TIDMRSE
RNS Number : 2557E
Riverstone Energy Limited
27 October 2022
- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -
Riverstone Energy Limited Announces 3Q22 Quarterly Portfolio
Valuations & NAV
London, UK (27 October 2022) - Riverstone Energy Limited ("REL"
or the "Company") is issuing this Interim Management Statement
("IMS") for the period from 1 July 2022 to 30 September 2022 (the
"Period").
Summary Performance
30 September 2022
o NAV $759 million [1] (GBP681million)
[2]
o NAV per share $14.58 / GBP13.08(2)
o Profit/(loss) for Period ended $45.33 million
o Basic profit/(loss) per share for 84.53 cents
Period ended
o Total liquidity (cash and public $245 million (GBP219 million)(2)
portfolio)
o Market capitalisation $364 million (GBP326 million)(2)
o Share price $6.98 / GBP6.26(2)
Highlights
-- As of 30 September 2022, REL had a NAV per share of $14.58
(GBP13.08), an increase in USD and GBP of 7 & 16 per cent.,
respectively, compared to 30 June 2022. The quarter end closing
share price was $6.98 (GBP6.26), a decrease of 14 & 6 per
cent., respectively, compared to 30 June 2022.
-- Onyx, Permian Resources (formerly Centennial), Hammerhead and
Enviva were the largest drivers of REL's NAV improvement over the
Period.
-- During the Period, REL invested $9.7 million in one new
decarbonisation investment bringing the total invested in this area
to over $199 million, which in aggregate were valued at $247
million, or 1.2x Gross MOIC, at 30 September 2022.
-- Total invested capital during the Period of $9.7 million into
Tritium DCFC through a loan financing.
-- Total net realisations and distributions during the Period of $10.0 million from Onyx.
-- REL finished the Period with a cash balance of $59.2 million
and remaining potential unfunded commitments of $13 million [3]
.
-- Since the initial announcement of the Share Buyback Programme
on 1 May 2020, the Company has bought back a total of 27,814,485
ordinary shares at an average price of approximately GBP3.77 per
ordinary share , which has contributed to the share price increase
of 185 per cent. from GBP2.20 to GBP6.26 over the period to 30
September 2022.
Share Buyback Programme
Since the Company's announcement on 14 February 2022 of the
authorised increase of GBP46 million for the share buyback
programme , 2,855,353 ordinary shares have been bought back at a
total cost of approximately GBP19 million ($23 million) at an
average share price of approximately GBP6.56 ($8.19). As of 30
September 2022, GBP31 million was available for repurchasing and
remains unchanged as of the release of this report; however, the
Board has since taken a decision to limit the share buyback amount
to GBP13 million ($15 million) of the available GBP31 million ($35
million) for the period to 31 December 2022, which will recommence
with the release of this report.
The Investment Manager will continue to be required to apply
each Performance Allocation (net of taxes) to acquire ordinary
shares of the Company. In accordance with the Performance
Allocation terms announced on 3 January 2020, effective from 30
June 2019, no further Performance Allocation will be payable until
there is an increase of $88 million (largest deficit of $605.5
million at 30 June 2020) of realised and unrealised value to date
at 30 September 2022. As such, the earned carried interest of $0.8
million at 30 September 2022 has been deferred and will expire in
October 2023 if the aforementioned losses are not made whole.
Further, since REL has not yet met the appropriate Cost Benchmark
at 30 September 2022, $39.0 million in unearned Performance
Allocation fees that would have been due under the prior agreement
were not accrued. Based on the aforementioned Performance
Allocation, net of estimated applicable taxes, the potential
increase arising from the Investment Manager's share purchases
would be $19.5 million as of 30 September 2022.
Richard Hayden, Chairman of Riverstone Energy Limited,
commented:
"Geopolitical tensions in western Europe continue to strain the
continent's energy supply chain, keeping the cost of electricity at
historically high levels as the UK and the EU brace themselves for
winter. Fluid government regulations relating to the closure of
coal-fired power generation and, proposals for windfall profit
taxes for energy producers and price caps on electricity are
exacerbating precarious power markets. The tragedy playing itself
out in Ukraine will continue to drive policy as Europe and former
Soviet bloc countries seek to insulate themselves from Russian gas.
Adding to this current predicament, the recently announced supply
cuts from OPEC+ will ensure that volatility and uncertainty remain
elevated for months to come. Given this turmoil, REL's conventional
energy portfolio is well positioned for an environment of higher
commodity and power prices, while policies relating to energy
security and climate change are creating multi-year tailwinds for
its decarbonization portfolio investments."
