REG - Riverstone Energy Ld - 1Q26 Quarterly Portfolio Valuations & NAV
18/05/2026 07:00
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RNS Number : 6015E Riverstone Energy Limited 18 May 2026
THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION
Riverstone Energy Limited Announces 1Q26 Quarterly Portfolio Valuations &
NAV
London, UK (18 May 2026) - Riverstone Energy Limited (the "Company") is
issuing this Interim Management Statement ("IMS") for the period from 1
January 2026 to 31 March 2026 (the "Period").
Highlights
· Key Financials (unaudited)
o NAV as at 31 March 2026 $117 million (£89 million) 1 (#_edn1)
o NAV per share as at 31 March 2026 $15.97 / £12.09(1)
o Loss for Period ended ($0.7 million)
o Basic loss per share for Period ended (10.02 cents)
o Market capitalisation as at 31 March 2026 $74 million(1) (£56 million)
o Share price as at 31 March 2026 $10.07(1) / £7.62
· As of 31 March 2026, the Company had a NAV per share of $15.97
(£12.09) resulting in a 1 per cent drop in USD NAV per share while converted
GBP NAV per share increased by 1 per cent when compared to the 31 December
2025 NAV per share figures. The converted USD and listed GBP quarter end
closing share price was $10.07 (£7.62), an increase of 3 & 5 per cent.,
respectively, compared to 31 December 2025.
· During the Period, the Company had $50.0 million of realisations from
Onyx and, subsequent to the Period end, the Company announced its second
compulsory share redemption of £30 million under its shareholder approved
managed wind down process.
· The Company finished the Period with a cash balance of $62 million,
which decreased to $22 million after the completion of the second compulsory
partial redemption on 15 May 2026.
Sale of Onyx Power
On 30 January 2026, Riverstone successfully completed the sale of 100% of its
interest in Onyx Power to ResInvest Group which resulted in proceeds of $50.0
million. In total, the Company has received cumulative proceeds of
approximately $171 million, representing a 2.86x Gross MOIC on $60 million of
invested capital.
Second Compulsory Partial Redemption
On 9 April 2026, further to the commencement of the Company's managed
wind-down on 22 August 2025 and the approval given by Shareholders on that
date to allow compulsory redemptions of its ordinary shares as described in
the circular to Shareholders dated 1 August 2025, the Company announced that
it will return £30 million by way of its second compulsory partial
redemption of up to 2,512,562 Shares on 27 April 2026 and with a redemption
payment date of 15 May 2026. On 28 April 2026, the Company confirmed that it
had redeemed 2,512,482 Shares (representing approximately 34.26 per cent. of
the Company's issued share capital) for cancellation at a Redemption Price
of £11.94 pence per Share. This decreased the Company's shares outstanding
from 7,334,416 as of 31 March 2026 to 4,821,934 post-redemption.
Richard Horlick, Chair of the Board of Riverstone Energy Limited, commented:
"During the first quarter, the Company continued to make tangible progress
with the Managed Wind Down. The completion of the sale of Onyx Power during
the period represented a significant further realisation for the Company and,
after the quarter end, enabled the Board to announce and complete a second
compulsory partial redemption of ordinary shares.
Energy markets remained highly volatile, with geopolitical developments in
Venezuela and Iran reinforcing the importance of having reliable and
diversified energy supply. Against this backdrop, the Board remains focused on
preserving value in the remaining portfolio, maintaining discipline on costs
and returning capital to Shareholders as proceeds are realised."
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of Riverstone, added:
"The first quarter again demonstrated the importance of energy security, with
volatility across crude, LNG and petroleum product markets highlighting the
need for continuing to develop the energy supply base to deliver regional
diversity and resilient power systems. These events reinforce the long-term
relevance of both conventional energy and renewable power in meeting global
demand.
For the Company, our focus is now firmly on execution of the Managed Wind
Down. The sale of Onyx Power was an important step, while the further
commitment to Infinitum was made to support value preservation and an orderly
realisation process. We will continue to manage the remaining investments with
discipline and a clear focus on returning capital to Shareholders."
