
- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION
Riverstone Energy Limited Announces 3Q24 Quarterly Portfolio Valuations & NAV
Current Portfolio - Conventional
Investment (Public/Private) | Invested Capital ($mm) | Gross Realised Capital ($mm)[1] | Gross Unrealised Value ($mm)[2] | Gross MOIC2 | Gross MOIC2 | ||
Permian Resources[3] (Public) | 268 | 268 | 231 | 137 | 368 | 1.46x | 1.37x |
Onyx (Private) | 66 | 60 | 121 | 64 | 185 | 3.10x | 3.10x |
Veren3,[4] (Public) | 296 | 296 | 199 | 51 | 250 | 0.89x | 0.85x |
Total Current Portfolio - Conventional - Public[5] | $188 | 1.16x | 1.10x | ||||
Total Current Portfolio - Conventional - Private5 | $121 | 3.10x | 3.10x | ||||
Total Current Portfolio - Conventional - Public & Private5 | 1.35x | 1.29x |
Current Portfolio - Decarbonisation
Investment (Public/Private) | Invested Capital ($mm) | Gross Realised Capital ($mm)1 | Gross Unrealised Value ($mm)2 | Gross MOIC2 | Gross MOIC2 | ||
Infinitum (Private) | 27 | 27 | - | 30 | 30 | 1.10x | 1.10x |
GoodLeap (formerly | 25 | 25 | 2 | 23 | 25 | 1.00x | 1.00x |
Solid Power3 (Public) | 48 | 48 | - | 10 | 10 | 0.25x | 0.21x |
Group14 (Private) | 4 | 4 | - | 4 | 4 | 1.00x | 1.00x |
Enviva3 (Public) | 22 | 22 | 0 | - | 0 | 0.03x | 0.02x |
Hyzon Motors3 (Public) | 10 | 10 | - | - | - | 0.03x | 0.00x |
Tritium DCFC3,[6] (Public) | 25 | 25 | 1 | - | 1 | 0.10x | 0.03x |
Ionic I & II ( | 3 | 3 | - | - | - | 0.00x | 0.00x |
Our Next Energy (Private) | 13 | 13 | - | - | - | 0.00x | 0.00x |
Total Current Portfolio - Decarbonisation - Public5 | 0.15x | 0.11x | |||||
Total Current Portfolio - Decarbonisation - Private5 | 0.83x | 0.83x | |||||
Total Current Portfolio - Decarbonisation - Public & Private5 | 0.42x | 0.40x | |||||
Total Current Portfolio - Conventional & Decarbonisation - Public & Private5 | 1.11x | 1.09x | |||||
Cash and Cash Equivalents |
|
|
|
|
|
| |
Total Liquidity (Cash and Cash Equivalents & Public Portfolio) |
|
|
| ||||
Total Market Capitalisation |
|
|
|
|
|
|
Realisations
Investment (Initial Investment Date) | Invested Capital ($mm) | Gross Realised Capital ($mm)1 | Gross Unrealised Value ($mm)2 | Gross MOIC2 | Gross MOIC2 | |||||
Rock Oil[7] ( | 114 | 114 | 238 | 1 | 239 | 2.09x | 2.09x | |||
Three Rivers III ( | 94 | 94 | 204 | - | 204 | 2.17x | 2.17x | |||
ILX III ( | 179 | 179 | 172 | - | 172 | 0.96x | 0.96x | |||
Meritage III[8] ( | 40 | 40 | 88 | - | 88 | 2.20x | 2.20x | |||
RCO[9] ( | 80 | 80 | 80 | - | 80 | 0.99x | 0.99x | |||
Carrier II ( | 110 | 110 | 67 | - | 67 | 0.61x | 0.61x | |||
90 | 90 | 58 | - | 58 | 0.64x | 0.64x | ||||
Sierra ( | 18 | 18 | 38 | - | 38 | 2.06x | 2.06x | |||
Aleph ( | 23 | 23 | 23 | - | 23 | 1.00x | 1.00x | |||
Ridgebury ( | 18 | 18 | 22 | - | 22 | 1.22x | 1.22x | |||
( | 52 | 52 | 14 | - | 14 | 0.27x | 0.27x | |||
Total Realisations5 | 1.23x | 1.23x | ||||||||
Withdrawn Commitments and Investment Write-Offs[10] | 405 | 405 | 9 | - | 9 | 0.02x | 0.02x | |||
Total Investments5 | 0.96x | 0.93x | ||||||||
Total Investments & Cash and Cash Equivalents |
|
|
| |||||||
Draft Unaudited Net Asset Value |
|
|
| |||||||
Total Shares Repurchased to-date | 58,701,911 | at average price per share of | ||||||||
Current Shares Outstanding | 25,778,153 |
|
|
| ||||||
Further information on REL's five largest positions, which account for ~95 per cent. of the portfolio's gross unrealised value is set forth below:
Permian Resources
The valuation for Permian Resources (NYSE: PR) decreased from 1.46x to 1.37x Gross MOIC in the third quarter of 2024. In Q3 2024, PR announced the closing of its acquisition of c. 29,500 net leasehold and c. 9,900 royalty interest acres and related midstream infrastructure from Occidental (NYSE: OXY). The company announced an increase to its quarterly base dividend from
Onyx
The valuation multiple for Onyx was unchanged during the third quarter, holding at 3.10x Gross MOIC. CDS margins have reduced materially since 2023 due to high gas storage levels and high wind / solar generation; however, since last quarter, CDS margins have moved in a positive direction. Decommissioning at Farge has commenced and is advancing smoothly. Additionally, Onyx received a withholding tax exemption certificate for OSIM II from BZSt (German federal tax office). The management team continues to work on organic growth initiatives, including the implementation of operational performance improvements and the development of projects related to the energy transition.