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of
Riverstone, added:
"The REL portfolio continues to benefit from energy commodity
price volatility and increasing interest in emerging
decarbonisation technologies. Widespread recognition of the role of
hydrocarbons in the energy transition and incremental progress
toward that goal coalesce around themes promulgated by REL's
modified investment programme. DCRD's recently announced merger
with Hammerhead Resources, both REL portfolio companies, highlight
the tensions at work within the energy transition with a concrete
example of the greening of fossil fuels. We will continue to seek
exit opportunities for the conventional energy portfolio without
sacrificing value for our investors, judiciously capture value
through the board-mandated share repurchase programme and reinvest
legacy energy proceeds into REL's decarbonisation investment
themes."
Current Portfolio - Conventional
Gross
Gross Gross Realised 30 Jun
Gross Invested Realised Unrealised Capital & 2022 30 Sep
Investment Committed Capital Capital Value Unrealised Gross 2022
(Public/Private) Capital ($mm) ($mm) ($mm) [4] ($mm) [5] Value ($mm) MOIC(5) Gross MOIC(5)
------------------- ------------- --------- ----------- ------------- ------------- ------------- -------------
Permian
Resources(6)
(Public) 268 268 194 85 279 1.00x 1.04x
Onyx (Private) 66 60 10 169 179 2.50x 3.00x
Hammerhead
Resources
(Private) 307 295 23 152 175 0.53x 0.59x
Carrier
II (Private) 133 110 29 48 77 0.70x 0.70x
Total Current
Portfolio
- Conventional
- Public
[6] (, [7]) $268 $268 $ 194 $85 $279 1.00x 1.04x
------------------- ------------- --------- ----------- ------------- ------------- ------------- -------------
Total Current
Portfolio
- Conventional
- Private(6) $507 $465 $ 62 $370 $432 0.82x 0.93x
------------------- ------------- --------- ----------- ------------- ------------- ------------- -------------
Current Portfolio - Decarbonisation
Gross Gross Gross Realised 30 Jun
Gross Committed Invested Realised Unrealised Capital & 2022 30 Sep
Investment Capital Capital Capital Value Unrealised Gross 2022 Gross
(Public/Private) ($mm) ($mm) ($mm)(4) ($mm)(5) Value ($mm) MOIC(5) MOIC(5)
GoodLeap (formerly
Loanpal) (Private) 25 25 2 61 63 2.75x 2.50x
Enviva(7) (Public) 22 18 - 39 39 2.03x 2.16x
Solid Power(7)
(Public) 48 48 - 38 38 0.82x 0.80x
Anuvia Plant
Nutrients
(Private) 20 20 - 21 21 1.00x 1.05x
FreeWire (Private) 10 10 - 20 20 2.00x 2.00x
Tritium(7) 25 25 - 19 19 1.07x 0.75x
(Public)
Infinitum Electric
(Private) 18 18 - 18 18 1.00x 1.00x
T-REX Group
(Private) 18 18 - 18 18 1.00x 1.00x
Group14 (Private) 4 4 - 4 4 1.00x 1.00x
DCRD(7, [8])
(Public) 1 1 - 3 3 1.00x 5.13x
Ionic I & II
(Samsung Ventures)
(Private) 3 3 - 3 3 1.00x 1.00x
Hyzon Motors(7)
(Public) 10 10 - 2 2 0.29x 0.17x
--------------------- --------------- --------- ---------- --------------- --------------- -------- -----------
Total Current
Portfolio -
Decarbonisation
- Public(6,
7) $105 $102 - $101 $101 1.04x 1.00x
--------------------- --------------- --------- ---------- --------------- --------------- -------- -----------
Total Current
Portfolio -
Decarbonisation
- Private(6) $97 $97 $2 $143 $145 1.56x 1.50x
--------------------- --------------- --------- ---------- --------------- --------------- -------- -----------
Cash and Cash
Equivalents $59
--------------------- --------------- --------- ---------- --------------- --------------- -------- -----------
Total Liquidity (Cash and Cash Equivalents
& Public Portfolio) $245
------------------------------------------------------------- --------------- --------------- -------- -----------
Total Market
Capitalisation $364
--------------------- --------------- --------- ---------- --------------- --------------- -------- -----------
Realisations
Gross
Gross Gross Gross Realised
Investment Committed Invested Realised Unrealised Capital & 30 Jun 30 Sep
(Initial Investment Capital Capital Capital Value Unrealised 2022 Gross 2022
Date) ($mm) ($mm) ($mm)(4) ($mm)(5) Value ($mm) MOIC(5) Gross MOIC(5)
Rock Oil
[9] (12 Mar
2014) 114 114 233 4 237 2.07x 2.07x
Three Rivers
III (7 Apr
2015) 94 94 204 - 204 2.17x 2.17x
ILX III (8
Oct 2015) 179 179 172 - 172 0.96x 0.96x
Meritage
III [10] (17
Apr 2015) 40 40 87 - 87 2.20x 2.20x
RCO [11]
(2 Feb 2015) 80 80 80 - 80 0.99x 0.99x
Pipestone
Energy (formerly
CNOR) (29
Aug 2014) 90 90 58 - 58 0.64x 0.64x
Sierra (24
Sept 2014) 18 18 38 - 38 2.06x 2.06x
Aleph (9
Jul 2019) 23 23 23 - 23 1.00x 1.00x
Ridgebury
(19 Feb 2019
) 18 18 22 - 22 1.22x 1.22x
Castex 2014 52 52 14 - 14 0.27x 0.27x
(3 Sep 2014)
