Riverstone Energy (RSE) H1 2024 earnings summary

Executive summary

• NAV per share increased 6.0% to $16.91 as at 30 June 2024, driven by gains in conventional energy holdings and a reduction in share count following a major tender offer.

• Total comprehensive loss for the six months was $15.89 million, a significant improvement from a $105.3 million loss in the same period last year.

• Decarbonisation portfolio value declined by $41.6 million (35.8%), while conventional assets rose by $30.8 million (3.8%).

• $200 million was returned to shareholders via a tender offer, reducing outstanding shares by 36%.

Financial highlights

• NAV at 30 June 2024: $459 million, down from $674 million at 31 December 2023.

• Share price at period end: $10.17, representing a 39.9% discount to NAV.

• Cash and cash equivalents: $94 million, down from $291 million at year-end 2023.

• Basic and diluted loss per share: (46.22) cents, improved from (213.18) cents year-over-year.

• Realisations in the period totaled $5.3 million, all from legacy conventional strategy.

Outlook and guidance

• Portfolio positioned to benefit from both conventional and decarbonisation trends, with a focus on value realisation and disciplined capital returns.

• Conventional energy assets expected to remain supported by low inventories and geopolitical risks; decarbonisation faces headwinds but long-term opportunity remains.

• Board remains committed to reducing the share price discount to NAV and returning excess capital.