REG - Riverstone Energy Ld - 3Q23 Quarterly Portfolio Valuations & NAV
19/10/2023 07:00
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RNS Number : 5945Q Riverstone Energy Limited 19 October 2023
- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -
Riverstone Energy Limited Announces 3Q23 Quarterly Portfolio Valuations &
NAV
London, UK (19 October 2023) - Riverstone Energy Limited ("REL" or the
"Company") is issuing this Interim Management Statement ("IMS") for the period
from 1 July 2023 to 30 September 2023 (the "Period").
Highlights
· Key Financials (unaudited)
o NAV as at 30 September 2023 $659 million (£540 million) 1 (#_edn1)
o NAV per share as at 30 September 2023 $15.57 / £12.76(1)
o Profit/(loss) for Period ended $87.24 million
o Basic profit/(loss) per share for Period ended 190.74 cents
o Market capitalization as at 30 September 2023 $336 million (£276 million)(1)
o Share price as at 30 September 2023 $7.95 / £6.52(1)
· As of 30 September 2023, REL had a NAV per share of $15.57 (£12.76),
an increase in USD and GBP of 21 & 25 per cent., respectively, compared to
30 June 2023. The quarter end closing share price was $7.95 (£6.52), a
decrease of 3 & 4 per cent., respectively, compared to 30 June 2023.
· The increase of REL's NAV over the Period was due to gains in the
Permian Resources and Hammerhead investments, which were partially offset by
declines in the fair value of Enviva and FreeWire.
· During the Period, under the Company's modified investment programme,
REL invested an aggregate amount of $13.8 million in energy transition and
decarbonisation investments, bringing the total invested in this area to over
$227.6 million across thirteen investments, which in aggregate were valued at
$153 million, or 0.69x Gross MOIC, at 30 September 2023.
· Total invested capital in follow-on investments to existing portfolio
companies during the Period of $13.8 million: Infinitum ($10.0 million) and
T-Rex ($3.8 million).
· Total net realisations and distributions during the Period of $21.1
million: Onyx ($19.8 million), Permian Resources ($1.1 million), and DCFC Loan
($0.2 million).
· REL finished the Period with a cash balance of $127 million and
remaining potential unfunded commitments of $6 million 2 (#_edn2) .
· Since the initial announcement of the Share Buyback Programme on 1
May 2020, the Company has bought back a total of 34,408,339 ordinary shares at
an average price of approximately £4.18 per ordinary share, over the same
period the share price has increased by ~194 per cent. from £2.20 to £6.46
to 30 September 2023.
· On 29 September 2023, Riverstone Energy
Limited acquired 3,182,196 of the Company's ordinary shares (the "Shares"),
pursuant to the tender offer announced on 17 August 2023 (the "Tender
Offer"). All Shares repurchased by the Company have been cancelled. Each
Share acquired by the Company in the Tender Offer was purchased at the Tender
Price of £5.78 per Share. This represents approximately 22 per cent. of the
available £80 million earmarked for the Tender Offer.
Share Buyback Programme
At the Company's AGM on 23 May 2023, the authorized increase of £30 million
for the share buyback programme was approved. Since then, 3,015,616 ordinary
shares have been bought back at a total cost of approximately £17.0 million
($21.7 million) at an average share price of approximately £5.65 ($7.19). As
of 30 September 2023, £22.2 million was available for repurchasing.
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
$103.2 million of realised and unrealised losses to date at 30 September 2023
are made whole with future gains. REL continues to seek opportunities to
purchase shares in the market at prices at or below the prevailing NAV per
share.
Richard Horlick, Chair of Riverstone Energy Limited, commented:
"The Tender Offer announced on 17 August 2023 and closed on 29 September 2023,
resulted in in 3,182,196 shares being acquired at a total cost of
approximately 18.4 million. This represents approximately 22 per cent. of
the available £80 million earmarked for the Tender Offer. All shares
repurchased by the Company have been cancelled. We will continue to provide
opportunities for investors to access liquidity and will continue to
assiduously deploy capital where we see the most attractive risk-reward uses
of our capital, and the most compelling growth prospects. We continue to
follow closely the deeply unfortunate events developing in Israel and
Palestine and our thoughts go out to all affected."
