REG - Riverstone Energy Ld - 1Q24 Quarterly Portfolio Valuations & NAV
08/05/2024 07:00
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RNS Number : 5052N Riverstone Energy Limited 08 May 2024
- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION
Riverstone Energy Limited Announces 1Q24 Quarterly Portfolio Valuations &
NAV
London, UK (8 May 2024) - Riverstone Energy Limited ("REL" or the "Company")
is issuing this Interim Management Statement ("IMS") for the period from 1
January 2024 to 31 March 2024 (the "Period").
Highlights
· Key Financials (unaudited)
o NAV as at 31 March 2024 $496 million (£393 million) 1
o NAV per share as at 31 March 2024 $18.26 / £14.46(1)
o Profit for Period ended $20.8 million
o Basic profit per share for Period ended 49.85 cents
o Market capitalisation as at 31 March 2024 $315 million (£250 million)(1)
o Share price as at 31 March 2024 $11.62 / £9.20(1)
· As of 31 March 2024, REL had a NAV per share of $18.26 (£14.46), an
increase in USD and GBP of 14 & 15 per cent., respectively, compared to 31
December 2023. The converted USD and listed GBP quarter end closing share
price was $11.62 (£9.20), an increase of 14 & 15 per cent., respectively,
compared to 31 December 2023.
· The net increase of REL's NAV over the Period was due to unrealised
gains in the shares of Permian Resources ($40.8 million) and Crescent Point
Energy ($10.3 million), which were partially offset by the write-off of the
FreeWire ($3.5 million) investment, and full write-downs of the investments in
T-REX ($17.4 million) and Our Next Energy ($3.1 million).
· On 28 March 2024, Riverstone Energy Limited acquired and
cancelled 15,047,619 of the Company's ordinary shares at the Tender Price
of £10.50 per Share, pursuant to the Tender Offer announced on 23 February
2024 for a total price of £158,000,000 ($198,556,380).
· REL finished the Period with a cash balance of $93 million, net of
Tender Offer, and remaining potential unfunded commitment of $6 million 2 .
Share Buyback Programme
Since the Company's announcement on 23 May 2023 of the authorised increase of
£30 million for the share buyback programme through 31 March 2024, 3,126,023
ordinary shares have been bought back at a total cost of approximately £18
million ($22 million) at an average share price of approximately £5.67
($7.13). As of 31 March 2024, £22 million was available for repurchases.
In addition, pursuant to changes to the Investment Management Agreement
announced on 3 January 2020, the Investment Manager agreed for the Company to
be required to repurchase shares or pay dividends equal to 20 per cent. of net
gains on dispositions. No further carried interest will be payable until the
$60.9 million of realised and unrealised losses to date at 31 March 2024 are
made whole with future gains.
Richard Horlick, Chair of Riverstone Energy Limited, commented:
"In late March, REL completed the previously announced acquisition of
15,047,619 of the Company's ordinary shares, at a price of £10.50 per
share. The Tender Offer, in addition to gains to Permian Resources and
Crescent Point Energy (formerly Hammerhead Energy), proved accretive to NAV
per share which rose by 14 per cent. (in US Dollar terms). REL remains well
positioned to deliver value from our conventional energy investments and to
capture long-term growth in our decarbonisation portfolio."
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of Riverstone, added:
"Now that the Tender Offer is behind us, we are focussing our efforts on
remaining portfolio companies within our conventional energy and
decarbonisation strategies. While it's true that the decarbonisation portfolio
has suffered in the recent past, lower returns are offset by our conventional
energy investments, which continue to perform well. We are pleased to see
investor appetite increase for traditional energy investments and welcome the
addition of long-only capital for these strategies. Global turmoil reminds us
that a strategic combination of energy independence and exposure to
traditional energy resources are key. There can't be an energy transition
without reliable energy."
