REG - Riverstone Energy Ld - Results for the year ended 31 December 2025
04/03/2026 07:02
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RNS Number : 2137V Riverstone Energy Limited 04 March 2026
LEI: 213800HAZOW1AWRSZR47
Riverstone Energy Limited
Results for the year ended 31 December
2025
London, UK (4 March 2026) - Riverstone Energy Limited (the "Company")
announces its Year End Results from 1 January 2025 to 31 December 2025 (the
"Year").
Summary Performance
31 December 2025
NAV $118 million / £88 million 1 (#_edn1)
NAV per share $16.07 / £11.94(1)
Loss for Year ended ($0.5 million)
Basic loss per share for Year ended (2.17 cents)
Cash and cash equivalents $17.1 million / £12.7 million(1)
Market capitalization $71 million(1) / £53 million
Share price $9.73(1) / £7.23
Highlights
§ As of 31 December 2025, the Company had a NAV per share of $16.07
(£11.94), representing an increase in USD and GBP of 8 and 1 per cent.,
respectively, compared to the 31 December 2024 NAV per share.
§ Total net realisations and distributions during the Year of $233.3 million:
Permian Resources ($138.3 million), WhiteCap Resources ($68.7 million), Solid
Power ($26.2 million) and Rock Oil ($0.1 million).
§ Riverstone Energy Limited ended the Year with an aggregate cash balance of
$17.1 million.
Managed Wind-down and Compulsory Redemption of Shares
§ Following Shareholder approval at the Extraordinary General Meeting held on
22 August 2025, Riverstone Energy Limited commenced a Managed Wind-Down
process ("Managed Wind-Down"), with the objective of realising all the
existing assets in an orderly manner that maximises value for Shareholders.
§ In August 2025, the Company announced a compulsory partial redemption which
was executed on 23 October 2025 in which 17,256,964 shares, approximately 70
per cent. of the outstanding shares in issue, were acquired and cancelled at a
price of £11.01, being the then NAV per share as at 30 June 2025. These
shares were acquired and redeemed from Shareholders pro-rated for their
shareholding. This returned approximately £190 million to Shareholders.
Investment Manager Outlook
§ 2025 marked a decisive transition in the Company's lifecycle. In a year
defined by macro‑economic uncertainty and a more selective capital
environment, the Company acted promptly to simplify the portfolio, crystallise
value where possible and return substantial capital to Shareholders.
§ On 2 February 2026, the Company announced the successful completion of the
sale of 100 per cent. of its interest in Onyx Power to ResInvest Group, which
represents a Gross MOIC of 2.86x on the Company's investment in Onyx
Power of $60 million, which would reduce to 2.80x after the applicable
adjustment payment to the Investment Manager under the terms of the Managed
Wind-down.
§ The Investment Manager remains focused on realising value from the
remaining assets in the portfolio and returning the capital to Shareholders in
a timely manner, consistent with the Company's amended investment objective
and policy.
Richard Horlick, Chair of the Board of Riverstone Energy Limited, commented:
"I am pleased with the rapid and positive progress we have made so far in the
Managed Wind-Down of the portfolio following the decision at the EGM in August
to approve the Managed Wind-Down process. We have realised substantial
proceeds from our investments already, the vast majority of which we have
returned to our Shareholders. We will continue to focus on realising the
remaining portfolio and returning capital in a timely manner. The Board
expects to notify the quantum and timing of the second compulsory share
redemption to Shareholders during March."
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of Riverstone, added:
"While market conditions have not been straightforward, we are well advanced
with the Managed Wind-Down of the portfolio. We are now entering the last
stages of the process during which time we will continue to manage the
portfolio in a way which preserves value for our Shareholders. We are focussed
on finding exit paths from our remaining investments while generating value
from these holdings."
- Ends -
Riverstone Energy Limited's 2025 Annual Report is available to view at:
www.RiverstoneREL.com (http://www.RiverstoneREL.com) .
4Q25 Quarterly Portfolio Valuation
Previously, on 12 February 2026, the Company announced its quarterly portfolio
summary as of 31 December 2025, inclusive of updated quarterly unaudited fair
market valuations:
Current Portfolio - Conventional
Investment Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 30 Sep 2025 31 Dec 2025
Capital ($mm) Capital ($mm) 2 (#_edn2) ($mm) 3 (#_edn3) Gross MOIC(3) Gross MOIC(3)
Onyx (Private) 66 60 121 50 171 2.82x 2.86x
Total Current Portfolio - Conventional - Private(7) $66 $60 $121 $50 $171 2.82x 2.86x
Current Portfolio - Decarbonisation
Investment Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 30 Sep 2025 31 Dec 2025
Capital ($mm) Capital ($mm)(2) ($mm)(3) Gross MOIC(3) Gross MOIC(3)
Infinitum 33 33 - 33 33 0.60x 1.00x
(Private)
GoodLeap (Private) 25 25 2 23 25 1.00x 1.00x
Group14 (Private) 4 4 - 0 0 0.25x 0.10x
Total Current Portfolio - Decarbonisation - Private(7) $62 $62 $2 $56 $58 0.75x 0.94x
Total Current Portfolio - Conventional & Decarbonisation (7) $128 $122 $123 $106 $229 1.82x 1.89x
Cash and Cash Equivalents $17
Investment (Initial Investment Date) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 30 Sep 2025 31 Dec 2025
Capital ($mm) Capital ($mm)(2) ($mm)(3) Gross MOIC(3) Gross MOIC(3)
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
Meritage III 4 (#_edn4) (17 Apr 2015) 40 40 88 - 88 2.20x 2.20x
RCO 5 (#_edn5) (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(7) $1,430 $1,430 $1,670 $- $1,670 1.17x 1.17x
Withdrawn Commitments and Investment Write-Offs 6 (#_edn6) 477 477 10 - 10 0.02x 0.02x
Total Investments(7) $2,035 $2,029 $1,803 $106 $1,909 0.93x 0.94x
Total Investments & Cash and Cash Equivalents $123
Audited Net Asset Value $118
Total Shares Repurchased to-date 37,075,536 at average price per share of £4.44 ($5.67)
Current Shares Outstanding 7,334,416
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, all of which are
in the decarbonisation sector.
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
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 the Riverstone Energy Investment Partnership, LP
("Partnership"). The Partnership values its securities and instruments at 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 December 2025 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 1.3462 as of 31 December 2025
2 (#_ednref2) Gross realised capital is total gross proceeds realised on
invested capital. Of the $1,803 million of capital realised to date, $1,330
million is the return of the cost basis, and the remainder is profit.
3 (#_ednref3) 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.
4 (#_ednref4) Midstream investment
5 (#_ednref5) Credit investment
6 (#_ednref6) Withdrawn commitments consist of Origo ($9 million) and CanEra
III ($1 million), and investment write-offs 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)
7 Amounts may vary due to rounding
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