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of Riverstone, added:
"Continued geopolitical turmoil and tight supply dynamics due to
underinvestment from the industry and production cuts from Saudi Arabia
continue to support our two investments in oil and gas companies. Our
conventional energy investments continue to drive positive returns in REL's
portfolio while rising interest rates have simultaneously taken their toll on
earlier stage growth companies, namely our decarbonization related
investments. Higher rates globally are negatively impacting growth-stage
companies' ability to raise capital and finance their growth. While rates
remain high and investors' return expectations remain elevated (or risk
appetite remains subdued...), the environment will remain challenging for our
decarbonisation investments. Only those companies with the best prospects
will retain the ability to finance themselves. We believe that our earlier
stage growth companies are well-positioned to survive this higher rate
environment, tighter financing markets and muted investor risk appetite. It is
our belief that the secular tailwinds supporting the energy transition will
continue driving the shift from fossil fuels to lower-carbon sources of
energy."
Current Portfolio - Conventional
Investment (Public/Private) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 30 June 2023 30 Sep 2023
Capital ($mm) Capital ($mm) 3 (#_edn3) ($mm) 4 (#_edn4) Gross MOIC(4) Gross MOIC(4)
Permian Resources(6) (Public) 268 268 224 140 364 1.24x 1.36x
Onyx (Private) 66 60 101 78 179 3.00x 3.00x
Hammerhead Energy(6) (Public) 308 296 24 185 209 0.46x 0.71x
Total Current Portfolio - Conventional - Public 5 (#_edn5) (, 6 (#_edn6) ) $576 $564 $247 $326 $573 0.83x 1.02x
Total Current Portfolio - Conventional - Private(5) $66 $60 $101 $78 $179 3.00x 3.00x
Total Current Portfolio - Conventional - Public & Private(5) $642 $624 $404 $349 $753 1.04x 1.21x
Current Portfolio - Decarbonisation
Investment (Public/Private) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 30 Jun 2023 Gross MOIC(4) 30 Sep 2023 Gross MOIC(4)
Capital ($mm) Capital ($mm)(3) ($mm)(4)
GoodLeap (formerly Loanpal) (Private) 25 25 2 36 38 1.50x 1.50x
Infinitum 27 27 - 29 29 1.05x 1.05x
(Private)
T-REX Group (Private) 21 21 - 21 21 1.00x 1.00x
Solid Power(6) (Public) 48 48 - 15 15 0.39x 0.31x
Our Next Energy 13 13 - 13 13 1.00x 1.00x
(Private)
Tritium DCFC(6) 25 25 1 11 12 0.56x 0.47x
(Public)
FreeWire (Private) 10 10 - 10 10 2.00x 1.00x
Enviva(6) (Public) 22 22 0 6 6 0.41x 0.29x
Group 14 (Private) 4 4 - 4 4 1.00x 1.00x
Ionic I & II (Samsung Ventures) (Private) 3 3 - 3 3 1.00x 1.00x
Hyzon Motors(6) (Public) 10 10 - 1 1 0.10x 0.13x
Anuvia Plant Nutrients 20 20 - - - 0.00x 0.00x
(Private)
Total Current Portfolio - Decarbonisation - Public(5, 6) $105 $105 $1 $33 $34 0.41x 0.32x
Total Current Portfolio - Decarbonisation - Private(5) $123 $123 $2 $115 $117 1.03x 0.95x
Total Current Portfolio - Decarbonisation - Public & Private(5) $228 $228 $3 $148 $151 0.73x 0.66x
Total Current Portfolio - Conventional & Decarbonisation - Public & $870 $851 $352 $552 $904 0.96x 1.06x
Private(5)
Cash and Cash Equivalents $127
Total Liquidity (Cash and Cash Equivalents & Public Portfolio) $486
Total Market Capitalisation $336
Realisations
Investment (Initial Investment Date) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 30 Jun 2023 Gross MOIC(4) 30 Sep 2023
Capital ($mm) Capital ($mm)(3) ($mm)(4) Gross MOIC(4)
Rock Oil 7 (#_edn7) (12 Mar 2014) 114 114 233 4 237 2.06x 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 8 (#_edn8) (17 Apr 2015) 40 40 88 - 88 2.20x 2.20x
RCO 9 (#_edn9) (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(5) $819 $819 $1,000 $4 $1,004 1.22x 1.23x
Withdrawn Commitments and Impairment 10 (#_edn10) 350 350 9 - 9 0.02x 0.02x
Total Investments(5) $2,038 $2,020 $1,360 $557 $1,917 0.90x 0.95x
Total Investments & Cash and Cash Equivalents(5) $684
