LEI: 213800HAZOW1AWRSZR47

Riverstone Energy Limited

Results for the half year ended 30 June 2025                                   

London, UK (27 August 2025) - Riverstone Energy Limited (the "Company") announces its Half Year Results from 1 January 2025 to 30 June 2025 (the "Period").

Summary Performance

30 June 2025

Highlights

§ As of 30 June 2025, the Company had a NAV per share of $15.11 (£11.01), representing an increase in USD of 2 per cent. and a decrease in GBP of 7 per cent., respectively, compared to the 31 December 2024 NAV per share.

§ Total net realisations and distributions received during the Period of $4.1 million: Permian Resources ($3.0 million) and Whitecap Resources ($1.1 million).

§ The Company ended the Period with a cash balance of $73.0 million and remaining potential unfunded commitments of $6.2 million².

§ Since the initial announcement of the Share Buyback Programme on 1 May 2020, the Company has bought back a total of 37,075,536 ordinary shares at an average price of approximately £4.44 per ordinary share, which has contributed to the share price increase of over 3.6x from £2.20 to £8.00 over the period to 30 June 2025.

Investment Manager Outlook

§ The environment for conventional energy has become more challenging in 2025, with weaker macroeconomic sentiment, softer commodity prices and persistent inflationary pressures. Against this backdrop the Investment Manager has focused on opportunities to crystallise value. There were two notable events in the period, with Veren completing its combination with Whitecap Resources, while Permian Resources advanced its growth strategy with two bolt-on acquisitions, including a $608 million deal with APA Corporation.

§ The investment climate for decarbonisation has deteriorated further, particularly in the U.S. where policy and subsidy uncertainty has impacted investor confidence. It has become apparent that renewable energy, even while the long-term drivers remain strong, has entered a significant downturn. In response, the Investment Manager is taking steps to preserve value and prepare assets for orderly realisation in line with the recent shareholder vote to place the Company into a managed wind-down process.  

Richard Horlick, Chair of the Board of Riverstone Energy Limited, commented:

"While market conditions remain volatile, the portfolio has continued to make operational progress. However, following a period of detailed review, the Board proposed a managed wind-down of Riverstone Energy Limited, which was approved by the Company's Shareholders at the EGM on 22 August 2025. This is not a decision we took lightly, but we believe it offers the clearest and most effective way to secure and return capital to our shareholders. The Board is confident this approach provides the right framework to manage the Company through its final phase."

David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of Riverstone, added:

"We support the Board's decision to propose a managed wind-down of the Company and our focus now is on maximising value from the portfolio during this final phase. While the environment has been complex, the portfolio has demonstrated resilience, particularly across our conventional energy holdings, and we are confident that this will enable us to manage an efficient wind-down of the Company's assets and deliver further realisations for Shareholders."

- Ends -

Riverstone Energy Limited's 2025 Interim Report is available to view at: www.RiverstoneREL.com.

2Q25 Quarterly Portfolio Valuation

Previously, on 14 August 2025, the Company announced its quarterly portfolio summary as of 30 June 2025, inclusive of updated quarterly unaudited fair market valuations:

Current Portfolio - Conventional

Current Portfolio - Decarbonisation

About Riverstone Energy Limited:

Riverstone Energy Limited 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 7 active investments spanning decarbonisation, oil and gas, renewable energy and power in the Continental U.S., Western Canada and Europe.

For further details, see 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:

[email protected]

Deutsche Numis - Corporate Broker:

Hugh Jonathan

Matt Goss

+44 (0) 20 7260 1000

Ocorian Administration (Guernsey) Limited -

Company Secretary:

Birgitte Horn

[email protected]

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 30 June 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.