Current Portfolio - Conventional
Investment (Public/Private) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 31 Dec 2023 31 Mar 2024
Capital ($mm) Capital ($mm) 3 (#_edn3) ($mm) 4 (#_edn4) Gross MOIC(4) Gross MOIC(4)
Permian Resources 5 (#_edn5) (Public) 268 268 226 178 404 1.35x 1.51x
Onyx (Private) 66 60 121 70 191 3.20x 3.20x
Crescent Point Energy (fka Hammerhead Resources)(5)(, 6 (#_edn6) ) 296 296 199 68 267 0.87x 0.90x
(Public)
Total Current Portfolio - Conventional - Public 7 (#_edn7) $564 $564 $425 $246 $671 1.10x 1.19x
Total Current Portfolio - Conventional - Private(7) $66 $60 $121 $70 $191 3.20x 3.20x
Total Current Portfolio - Conventional - Public & Private(7) $630 $624 $546 $316 $862 1.30x 1.38x
Current Portfolio - Decarbonisation
Investment (Public/Private) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 31 Dec 2023 31 Mar 2024
Capital ($mm) Capital ($mm)(3) ($mm)(4) Gross MOIC(4) Gross MOIC(4)
Infinitum 27 27 - 30 30 1.10x 1.10x
(Private)
GoodLeap (formerly Loanpal) (Private) 25 25 2 29 31 1.25x 1.25x
Solid Power(5) (Public) 48 48 - 15 15 0.22x 0.31x
Tritium DCFC(5)(, 8 ) (Public) 25 25 1 5 6 0.46x 0.24x
Group 14 (Private) 4 4 - 4 4 1.00x 1.00x
Hyzon Motors(5) (Public) 10 10 - 1 1 0.09x 0.07x
Enviva(5) (Public) 22 22 0 0 1 0.05x 0.03x
Ionic I & II (Samsung Ventures) (Private) 3 3 - 0 0 1.00x 0.02x
T-REX 21 21 - - - 0.82x 0.00x
(Private)
Our Next Energy 13 13 - - - 0.25x 0.00x
(Private)
Total Current Portfolio - Decarbonisation - Public(7) $105 $105 $1 $21 $22 0.23x 0.21x
Total Current Portfolio - Decarbonisation - Private(7) $93 $93 $2 $64 $66 0.73x 0.71x
Total Current Portfolio - Decarbonisation - Public & Private(7) $198 $198 $3 $85 $88 0.73x 0.44x
Total Current Portfolio - Conventional & Decarbonisation - Public & $827 $821 $549 $401 $950 1.06x 1.16x
Private(7)
Cash and Cash Equivalents (net of Tender Offer) $93
Total Liquidity (Cash and Cash Equivalents net of Tender Offer & Public $360
Portfolio)
Total Market Capitalisation $315
Realisations
Investment (Initial Investment Date) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 31 Dec 2023 31 Mar 2024
Capital ($mm) Capital ($mm)(3) ($mm)(4) Gross MOIC(4) Gross MOIC(4)
Rock Oil 9 (12 Mar 2014) 114 114 234 4 238 2.08x 2.08x
Three Rivers III (7 Apr 2015) 94 94 204 - 204 2.17x 2.17x
ILX III (8 Oct 2015) 179 179 172 - 172 0.96x 0.96x
Meritage III 10 (17 Apr 2015) 40 40 88 - 88 2.20x 2.20x
RCO 11 (2 Feb 2015) 80 80 80 - 80 0.99x 0.99x
Carrier II (22 May 2015) 110 110 67 - 67 0.61x 0.61x
Pipestone Energy (formerly CNOR) (29 Aug 2014) 90 90 58 - 58 0.64x 0.64x
Sierra (24 Sept 2014) 18 18 38 - 38 2.06x 2.06x
Aleph (9 Jul 2019) 23 23 23 - 23 1.00x 1.00x
Ridgebury 18 18 22 - 22 1.22x 1.22x
(19 Feb 2019)
Castex 2014 52 52 14 - 14 0.27x 0.27x
(3 Sep 2014)
Total Realisations(7) $819 $819 $1,000 $4 $1,004 1.23x 1.23x
Withdrawn Commitments and Impairment 12 384 384 9 - 9 0.02x 0.02x
Total Investments(7) $2,030 $2,024 $1,558 $405 $1,963 0.96x 0.97x
Total Investments & Cash and Cash Equivalents (net of Tender Offer) $498
Draft Unaudited Net Asset Value $496
Total Shares Repurchased to-date 57,331,894 at average price per share of £6.56 ($8.33)
Current Shares Outstanding 27,148,170
Highlight on Conventional
The world continues its recovery following the COVID-19 pandemic. US public
equity markets performed positively during Q1 2024; the Russell 1000 was up
260 points during the quarter and the S&P increased 484 points in the same
time period, from 4,770 at close on 29 December 2023 to 5,254 at close on 28
March 2024. US market sentiment remains relatively positive, but now that the
S&P has come down from record highs in late March, some wonder if a market
adjustment is right around the corner. European markets have had smoother
gains since year-end; the FTSE 100 hit record highs of 8,191 on 30 April 2024.