Draft Unaudited Net Asset Value 11 (#_edn11) $659
Total Shares Repurchased to-date 42,173,868 at average price per share of £5.15 ($6.58)
Current Shares Outstanding 42,306,196
Rates, rates, rates…
While the United States Federal Reserve left rates unchanged at its September
meeting, it indicated that that it still expects one more hike before the end
of the year and fewer cuts than previously indicated next year. While this
provided some relief to the market, it represents only a pause after four rate
hikes this year for a 100bps increase to the Fed Funds target rate and has
come on the back of a blistering seven rate hikes in 2022 representing a total
of 425bps. The last 18 months have seen the benchmark rate go from 0.20 per
cent. to the current target range of 5.25-5.50 per cent. While turbulent
geo-political events continue to roil investor sentiment, the real impact on
financial markets is being played out through the current rate-hiking cycle we
find ourselves in. This global phenomenon has had an impact on fund-raising,
depriving growth-stage companies from much needed capital, and on the appetite
for growth as an investment factor. Higher "risk-free" rates require higher
returns from earlier stage companies. The inverse correlation between
risk-free rates and risk appetite is being felt through our decarbonization
growth equity companies, with our publicly traded decarbonization growth
portfolio companies down measurably during the third quarter.
In mid-August, Saudi Arabia's crude oil exports hit a 28-month low after they
extended their "additional voluntary production cuts" of one million barrels a
day first announced in July. This reduction of 1 per cent of daily global
demand will likely last through the end of the year supporting crude prices at
their current levels. West Texas Intermediate (WTI) crude oil prices are up
13.2 per cent. year-to-date and 28.5 per cent. quarter-over-quarter, Brent
Crude is similarly up 10.9 per cent. year-to-date and 27.2 per cent.
quarter-over-quarter. Henry Hub natural gas spot prices on the other hand are
down 23.9 per cent. year-to-date and up just 8.1 per cent.
quarter-over-quarter, reflecting mild seasonal temperatures and, increased
production and reserves. Global production quotas providing support for oil
prices and a continued focus on energy security has increased investment and
supported a renewed interest in the sector. Announced after the quarter's end,
Exxon's $59.5 billion acquisition of Pioneer Natural Resources speaks to a
pick-up in capital market activities for the Oil & Gas sector. All of
these factors are a net positive for our listed conventional energy companies,
Permian Resources Corp. and Hammerhead Energy Inc., which have performed very
well over the quarter.
Quarterly Performance Commentary
REL's conventional energy portfolio performed well, gaining 16 per cent. in
value over the quarter. This improvement was driven largely by Hammerhead's
64.6 per cent. improvement in share price, from $7.25 to $11.32
quarter-over-quarter. Permian Resources enjoyed a bump as well, with a share
price improvement of 27.4 per cent over the quarter, from $10.96 to $13.96.
The decarbonisation portfolio lost 9.6 per cent. of value, driven entirely by
publicly traded positions in Enviva, Solid Power, and Tritium (despite a
slight rise in the share price of Hyzon). Despite downward pressure on share
price and smaller market capitalization, these underlying companies continue
to pursue their growth plans and meet their target benchmarks. Tritium
customer, evyve completed its 150(th) Tritium fast charger installation in the
UK, achieving 98 per cent. uptime, and received a major order from Driveco,
delivering 200 fast chargers to the leading French charging network. FreeWire
announced an exclusive partnership with Virginia Automobile Dealers
Association to offer chargers to franchisees.