Current Portfolio
Investment Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm)(7) 31 Dec 2025 31 Mar 2026
Capital ($mm) Capital ($mm) (6) ($mm)(7) Gross MOIC(7) Gross MOIC(7)
Infinitum 33 33 - 33 33 1.00x 1.00x
(Private)
GoodLeap (Private) 25 25 2 23 25 1.00x 1.00x
Group14 (Private) 4 4 - 1 1 0.10x 0.10x
Total Current Portfolio 2 (#_edn2) $62 $62 $2 $56 $58 0.94x 0.94x
Cash and Cash Equivalents $62
Total Market Capitalisation $74
Realisations
Investment (Initial Investment Date) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm)(7) 31 Dec 2025 31 Mar 2026
Capital ($mm) Capital ($mm) (6) ($mm)(7) Gross MOIC(7) Gross MOIC(7)
Permian Resources (16 Jul 2016) 268 268 370 - 370 1.38x 1.38x
Veren (27 Mar 2014) 296 296 266 - 266 0.90x 0.90x
Rock Oil (12 Mar 2014) 114 114 239 - 239 2.09x 2.09x
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
Onyx Power (25 Nov 2019) 66 60 171 - 171 2.86x 2.86x
Meritage III 3 (#_edn3) (17 Apr 2015) 40 40 88 - 88 2.20x 2.20x
RCO 4 (#_edn4) (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
Solid Power (22 Mar 2021) 48 48 26 - 26 0.55x 0.55x
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(2) $1,496 $1,490 $1,841 $0 $1,668 1.17x 1.12x
Withdrawn Commitments and Investment Write-Offs(4)(, 5 (#_edn5) ) 477 477 10 - 10 0.02x 0.02x
Total Investments(2) $2,035 $2,029 $1,853 $56 $1,909 0.94x 0.94x
Total Investments & Cash and Cash Equivalents $118
Draft Unaudited Net Asset Value $117
Total Shares Repurchased to-date 37,075,536 at average price per share of £4.44 ($5.67)
Shares Outstanding at 31 March 2026 7,334,416
Energy market volatility reinforces the need for diversified supply
The first quarter of 2026 saw a marked increase in geopolitical risk across
global energy markets. Developments in Venezuela and Iran both contributed to
heightened uncertainty over crude flows, sanctions policy, regional supply
security and the availability of specific grades of oil. In Venezuela, US
policy actions added further complexity to the supply picture, while events in
the Middle East had a more immediate effect on global crude, LNG and refined
product markets.
The closure and continued restrictions around the Strait of Hormuz following
the escalation involving Iran created one of the most acute energy security
events in decades. The impact was not confined to headline crude oil prices.
It was also reflected in widening regional crude differentials and marked
moves in petroleum product markets, including jet fuel, distillates and other
refined products, where availability is influenced by geography, refinery
configuration and crude quality.
The first effects of this disruption have been most visible in Asia, given the
region's reliance on Middle Eastern crude, LNG and product flows. However, the
full impact on Europe and North America has yet to be seen. Supply chains for
crude, LNG, refined products and fertiliser are global, and disruption in one
region can quickly affect pricing, availability and industrial costs
elsewhere. These events have therefore reinforced the importance not only of
absolute supply, but also of where that supply is produced, how it is
transported and how easily it can be substituted.
Oil and gas prices reflected these events and the uncertainty throughout the
quarter. Brent crude opened the period at approximately US$61.35 per barrel
and closed at US$126.69 per barrel. WTI crude followed a similarly volatile
path, opening at US$57.26 per barrel and closing at US$102.86 per barrel, with
a range of US$56.01 to US$104.69 during the period. Natural gas markets
reflected the differences in the supply picture on either side of the
Atlantic. Henry Hub opened the period at US$4.00 per MMBtu and closed at
US$ 2.88 per MMBtu. In Europe, while not yet as high as was seen in 2022, TTF
gas prices increased from €29.482 per MWh at the start of the quarter to
€50.268 per MWh at quarter end.
After the period end, the United Arab Emirates announced its withdrawal from
OPEC, adding a further source of uncertainty over future producer
coordination, supply discipline and regional production strategy.
For the Company, these events underscore the strategic importance of
diversified energy supply, both by geography and by source. Reliable
conventional energy remains essential to economic stability, particularly
during periods of geopolitical disruption. At the same time, renewable power
and lower carbon infrastructure have an increasingly important role to play in
strengthening energy security, improving system resilience and supporting
longer term decarbonisation. The closer energy supply is to end users, and the
more diverse the system, the stronger that resilience becomes.
This had been a consistent part of the Company's investment approach. The
Company had invested across both conventional energy and decarbonisation
assets, recognising that the energy transition would require more secure and
reliable supply in the near term, alongside continued investment in renewable
power and lower carbon infrastructure over the longer term. As the Company
progresses through its Managed Wind Down, the Board's focus remains on
realising the remaining portfolio in an orderly manner and returning capital
to Shareholders.
Realisations
Onyx Power
On 30 January 2026, the Company successfully completed the sale of 100% of its
interest in Onyx Power to ResInvest Group, a privately owned trading and
investment company, supplying key commodities for global markets.
In total, the Company has received cumulative proceeds of approximately $171
million, representing a 2.86x Gross MOIC on $60 million of invested capital.
