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Riverstone Energy Ltd on Friday said its NAV per share decreased by 6% in the first quarter along with a loss for the period, and said it was restarting its share buyback programme.
Riverstone Energy is a US, Canada, Europe and Australia-focused investment company based in Guernsey, with assets in the energy industry and around $193 million committed across decarbonisation sectors.
Riverstone Energy said its net asset value per share on March 31 was $13.60, down 6% from its NAV per share on December 31 of $14.52.
Riverstone Energy attributed the NAV per share decline to declines in the fair value of its Hammerhead, Enviva, GoodLeap and Anuvia investments.
Riverstone Energy reported a loss for the quarter of $57.6 million. It did not disclose figures for the same period in 2022 but had reported an operating profit of $90.3 million for the whole of 2022, down from $342.3 million in 2021.
Riverstone Energy said it will recommence its open market share buyback programme with Numis Securities Limited and J.P. Morgan Securities PLC today. Since it announced the relaunch on February 24 just under 5.9 million shares have been bought back for approximately £38.0 million at an average price of approximately £6.41, or $7.81 per share. £12.0 million of the total authorised amount remains.
Chair Richard Horlick said: ‘I am delighted to serve as the new Chair of Riverstone Energy Limited as of 1 March 2023. While the first quarter presented challenges, in particular with respect to the decarbonisation portfolio, I have no doubt that REL’s investments will benefit from the tailwinds anticipated by the entire decarbonisation sector given renewed regulatory support in the United States, United Kingdom, and European Union.
‘In the meantime, we are pleased with the robust results from our conventional energy portfolio companies that continue to deliver against their stated plans.’
Shares in Riverstone Energy were down 0.36% at 562.00 pence.
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