Enviva continues to prosecute its turnaround following its disappointing
financial guidance at the end of the first quarter, and announced in August
the appointment of Glenn Nunziata, in the role of Chief Financial Officer.
Further information on REL's five largest positions, which account for ~84 per
cent. of the portfolio's gross unrealised value is set forth below:
Permian Resources
The valuation for Permian Resources (NYSE: PR) increased from 1.24x to 1.36x
Gross MOIC in the third quarter of 2023. In Q3 2023, Permian Resources agreed
to acquire Earthstone Energy, Inc. (NYSE: ESTE) in an all-stock transaction
valued at ~$4.5 billion. PR will issue ~211 million shares of stock in the
transaction and will own 73% of the pro-forma company. The company expects to
close the transaction by YE 2023 and expects leverage at closing to be
<1.0x. The pro-forma company has hedged approximately 36 per cent. of
forecasted 2023 crude oil production at a weighted average price of $79.00 per
barrel and 35 per cent. of forecasted 2023 natural gas production at a
weighted average price of $4.83 per mcf.
Onyx
The valuation multiple for Onyx remained flat in the third quarter at 3.00x
Gross MOIC. Power prices in Europe have softened since the highs of late 2022.
However, the prospect of ongoing volatility remains due to gas demand
recovery, global LNG pricing, nuclear availability and hydro levels. During
the quarter a new COO was recruited and joined Onyx (following predecessor
retirement), his focus will be on ensuring safe and reliable operations. In
addition to prioritising plant availability, the management team continues to
work on several organic growth initiatives, including the implementation of
operational performance improvements and the development of potential capital
projects related to the energy transition.
Hammerhead
Hammerhead's valuation increased from 0.46x to 0.71x Gross MOIC during the
third quarter of 2023. This increase in value reflects the performance of
its publicly-traded stock and is reflective of its underlying operating
performance which remains strong and on plan. Given the supportive macro
environment, Hammerhead plans to continue ramping development in 2023.
Hammerhead has hedged approximately 52 per cent. of forecasted 2023 crude oil
production at a weighted average price of $75.94 per barrel and 44 per cent.
of forecasted 2023 natural gas production at a weighted average price of $3.34
per MMBtu. In Q2 2023, the Company produced 39,009 boe/d (46% liquids)
representing 15% growth on a year over year basis. Crude oil production of
13,389 bbl/d in the quarter represents 34% growth on a year over year basis.
GoodLeap (formerly Loanpal)
The valuation multiple for GoodLeap remained flat during the third quarter at
1.50x Gross MOIC, the company returned to profitability as the former macro
inflation headwinds are beginning to shift towards neutral and potential
tailwinds.
Infinitum
The valuation multiple for Infinitum remained flat at 1.05x Gross MOIC during
the third quarter of 2023. The Company has made substantial progress in
increasing manufacturing capacity, producing more motors in 1Q23 than in all
of 2022. Additionally, the Company acquired Circuit Connect, a printed circuit
board (PCB) fabricator based in New Hampshire. The acquisition supports
Infinitum's strategy to become vertically integrated and increase the
production capacity of PCB stators. The Company is ahead of schedule with
production cost reductions and is implementing a semi-automated line to ensure
continuity of operations while the Company transitions to fully automated
manufacturing. Early in the third quarter, the Company closed a $160 million
Series E funding round led by Just Climate.
Other Investments
Enviva
Subsequent to the close of the second quarter, on August 2(nd), Enviva's
management released its second quarter 2023 earnings results, which reflected
results in line with expectations and progress with initiatives to reduce
costs and improve productivity. In Q3 2023, Enviva heightened its focus on
initiatives to improve productivity and costs across its current platform in
conjunction with progressing contract negotiations, including repricing
certain legacy contracts. Enviva completed a reduction in force designed to
reduce cash costs by approximately $16 million on an annualized basis. The
Company lowered its FY 2023 total capital expenditures guidance range to
$335-$365 million from $365-$415 million, representing a decrease of 10 per
cent. at the midpoint of the ranges; total capital expenditures reductions
were primarily driven by updated timing of cash flow spending on the Epes and
Bond projects, partially offset by higher expected spending on several smaller
growth projects.
