Riverstone Energy swings to first-half gain amid wind-down process
Riverstone Energy PLC on Wednesday posted an improved performance in the first half of 2025, as it proceeds to wind down.
In the six months that ended June 30, the investment firm swung to a total gain of $3.0 million from a loss of $15.9 million the previous year.
Riverstone Energy’s net asset value per share rose 1.9% to $15.11 at June 30 from $14.83 at December 31, but was lower than $16.91 on-year.
Net cash decreased to $73.0 million at June 30 from $78.5 million at December 31 and $94 million on-year.
Back in May, the Guernsey-based investor in energy companies reported its plans for a managed wind-down, which shareholders approved on Friday.
RIGL Holdings LP, the Riverstone Energy’s investment manager, will oversee the portfolio until the end of 2027, ‘and perhaps beyond’, but any future investments will require board approval.
The firm will pay its investment manager a cash adjustment payment in two tranches, the first of which is estimated at $21.2 million and is due September 8.
The second tranche will be paid after the final portfolio disposals have completed.
Riverstone Energy aims to return net realisation proceeds to shareholders, after adjustment payments, operating costs and eventually liquidation costs. Liquidation is not expected ‘in the immediate future’.
Chair Richard Horlick commented: ‘The challenging market and shifting policy environment has created difficult trading conditions for many of our investment portfolio companies. As a result, while not a decision taken lightly, the approved managed wind-down of the company represents the next logical step in the company’s evolution.’
Riverstone Energy noted increased macroeconomic turmoil, adding that the US government has brought ‘growing uncertainty into the renewables and EV sectors’ with a ‘pro-conventional energy supply agenda’.
Riverstone Energy shares were down 1.5% at 874.00 pence on Wednesday in London.
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