Remaining Portfolio
GoodLeap
The valuation multiple for GoodLeap held at 1.00x Gross MOIC for the first
quarter of 2026. GoodLeap delivered strong operating results, driven by
continued growth in Home Improvement volumes, expanding contractor adoption,
and increasing engagement across the Home App and Virtual Power Plant
platform. The company remains pressured by elevated legal and
litigation-related costs. While core volumes and adjusted EBITDA have
rebounded meaningfully, excess legal spend continues to weigh on cash flow and
earnings visibility.
Infinitum
The valuation multiple for Infinitum held at 1.00x Gross MOIC for the first
quarter of 2026. The company launched its Series F financing and had its first
closing on 31 December 2025. In 2026, management's priority is to continue
scaling revenue, with data centers remaining the primary growth driver,
supported by higher ASPs and a favorable product mix. To execute this strategy
and support international expansion, the company plans to scale its sales
organisation. On 2 January 2026, the Company announced a further commitment of
to its existing investment in Infinitum to participate in the Series F
financing, of which approximately $5.0 million was funded in the first
closing. In making its decision for the Company to participate in the Series F
financing, the Board took into account updates from the Investment Manager as
to Infinitum's proposed commercial strategy and future prospects. The
Investment Manager advised the Board that the Company's incremental commitment
to Infinitum was required to support its operations and commercial momentum,
and to avoid a liquidity constraint and therefore decline in the value of the
Company's investment. As at 31 March 2026, the official close for the Series F
round was $72.5 million.
Group 14
The valuation multiple for Group14 remains at 0.10x Gross MOIC for the first
quarter of 2026. Group14 continues to face production and commissioning
challenges. The BAMT-1 and BAM-2 modules have not achieved sustained
commercial operation, and the Company has now shifted its operational focus to
the BAM-3 line. We continue to monitor volume and revenue ramp up.
Outlook
At quarter-end, the Company's net asset value stood at $117 million. The
Company's disciplined approach to capital management, continues to provide
resilience against market volatility as the Managed Wind-Down progresses.
LEI: 213800HAZOW1AWRSZR47
About Riverstone Energy Limited:
The Company is a closed-ended investment company which invests in the energy
industry. Its ordinary shares are listed on the London Stock Exchange, trading
under the symbol RSE. The Company has 3 active investments spanning
decarbonisation and renewable energy in the Continental U.S.
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:
LPRelations@RiverstoneLLC.com (mailto:LPRelations@RiverstoneLLC.com)
Deutsche Numis - Corporate Broker:
Hugh Jonathan
Matt Goss
+44 (0) 20 7260 1000
Ocorian Administration (Guernsey) Limited -
Company Secretary:
Birgitte Horn
OAGLCoSec@ocorian.com (mailto:OAGLCoSec@ocorian.com)
Note:
The Investment Manager is charged with proposing the valuation of the assets
held by the Company through Riverstone Energy Investment Partnership, LP (the
"Partnership"). The Partnership has directed that securities and instruments
be valued at their fair value. The Company'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 the Company'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 the Company's valuation policy, the Partnership's proportion of the total
holding will follow the Company's valuation policy. There were no valuation
adjustments recorded by the Company as a result of differences in IFRS and
U.S. Generally Accepted Accounting Policies for the period ended 31 March 2026
or in any period to date. Valuations of the Company'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 (#_ednref1) GBP:USD FX rate of 1.3210 as of 31 March 2026
2 (#_ednref2) Amounts vary due to rounding
3 (#_ednref3) Midstream investment
4 (#_ednref4) Credit investment
5 (#_ednref5) Withdrawn commitments and investment write-offs 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), Tritium ($25 million), T-Rex ($21 million), Enviva ($21 million)
Anuvia Plant Nutrients ($20 million), FreeWire ($14 million), Our Next Energy
($12 million), Hyzon ($10 million) and Ionic I & II ($3 million)
6 Gross realised capital is total gross proceeds realised on invested capital.
Of the $1,853 million of capital realised to date, $1,330 million is the
return of the cost basis,
and the remainder is profit.
7 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). In connection with the Managed Wind-Down
approved by shareholders 22 August 2025, the Investment Manager's performance
allocation arrangements under the existing IMA ceased to apply and no further
performance allocation would be paid under the Managed Wind-Down. In addition,
there was a management fee of 1.5 per cent. of net assets (including cash) per
annum, which was reduced to 1.0 per cent. of net assets (excluding cash) per
annum effective 22 August 2025 with the shareholder approval of the Managed
Wind-Down. 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, the Company
may form wholly-owned subsidiaries, to be treated as C Corporations for US tax
purposes. The C Corporations serve to protect the Company'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.
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