Tritium DCFC
In September 2023, Tritium secured a financing commitment of up to $75
million, with an initial funding of $25 million. The company plans to use
proceeds to continue its investment in working capital to meet expected
continued strong customer demand in the 2024 calendar year.
Tritium achieved record revenue of $112 million for H1 2023, a 286 per cent.
increase from H1 2022. Tritium announced it will change its fiscal year-end
from June 30 to December 31, effective beginning in the 2024 calendar year.
The company is projecting 2023 revenue in excess of $200 million,
corresponding to a 100+ per cent. YoY increase with expected gross margins of
10 per cent. to 12 per cent. as the company benefits from manufacturing scale
up, improved product pricing, and planned produce suite streamlining. The
company expects to become EBITDA positive during the first half of the 2024
calendar year.
LEI: 213800HAZOW1AWRSZR47
About Riverstone Energy Limited:
REL is a closed-ended investment company which invests in the energy industry
that has since 2020 been exclusively focussed on pursuing and has
committed $207 million to a global strategy across decarbonisation sectors
presented by Riverstone's investment platform. REL's ordinary shares are
listed on the London Stock Exchange, trading under the symbol RSE. REL has
16 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:
Josh Prentice
+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 30 September 2023
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 (#_ednref1) GBP:USD FX rate of 1.2197 as of 30 September 2023
2 (#_ednref2) Excludes the remaining unfunded commitments for Hammerhead of
$12 million, which is not expected to be funded. The expected funding of the
remaining unfunded commitments at 30 September 2023 are $nil in 2023 and 2024.
The residual amounts are to be funded as needed in 2025 and later years.
3 (#_ednref3) Gross realised capital is total gross proceeds realised on
invested capital. Of the $1,360 million of capital realised to date, $1,017
million is the return of the cost basis, and the remainder is profit.
4 (#_ednref4) 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 $103.2
million of realised and unrealised losses to date at 30 September 2023 are
made whole with future gains, so the earned carried interest of $0.8 million
at 30 September 2023 has been deferred and expired in October 2023 as the
aforementioned losses were not made whole. Since REL has not yet met the
appropriate Cost Benchmark at 30 September 2023, $33.2 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 (#_ednref5) Amounts may vary due to rounding.
6 (#_ednref6) Represents closing price per share in USD for publicly traded
shares Permian Resources Corporation (formerly Centennial Resource
Development, Inc.) (NASDAQ:PR - 30-09-2023: $13.96 per share / 30-06-2023:
$10.96 per share); Enviva, Inc. (NYSE:EVA - 30-09-2023: $7.47 per share /
30-06-2023: $10.85 per share); Solid Power, Inc. (NASDAQ:SLDP - 30-09-2023:
$2.02 per share / 30-06-2023: $2.54 per share); Hyzon Motors, Inc.
(NASDAQ:HYZN - 30-09-2023: $1.25 per share / 30-06-2023: $0.96 per share);
Tritium DCFC Limited (NASDAQ:DCFC - 30-09-2023: $0.30 per share / 30-06-2023:
$1.09 per share); and Hammerhead (NASDAQ: HHRS - 30-09-2023: $11.93 per share
/ 30-06-2023: $7.25)
7 (#_ednref7) The unrealized value of Rock Oil Investment consists of rights
to mineral acres.
8 (#_ednref8) Midstream investment
9 (#_ednref9) Credit Investment
10 (#_ednref10) 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) and Castex 2005 ($48 million)
11 (#_ednref11) Since REL has not yet met the appropriate Cost Benchmark at
30 September 2023, $33.2 million in Performance Allocation fees that would
have been due under the prior agreement were not accrued and thereby would
have reduced the NAV on a pro forma basis to $626 million or $14.79 per share
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