Receives royalties from natural gas projects revenues
Cohen Development ended 2025 with much higher net profit and cash, but the core engine weakened: royalty revenue fell, and most of the earnings jump came from Cohen's share in Avner's profit and from the year-end equity raise.
Cohen Development's near-term earnings quality is driven mainly by Leviathan and Karish, not by the breadth of its asset list. As long as those two reservoirs provide 73.0% of revenue and are shut twice within less than a year, operating continuity matters more than headline cap…
In 2025, about 39% of Cohen Development's net profit came from Avner, where the main engine is the market value of a quoted holding rather than cash distributions.
Cohen Development does have real U.S. optionality, because Shenandoah has already moved into production and real royalties and its Phase 2 already has FID. But as of 2025 this is still long-dated optionality rather than a second earnings leg, because the U.S. contributed only 3.…
