As of 31 December 2015, Riverstone Energy had a NAV per share of $15.95. This implies a year-on-year decrease of 36 cents per share. However, the strengthening of the U.S. dollar resulted in the Sterling NAV per share increasing by 36 pence when compared with the previous year, from 1047p to 1083p.
Part of the decrease is attributable to the $100m dilutive share issue it carried out to fund increased exposure to CIOC. The CIOC investment has been their most successful to date making them 1.4x their money.
They invested a total of $469 million bringing total investments as of 31 December 2015 to $845 million, or 62 per cent of capital available and 64 per cent of capital raised. During the course of 2015, Riverstone Energy committed $857 million to eight companies, including six new portfolio companies, bringing total commitments as of 31 December 2015 to $1,581 million, or 116 per cent of total capital available and 120 per cent of capital raised. These investments comprise:
- an additional $172 million to and invested an additional $178 million in CIOC, a private exploration & production company focused on unconventional oil and gas resources in Western Canada.
- an additional $67 million to and invested an additional $78 million in Rock Oil, to support its acquisition of an additional acreage in Howard County, Texas in the Permian Basin. Rock Oil has acquired approximately 23,000 net acres in that county as of the end of December 2015.
- $125 million commitment to and $76 million investment in RCO, which was formed in January 2015 to take advantage of the dislocation in the leveraged capital markets for energy companies.
- $33 million commitment to and $31 million investment in Carrier II, which is focused on the acquisition and exploitation of upstream oil and gas assets by partnering with select operators that are developing both unconventional and conventional reservoirs in North America.
- $200 million commitment to and $29 million investment in ILX III, an oil and gas exploration and production partnership managed by Ridgewood Energy Corporation with a focus on the deepwater Gulf of Mexico.
- $167 million commitment to and $11 million investment in Three Rivers III, an Austin, Texas-based company formed to pursue oil and gas acquisition and exploitation opportunities in the Permian Basin of West Texas and Southeast New Mexico.
- $33 million commitment to and $17 million investment in Meritage III, which was established in April 2015 to pursue greenfield development opportunities and opportunistic acquisitions for the gathering, treating and handling of natural gas, NGLs and crude oil in Western Canada’s developing resource plays, including CIOC’s drilling program in western Canada.
- $60 million commitment to and $1 million investment in CanEra III, a private Calgary-based oil and gas company formed to pursue oil and gas exploration and production opportunities in the Western Canadian Sedimentary Basin.
- an additional $27 million investment in Liberty II to support its acquisition of oil and gas assets in North Dakota’s Williston Basin and Wyoming’s Powder River Basin.
RSE : Small drop in NAV for Riverstone Energy