Interest rates started the year by defying aggressive market expectations of
early rate cuts and returned to higher levels as inflation proved stickier
than expected. The average U.S. 30-year fixed mortgage is now back above 7 per
cent. Although rates are expected to trickle down throughout the back half of
the year, for now they are essentially back to 2023 levels with the
possibility of additional increases. High interest rates combined with
uncertainty over the outlook for rates continues to negatively impact the
ability for growth stage energy transition and decarbonisation investments to
ramp up. As a result, REL's decarbonisation portfolio has continued to suffer
from reduced investor risk appetite. This has meant fundraising, M&A
opportunities, and other potential monetisation events have been deferred or
delayed.
On the energy commodity front, West Texas Intermediate (WTI) crude prices were
up 16 per cent. during Q1 2024. Brent Crude was up 15 per cent. and the Henry
Hub is down 40 per cent. during the quarter. Consolidation in the US oil and
gas sector hasn't slowed, and, in contrast to the decarbonisation portfolio,
M&A and other monetisation opportunities have come to fruition. If rates
lower, energy IPO markets could even see a comeback. Global tensions continued
in 2024 as two separate wars are fought, one along the Russia/Ukraine border
and the other in the Middle East. Both situations require consistent political
attention, and neither have a clear resolution in sight. If conflicts continue
to escalate in areas with significant impact on the global oil trade and world
supply chains become disrupted, oil prices could increase significantly.
Global turmoil reminds us that a strategic combination of energy independence
and exposure to traditional energy resources are key. There can't be an energy
transition without reliable energy. Considering the bulk of REL's remaining
unrealised value is in conventional energy, we are well primed if market
sentiment continues in this direction and will lean into more traditional
themes where we can. Permian Resources and Crescent Point Energy (formerly
Hammerhead Energy) are great examples that fall within Riverstone's flagship
investing thesis and showcase our ability to boost value creatively as
financial managers. Both investments have driven the recent success of REL's
portfolio.
Quarterly Performance Commentary
REL's conventional energy portfolio has continued to perform well for the
quarter, gaining 6.5 per cent. in value. Both Permian Resources and Crescent
Point Energy (formerly Hammerhead Energy), REL's publicly traded upstream oil
and gas businesses, have maintained organic share price growth and positive
marks for the portfolio. They are the main needle movers for REL. Permian
Resources share price increased 30 per cent. during the quarter and Crescent
Point Energy's share price trended up 21 per cent. It's clear that even though
these oil producers operate in vastly different basins with their own unique
and complex characteristics (Permian Resources in the Delaware Basin and
Crescent Point in Montney and Duvernay), investors' appetite for public
E&P exposure to best in-class producers remains strong and free cash flow
generation along with returning cash to shareholders is the focus. Meanwhile,
Onyx continues to improve operational efficiencies as it gears up for its next
chapter after a warm European winter.
The decarbonisation portfolio dropped 22.9 per cent. in value during the
quarter. While this is a large negative percentage move, it represents a $28
million drawdown against the Company NAV of $496 million. FreeWire, T-REX, and
Our Next Energy were all marked to 0.0x as of Q1 2024 due to company-specific
events, including missed sales process targets and falling short of
fundraising goals. With the exception of Infinitum, Solid Power and GoodLeap
(formerly Loanpal), the remainder of the decarbonisation portfolio continues
to suffer from fundraising headwinds caused by the impact of rates and a lower
risk appetite from investors. On 27 February 2024, Solid Power announced
positive FY 2023 results of $17.4 million in revenue, up $5.6 million compared
to FY 2022. The company attributes this success to the continued execution of
Solid Power's joint development agreement with SK On.
Further information on REL's five largest positions, which account for ~93 per
cent. of the portfolio's gross unrealised value is set forth below:
Permian Resources
The valuation for Permian Resources (NYSE: PR) increased from 1.35x to 1.51x
Gross MOIC in the first quarter of 2024. In Q1 2024, Permian Resources
announced a series of portfolio optimisation transactions consisting of two
bolt-on acquisitions, a sizeable acreage swap, a divestiture of non-core
assets and additional grassroots acquisitions. In Q4 2023, Permian Resources
completed the ~$4.5 billion acquisition of Earthstone Energy, Inc. which has
bolstered PR's leading position in the Delaware Basin and increases operating
size and scale. The pro-forma company remains committed to achieving an
investment grade rating. The pro-forma company has hedged approximately 25 per
cent. of forecasted 2024 crude oil production at a weighted average price of
$74.51 per barrel and 22 per cent. of forecasted 2024 natural gas production
at a weighted average price of $3.89 per mcf.
