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Analyses on Ratio (5)
- April 30, 2026
- March 22, 2026March 22, 2026
- Follow-up
Follow-up to Ratio: Ratio Petroleum, External Growth, and the Leviathan Discipline Test
Ratio Petroleum barely changes Ratio's economics in its current form, but the April 12, 2026 meeting could materially widen the capital-allocation framework through up to $50 million of additional investment, the ability to provide guarantees, and the removal of the 20% cap. Tha…
- Follow-up
Follow-up to Ratio: The Egypt Contract Versus the Real Export Bottlenecks
The Egypt amendment reduced commercial risk, but it did not solve the physical bottleneck. By January 2026 Leviathan had already cleared both the amendment's conditions precedent and the Phase 1 FID, yet the ability to deliver the new volumes still depends on a chain of producti…
- Follow-up
Follow-up to Ratio: Funding the Leviathan Expansion Without Losing the Cushion
Ratio appears to have a workable funding bridge to first gas in the second half of 2029 without immediate new equity, but that bridge is built on Leviathan cash flow before debt service, on debt refinanced in 2025, and on liquidity retained inside the structure. The margin of sa…
Ratio Yehash 2025: Leviathan Still Throws Off Cash, but the Expansion Bridge Is Tightening Flexibility
Ratio remains a high-quality public exposure to Leviathan, but from 2026 onward it should be read less as a distribution vehicle and more as a partnership entering funding-heavy bridge years until the expansion starts adding new output.
