24th Feb 2021 10:40
(Alliance News) - Riverstone Energy Ltd on Wednesday said its performance deteriorated in 2020.
The Guernsey-domiciled energy investor said, as at December 31, its net asset value per share was USD6.20, representing a decrease of 36% year-on-year.
Riverstone Energy said ILX III, Hammerhead and Liberty II were the largest drivers of its NAV decline over 2020.
The company said it, through the partnership, invested a total of USD59 million as of the end of 2020, bringing net capital invested to USD1.0 billion, or 91% of net capital available.
Riverstone Energy said it bought back almost 17 million shares since May 2020, worth GBP49.2 million, out of GBP50 million proposed. The company said it intends to recommence the repurchases to fulfil the plan.
"We have continued to execute share buybacks to reduce the discount to NAV of the share price as well as increasing the portfolio's diversification into energy transition and decarbonisation investments, which we believe will drive value to shareholders over the long-term," said Chair Richard Hayden.
Looking ahead, the company said the macro environment has started to stabilise but is expected to have significant uncertainty due to the prolonged nature of the Covid-19 pandemic and delays in vaccine administration.
Riverstone Energy shares were trading 1.3% higher in London on Wednesday morning at 311.00 pence each.
By Evelina Grecenko; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Riverstone Energy