Onyx
The valuation multiple for Onyx was unchanged during the first quarter,
holding at 3.20x Gross MOIC. CDS margins have reduced materially since the
fourth quarter due to high gas storage levels, warm winter weather and high
wind generation. The effect is partially offset by hedging activities at Onyx.
During Q1 2024, Onyx successfully extended the Engie credit agreement to
include $100 million of fixed collateral until YE 2024. 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.
Crescent Point Energy (formerly Hammerhead Energy)
Crescent Point Energy's valuation increased from 0.87x to 0.90x Gross MOIC
during the first quarter of 2024 reflecting solid share price performance.
Since closing the acquisition, Crescent Point's shares have traded up 17.1 per
cent. compared to a 9.3 per cent. increase in its peer group, and an 11.4 per
cent. rally in WTI over the same period. In February 2024, Crescent Point
announced its FY 2023 results, which were above expectations. Crescent Point's
unchanged five-year plan is targeting 6 per cent. production CAGR through
2028, driven by the Montney (8 per cent. CAGR) and Duvernay (11 per cent.
CAGR), and targeting corporate production of 260 mboe/d. In Q1, 2024, Crescent
Point increased its quarterly dividend by 15 per cent. to C$0.115/sh, implying
an annualized dividend yield of 4.2 per cent.
Infinitum
The valuation multiple for Infinitum held at 1.10x Gross MOIC during the first
quarter of 2024. The company maintains a robust balance sheet as a result of
their $185mm Series E round from the second half of 2023. The company aims to
continue the strong momentum from Q4 into FY24, with a focus on ramping
production and revenue. Additionally, in January, Infinitum announced an
agreement with Matrix, a wholly owned subsidiary of Alliance Resource
Partners, L.P., to jointly develop and distribute high-efficiency, reliable
motors and advanced motor controllers designed specifically for the mining
industry. In Q1, the company was recognised with a prestigious 2024 Silver
Edison Award and named as on the 2024 Global Cleantech 100 list by Cleantech
Group.
GoodLeap (formerly Loanpal)
The valuation multiple for GoodLeap remained at 1.25x Gross MOIC for the first
quarter of 2024. The macroeconomic environment headwinds are beginning to
stabilise, and the industry outlook is improving. The company continues to
enforce strategic changes to better navigate market dynamics such as expanding
product partnerships and tightening contractor payment guidelines.
Other Investments
FreeWire
On 3 February 2024, a potential acquiror of FreeWire, who had been under
exclusivity, withdrew itself from the sale process. Given the accelerating
cash constraints and limited runway in combination with the sale process
withdrawal, FreeWire evaluated all alternatives which culminated in a sale on
20 February 2024 to a private investor. The consideration with respect to the
sale was 100% assumption of all company liabilities. As of 31 March 2024,
FreeWire has a realised mark of 0.0x and is no longer an investment in the
portfolio.
Our Next Energy ("ONE")
The valuation multiple for ONE was written down from 0.25x Gross MOIC to 0.00x
Gross MOIC during the first quarter of 2024. In Q1 2024, the company raised
capital by way of its insider led convertible note, a financing in which
Riverstone elected not to participate. As a result of not participating, REL's
ownership stake was significantly diluted and subordinated.
T-REX
The valuation multiple for T-REX was written down to 0.00x Gross MOIC during
the first quarter of 2024. In September 2023, an investment bank was hired to
run a sales process for the company. After over 6-months no LOIs were
submitted. In April 2024, the company initiated an orderly wind-down due to
limited cash runway (Mid-May 2024). The company currently has an asset sale
pending completion that would monetise substantially all of T-REX's assets
that would result in a ~60% recovery for Silicon Valley Bank (T-REX's
Creditor). Simultaneously, the Board is evaluating several ABC providers to
manage the liquidation.
Tritium DCFC
In March 2024, Tritium executed a reverse stock split to avoid de-listing by
converting every existing common stock share into the right to receive 0.005
new common stock shares (200 to 1 split). In April 2024, Tritium notified
regulators that its businesses were insolvent or likely to become insolvent
and proposed placing control of the company under administrators working for
KPMG in compliance with Australian law. At 31 March 2024, REL's debt
investment was written down from 1.12x Gross MOIC to 0.62x Gross MOIC because
the outcome of the sale process remains unknown at this time.
LEI: 213800HAZOW1AWRSZR47
About Riverstone Energy Limited:
REL is a closed-ended investment company which invests in the energy industry.
