Riverstone Energy (RSE) H2 2024 earnings summary

Executive summary

• Net asset value (NAV) at 31 December 2024 was $376 million, or $14.83 per share, down 7% year-over-year in USD terms.

• Market capitalization stood at $250 million, with a share price of $9.87.

• Total liquidity, including cash and public portfolio, was $281 million; cash balance was $78.5 million.

• Share buybacks since 2020 totaled 36.3 million shares, contributing to a share price increase of over 3.5x.

• 2024 saw a $199 million tender offer, repurchasing 36% of outstanding shares at £10.50 per share.

Financial highlights

• Loss for the year ended 31 December 2024 was $79.7 million, or 264.41 cents per share.

• Net realisations and distributions during the year totaled $13.0 million, mainly from Permian Resources, Rock Oil, and Veren.

• Gross realised capital to date is $1,570 million, with a gross MOIC of 0.92x on total investments.

• No carried interest will be paid until $156.7 million of cumulative losses are recovered.

Outlook and guidance

• Portfolio positioned to benefit from cash flow generation, low leverage, and supportive commodity prices.

• Energy transition and decarbonisation investments face headwinds from high interest rates and regulatory uncertainty.

• Ongoing sector consolidation expected to continue, supporting conventional energy assets.