Oil & gas exploration limited partnership.
Ratio still sits on a strong gas asset, long-term contracted demand, and solid operating cash flow, but 2025 pushed it from a comfortable payout vehicle into a partnership funding an expensive expansion phase with a visibly smaller financial cushion.
Ratio Petroleum and Zone G still sit in the optionality bucket, while the corporate simplification has been deferred until after the Philippines interpretation and the core story is already using debt capacity and cash for Leviathan expansion. The debate is therefore no longer w…
Leviathan's expansion is economically real, but the path from 12 to 14 to 21 BCM overstates what truly remains with Ratio. The partnership funds the project on a 15% field-interest basis, while the net economic share visible in the reserve report is closer to 11.9% of gross gas,…
