17th Aug 2022 10:26
(Alliance News) - Riverstone Energy Ltd on Wednesday reported a rise in net asset value over its half-year, supported by high commodity prices and a stronger dollar.
Riverstone Energy is a Guernsey-based energy and power-focused private investment firm.
Net asset value increased 9.9% to USD13.64 as at June 30 from USD12.41 at the end of December, as the company strengthened its pipeline through four additional decarbonisation investments. However, part of the increase reflected the strengthening of the dollar against the pound.
The firm noted an "improved commodity price environment" and "favourable outlook for decarbonisation investments".
Riverstone's profit for the period more than halved to USD55.3 million from USD198.1 million a year before.
Riverstone said that, based on its significant improvement in performance and the outlook for further energy transition investment opportunities, it has decided it will not seek shareholder approval before the end of the year to carry out a managed wind-down.
"The board is fully supportive of the company's modified investment programme to continue shifting the portfolio from conventional energy to decarbonisation assets and expects that the company will seek shareholder approval to amend its investment policy to facilitate this transition further in the coming months," it said.
Chair Richard Hayden said: "While the economic outlook for the rest of the year is difficult to predict with any certainty, the energy price environment looks supportive. Energy security is moving up the list of priorities facing the world's major advanced economies, while the need to continue the process of decarbonising our economies has not disappeared. Consequently, I remain convinced that our decision to shift our business towards meeting the challenges and opportunities of the energy transition is the right one. I am confident that we are well positioned to continue to deliver value for shareholders through the execution of this strategy over the coming years"
Shares in Riverstone Energy were down 0.5% at 665.00 pence in London on Wednesday.
By Dominique Pretorius; [email protected]
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