11th Aug 2016 07:49
LONDON (Alliance News) - Energy investment company Riverstone Energy Ltd reported an increase in profit and net asset value per share for the first six months of 2016, despite a period of "prolonged" oil market volatility.
Riverstone's operating profit for the six-month period to June 30 was USD25.5 million, over five times higher than its profit of USD4.1 million for the same period last year.
The company said its net asset value in sterling rose to 1,225.00 pence per share in the period, from 1,040.00p a year earlier. This fell in dollar terms to USD16.24 from USD16.36 due to the strengthening of the dollar against the pound during the first six months of the year.
Riverstone said it invested a total of USD203.00 million during the period, bringing its total capital invested to USD1.0 billion. The energy investment company said its portfolio was "highly resilient", as demonstrated by its first-half results, and should be "well-placed to profit" as the market recovers.
"Riverstone continues to benefit from its disciplined build-up oriented strategy, with 16 investment platforms now actively pursuing proprietary opportunities. This is evidenced by today's results, which show ongoing net asset value growth, and the company's recent announcement of a successful exit at Rock Oil for over twice our cost base in spite of ongoing oil price volatility," said Richard Hayden, Riverstone chairman.
Shares in Riverstone were up 2.6% at 1,059.00p Thursday.
By Lucy Heming; [email protected]
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