with a decrease from $79 in 2024 to $68 in 2025.
- Production was disrupted by a 12-day shutdown due to regional conflict and maintenance activities.
- The average price per MMBtu decreased, impacting revenues by $24 million.
Good afternoon, everybody, and thank you for joining us in this afternoon for the result of 2025. We basically will start. So as you can see, we finished the fourth quarter of 2025 a little bit short of 1.1 Bcf a day, 2.8 Bcm of gas sales into the market. And the average sales of 2025 was a little bit higher than 1.06 Bcf a day 10.9 Bcm a year. We will update on those results vis-a-vis the previous years and where we are heading.
On top of that, as you know, because of the war situation in the region, we are currently closed. We are working together with the government very closely with them. And without getting into details, I assume that we'll be able to come back to operation soon. On top of that, we just finished the evening of the war, the third gathering line of Leviathan.
We successfully completed the project and when we'll be able to produce will be at around 1.4, 1.45 BCF a day. So going up to 14, 15 Bcm a year capability of sales. We finished this project on time and basically with the reduced budget, we managed to finished
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