Q1 2026 Newmed Energy LP Earnings Call Transcript
Key Points
- NewMed Energy LP (DKDRF) anticipates a $330 million upside in income for the year due to favorable Brent prices.
- The completion of the Leviathan dirt gathering line has increased production capability to 1.53 BCF a day, exceeding initial forecasts.
- The company announced a $60 million dividend, maintaining a stable level of debt while continuing investments.
- Operational efficiency led to a $19 million saving in the Leviathan project, completed under budget.
- Expansion projects, such as the Ashdod-Ashkelon pipeline, are on schedule and expected to increase export capacity significantly.
- The 33-day shutdown of the Vival platform negatively impacted Q1 income, EBITDA, and net profit.
- Q1 2026 revenues and production were significantly lower compared to the same period last year due to operational disruptions.
- The company faced a $74 million one-time amortization cost due to unsuccessful drilling in Bulgaria.
- Lower natural gas production and reduced average gas prices led to a decrease in net revenues.
- Despite the positive outlook, the company did not fully capitalize on the upside of Brent prices in Q1 due to timing.
Thank you very much. Good afternoon for everybody.
Thank you for participating in this Zoom to review our financial results for Q1 2026.
And as in Q1 we had around a month of basically closure of the Vival platform.
So that affected our income, EBITDA and net profit for Q1.
Together with the Bulgarian Cromwell, it's basically provide us with EBITDA of $97 million and a net profit, which is basically zero for this quarter.
Our agreement, the GSPA for the region are currently link related, and the price for this month is an average brand price of the last three months. So basically, what we are seeing are set forward for this year, taking into consideration the current brand prices. Practically taking $90 rent until the end of the year. What we are seeing is an upside of $330 million in income vis-a-vis our initial forecast. So if we reduce what we lost at these 33 days of shutdown. And we take into consideration what we are seeing already in prices in the market. So that will bring us to a better
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