Riverstone Energy reports small profit, confirms wind-down plans

(Sharecast News) - Riverstone Energy reported a half-year profit of $3m as its board confirmed plans for a managed wind-down of the company, approved by shareholders earlier this month. For the six months ended 30 June, the company posted a net asset value (NAV) of $372m, or $15.11 per share, up 2% in US dollar terms from the end of 2024 but down 7% in sterling terms, reflecting currency moves.

Liquidity stood at $285m, including $73m in cash, while remaining unfunded commitments totalled $6.2m.

The board said the decision to wind down the company followed "a period of detailed review" and aimed to "secure and return capital to our shareholders."

"This is not a decision we took lightly, but we believe it offers the clearest and most effective way to secure and return capital to our shareholders," said chair Richard Horlick.

"The board is confident this approach provides the right framework to manage the company through its final phase."

During the period, Riverstone said it received $4.1m in net realisations and distributions, primarily from Permian Resources and Whitecap Resources.

Since launching its share buyback programme in May 2020, the company said it had repurchased over 37m shares at an average price of £4.44, contributing to a rise in its share price from £2.20 to £8.00 by the end of June.

Co-founders David M. Leuschen and Pierre F Lapeyre Jr said the focus now was on "maximising value from the portfolio during this final phase," noting that despite weaker macroeconomic sentiment and falling commodity prices, conventional energy holdings had "demonstrated resilience" and would support further realisations for shareholders.

At 0923 BST, shares in Riverstone Energy were down 1.21% at 876.24p.

Reporting by Josh White for Sharecast.com.