REL's ordinary shares are listed on the London Stock Exchange, trading under
the symbol RSE. REL has 11 active investments spanning decarbonisation, oil
and gas, renewable energy and power in the Continental U.S., Western Canada,
Europe and Australia.
For further details, see www.RiverstoneREL.com (http://www.RiverstoneREL.com)
Neither the contents of Riverstone Energy Limited's website nor the contents
of any website accessible from hyperlinks on the websites (or any other
website) is incorporated into, or forms part of, this announcement.
Media Contacts
For Riverstone Energy Limited:
Riverstone Investor Relations
+44 20 3206 6300
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 U.S.
Generally Accepted Accounting Policies for the period ended 31 March 2024 or
in any period to date. Valuations of REL's investments through the Partnership
are determined by the Investment Manager and disclosed quarterly to investors,
subject to Board approval.
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 GBP:USD FX rate of 1.2626 as of 31 March 2024
2 The expected funding of the remaining unfunded commitments at 31 March
2024 are $nil in 2024 and 2025. The residual amounts are to be funded as
needed in 2026 and later years.
3 Gross realised capital is total gross proceeds realised on invested
capital. Of the $1,558 million of capital realised to date, $1,195 million is
the return of the cost basis, and the remainder is profit.
4 Gross Unrealised Value and Gross MOIC (Gross Multiple of Invested Capital)
are before transaction costs, taxes (approximately 21 to 27.5 per cent. of
U.S. sourced taxable income) and 20 per cent. carried interest on applicable
gross profits in accordance with the revised terms announced on 3 January
2020, but effective 30 June 2019. Since there was no netting of losses against
gains before the aforementioned revised terms, the effective carried interest
rate on the portfolio as a whole will be greater than 20 per cent. No further
carried interest will be payable until the $60.9 million of realised and
unrealised losses to date at 31 March 2024 are made whole with future gains.
Since REL has not yet met the appropriate Cost Benchmark at 31 March 2024,
$39.3 million in performance allocation fees that would have been due under
the prior agreement were not accrued. In addition, there is a management fee
of 1.5 per cent. of net assets (including cash) per annum and other expenses.
Given these costs, fees and expenses are in aggregate expected to be
considerable, Total Net Value and Net MOIC will be materially less than Gross
Unrealised Value and Gross MOIC. Local taxes, primarily on U.S. assets, may
apply at the jurisdictional level on profits arising in operating entity
investments. Further withholding taxes may apply on distributions from such
operating entity investments. In the normal course of business, REL may form
wholly-owned subsidiaries, to be treated as C Corporations for US tax
purposes. The C Corporations serve to protect REL's public investors from
incurring U.S. effectively connected income. The C Corporations file U.S.
corporate tax returns with the U.S. Internal Revenue Service and pay U.S.
corporate taxes on its taxable income.
5 Represents closing price per share in USD for publicly traded shares
Permian Resources Corporation (NASDAQ:PR - 31-03-2024: $17.66 per share /
31-12-2023: $13.60 per share; Enviva, Inc. (NYSE:EVA -31-03-2024: $0.44 per
share / 31-12-2023: $0.99 per share); Solid Power, Inc. (NASDAQ:SLDP -
31-03-2024: $2.03 per share / 31-12-2023: $1.45 per share); Hyzon Motors, Inc.
(NASDAQ:HYZN - 31-03-2024: $0.74 per share / 31-12-2023: $0.90 per share);
Tritium DCFC Limited (NASDAQ:DCFC - 31-03-2024 $0.05 per share / 31-12-2023:
$0.22 per share); and Crescent Point Energy (NASDAQ: CPG - 31-03-2024: $8.19/
31-12-2023: $6.93 per share).
6 Crescent Point Energy shares were acquired via realisation of Hammerhead
Energy
7 Amounts vary due to rounding
8 The Tritium investment consists of publicly traded shares related to the
original SPAC Sponsor investment and a further backstop funding (valued at
$0.2 million at 31 March 2024) as well as an additional private loan
investment (valued at $5 million at 31 March 2024)
9 The unrealised value of Rock Oil investment consists of rights to mineral
acres
10 Midstream investment
11 Credit investment
12 Withdrawn commitments consist of Origo ($9 million) and CanEra III ($1
million), and impairments consist of Liberty II ($142 million), Fieldwood ($80
million), Eagle II ($62 million), Castex 2005 ($48 million), Anuvia ($20
million) and FreeWire ($14 million)
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