RE: Navitas with full pockets : $ 1.5 B18 Mar 2026 15:02
Navitas considers selling 15% of Shenandoah for $10 billion
The oil exploration partnership Navitas Petroleum (13200, 2.72% +), founded and led by Gideon Tadmor, is exploring the possibility of selling up to 15% of its flagship reservoir, Shenandoah, in the Gulf of Mexico (Gulf of America), for approximately $1.5 billion, and at a value of the entire reservoir of $10 billion
This was revealed by Amit Kornhauser, CEO of the partnership, in an investor call after publishing excellent reports for 2025. If this happens, Navits will record a value surplus of nearly 30% on the value of the reservoir in Navits' books. Kornhauser explained that Navits is considering the move as part of the possibility that the Blackstone investment fund will sell its energy arm, Beacon, which also operates the reservoir and holds 31% of it, at a similar value.
Navitas, which acquired its share of the reservoir (49%) in 2018-2020 for only $1.8 million, published strong reports with record revenues of $365 million, EBITDA (earnings before interest, taxes, depreciation and amortization) of $262 million (of which $240 million from the Shenandoah reservoir) and profit of $168 million.
The partnership began production from the reservoir in the middle of the year, so revenues only began then, and more so in the fourth quarter of the year, when the reservoir entered "full operation." Thus, in the fourth quarter alone, the partnership recorded revenues of $232 million and a net profit of $214 million. Following the results, Navitas announced a huge dividend of $150 million
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