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New York
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Company Description

Contact Info

520 Broad Street

Newark, NJ 07102

United States

Phone: 973-438-3500

Fax: 973-438-1256

Genie Energy Ltd., through its subsidiaries, operates as an independent retail energy provider (REP), and an oil and gas exploration company. The company owns 99.3% of its subsidiary, Genie Energy International Corporation, which owns 100% of Genie Retail Energy (GRE) and 92% of Genie Oil and Gas, Inc. (GOGAS). Segments The company operates through three segments, including GRE; Afek Oil and Gas, Ltd. (Afek); and Genie Oil and Gas. GRE GRE operates REPs, including IDT Energy and Residents Energy, which resell natural gas and electricity to residential and small business customers. IDT Energy operates in eight utility markets in New York, six utility territories in New Jersey, eight utility territories in Pennsylvania, four utility territories in Maryland and one utility territory in each of Washington, D.C. and Illinois. Residents Energy operates in eight utility markets in New York, seven utility markets in Pennsylvania and five utility markets in New Jersey. GRE operates retail energy providers that operate in states with deregulated retail energy markets. GRE’s REPs purchase electricity and natural gas on the wholesale markets and resell the commodities to its customers, primarily homeowners, renters and small businesses. The incumbent local utilities continue to handle electricity and natural gas distribution, billing, and collections. A portion of the proceeds billed to GRE’s REPs customers for the commodity supply is remitted to the REPs. GRE REPs have applications pending to enter into additional utility service areas, primarily natural gas and dual meter territories, in Pennsylvania, Maryland, Washington, D.C. and Illinois. The company owns Dallas-based Diversegy, LLC (Diversegy), a retail energy advisory and brokerage company that serves commercial and industrial customers, and its network marketing channel, Epiq Energy, LLC (Epiq) since renamed IDT Energy Network (IDTEN). Diversegy connects large commercial and industrial customers with its portfolio of competitive energy products provided by some of the industry’s primary energy suppliers. Diversegy evaluates alternative supply sources based on its customers’ usage patterns and risk profiles in order to provide options that benefit their bottom lines. IDTEN provides independent representatives with the opportunity to build sales organizations and to profit from both residential and commercial energy. IDTEN offers its direct marketing representatives the opportunity to earn commissions on energy supply based on the consumption of the customers they bring into the program. IDTEN has built and operates a network marketing platform that sells GRE’s REPs’ and Diversegy’s services. IDTEN offers a direct sales opportunity to individuals who are seeking to profit from the deregulation of energy in the United States, focusing on residential and small to medium-sized businesses. GOGAS GOGAS is an oil and gas exploration company. GOGAS holds its interests in four development projects, including 86.5% interest in Afek, which operates an exploration project in the southern portion of the Golan Heights in Northern Israel; 88.4% interest in Genie Mongolia, Inc. (Genie Mongolia), an inactive oil shale exploration project in Central Mongolia; 98.3% interest in American Shale Oil Corporation (AMSO), which holds and manages a 41.3% interest in American Shale Oil, L.L.C. (AMSO, LLC), an oil shale development project in Colorado, that is a joint venture with Total, S.A.; and 86.1% interest in Israel Energy Initiatives, Ltd. (IEI), an inactive oil shale development project in Israel’s Shfela Basin. Afek Oil and Gas Ltd. In April 2013, the Government of Israel finalized the award to Afek of an exclusive three year petroleum exploration license covering 396.5 square kilometers in the southern portion of the Golan Heights. In 2013, Afek completed preliminary geophysical work including electromagnetic surveys and the reprocessing of the 2D seismic data to characterize the subsurface prior to drilling exploration wells. In February 2015, Afek began drilling its first exploratory well in Northern Israel’s Golan Heights. Afek has completed drillin


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Valuation GNE Industry Range
Price/Earnings 17.0x
Price/Sales 0.6x
Price/Book 1.2x
Price/Cash Flow 15.3x
TEV/Sales 0.4x

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