Veren (formerly Crescent Point Energy / Hammerhead Energy)
Veren's valuation decreased from 0.89x to 0.85x Gross MOIC during the third quarter of 2024. Since closing the acquisition, Veren's shares have traded down 23.9 per cent. compared to a 11.9 per cent. decrease in its peer group, and a 16.4 per cent. decrease in WTI over the same period. In
Infinitum
The valuation multiple for Infinitum held at 1.10x Gross MOIC for the third quarter of 2024. In July, the company closed an extension to its Series E, with $35mm of additional funding from
GoodLeap (formerly
The valuation multiple for GoodLeap held at 1.00x Gross MOIC for the third quarter of 2024. While short-term macroeconomic environment is still creating business headwinds, the interest rate environment has begun to improve given the
Other Investments
Solid Power
On
Group14
On
Enviva
On
Tritium DCFC
At
LEI: 213800HAZOW1AWRSZR47
About
REL is a closed-ended investment company which invests in the energy industry. REL's ordinary shares are listed on the
REL shareholders should note that the Company's investment Crescent Point Energy Corp. was rebranded as Veren Inc. on
For further details, see www.RiverstoneREL.com
Neither the contents of
Media Contacts
For
+44 (0) 20 3206 6300
Deutsche Numis - Corporate Broker:
+44 (0) 20 7260 1000
Company Secretary:
Note:
The Investment Manager is charged with proposing the valuation of the assets held by REL through the Partnership. The Partnership has directed that securities and instruments be valued at their fair value. REL's valuation policy follows IFRS and IPEV Valuation Guidelines. The Investment Manager values each underlying investment in accordance with the Riverstone valuation policy, the IFRS accounting standards and IPEV Valuation Guidelines. The Investment Manager has applied Riverstone's valuation policy consistently quarter to quarter since inception. The value of REL's portion of that investment is derived by multiplying its ownership percentage by the value of the underlying investment. If there is any divergence between the Riverstone valuation policy and REL's valuation policy, the Partnership's proportion of the total holding will follow REL's valuation policy. There were no valuation adjustments recorded by REL as a result of differences in IFRS and
Riverstone values its investments using common industry valuation techniques, including comparable public market valuation, comparable merger and acquisition transaction valuation, and discounted cash flow valuation.
For development-type investments, Riverstone also considers the recognition of appreciation or depreciation of subsequent financing rounds, if any. For those early stage privately held companies where there are other indicators of a decline in the value of the investment, Riverstone will value the investment accordingly even in the absence of a subsequent financing round.
Riverstone reviews the valuations on a quarterly basis with the assistance of the Riverstone Performance Review Team ("PRT") as part of the valuation process. The PRT was formed to serve as a single structure overseeing the existing Riverstone portfolio with the goal of improving operational and financial performance.
The Board reviews and considers the valuations of the Company's investments held through the Partnership.
[1] Gross realised capital is total gross proceeds realised on invested capital. Of the
[2] Gross Unrealised Value and Gross MOIC (Gross Multiple of
[3] Represents closing price per share in USD for publicly traded shares Permian Resources Corporation (formerly
[4] Veren shares were acquired via realisation of Hammerhead Energy
[5] Amounts vary due to rounding
[6] The Tritium investment consists of publicly traded shares related to the original SPAC Sponsor investment and a further backstop funding (unrealised valued at
[7] The unrealised value of Rock Oil investment is made up of funds held in escrow from the sale of rights to mineral acres
[8] Midstream investment
[9] Credit investment
[10] Withdrawn commitments consist of Origo (
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the