---------------------- ------------ --------- ------------- ----------- ------------ ------------ -------------
Total
Realisations(6) $709 $709 $932 $4 $936 1.32x 1.32x
---------------------- ------------ --------- ------------- ----------- ------------ ------------ -------------
Withdrawn
Commitments
and Impairments
[12] 350 350 9 - 9 0.02x 0.02x
---------------------- ------------ --------- ------------- ----------- ------------ ------------ -------------
Total Investments(6) $2,036 $1,990 $1,198 $704 $1,902 0.93x 0.96x
---------------------- ------------ --------- ------------- ----------- ------------ ------------ -------------
Total Investments & Cash and Cash Equivalents(6) $763
-------------------------------------------------------------- ----------- ------------ ------------ -------------
Unaudited Net Asset Value $759
-------------------------------------------------------------- ----------- ------------ ------------ -------------
Total Shares Repurchased to-date 27,814,485 at average price per share of
GBP3.77 ($4.89)
-------------------------------------------------------------- ----------- -----------------------------------------
Current Shares Outstanding 52,082,246
-------------------------------------------------------------- ----------- ------------ ------------ -------------
Regulatory Tailwinds and the Energy Market
In mid-August the United States Congress enacted the Inflation
Reduction Act, a landmark law that will drive over $400 billion in
investment to energy security and climate change. It is the largest
regulatory action the US has taken on climate change, and the
energy industry has responded in kind. Domestic coal stockpiles
have plunged to record lows as natural gas stockpiles, largely
recognized as the most appropriate transition fuel for
decarbonization, expanded at the highest rate since 2015. The bill
will foster emissions reductions in the oil and gas sector through
initiatives addressing methane, ensuring energy security while the
US works to integrate incremental renewable energy onto the
grid.
Europe continues to reorganize its energy supply chain in the
face of continued fuel supply instability. Britain faces going into
winter with the smallest margin of back-up reserves in seven years.
Maintaining supply may necessitate power cuts to consumers on calm
winter days. Reduced natural gas flows from Europe and reduced
output from France's nuclear generation facilities will further
impact the continent that has already committed $225 billion to
alleviate the impact of power prices charged to British retail
customers. Henry Hub prices reflect this market tightness as
natural gas prices are up 25 per cent. quarter-over-quarter and 78
per cent. since the beginning of the year.
The global economy is also reeling from OPEC's intention to
curtail production by two million barrels per day in response to a
slump in quarter-over-quarter oil prices. While WTI prices are up
4.5 per cent. on the year, they are down 38 per cent. since
mid-June, and 25 per cent. quarter-over-quarter. In response, the
United States is considering amending existing legislation that
would allow the Justice Department to sue OPEC for trying to
control oil production to affect crude prices. The effects of such
legislation might include behavioral change on the part of OPEC but
could also cause OPEC to abandon is market balancing role, leading
to massive supply selloff and elimination of global space capacity.
[a] Irrespective, this incentivizes the global community to
insulate itself from energy supply chain instability and price
volatility by developing alternative power generation
infrastructure.
Quarterly Performance Commentary
Investments comprising REL's legacy portfolio maintained or
improved their valuations in the third quarter of the year. This is
reflective of the assets' reliability from a power generation and
energy security perspective in the midst of continued geopolitical
strife and fuel shortages across the European continent. It is also
reflective of a general consensus that hydrocarbons will continue
to support renewable integration with base power supply in Europe
as the continent reorganises its energy supply chain, and in North
America, as the region develops the onshore supply chain it needs
to support a domestic energy transition. Onyx's valuation
demonstrates the former phenomenon-the Company continues to provide
crucial base load power generation to western Europe, which is the
driving force behind its 20 per cent. increase in value, from 2.50x
to 3.00x Gross MOIC. On September 27, DCRD, part of REL's
decarbonisation portfolio and part of Riverstone's decarbonisation
SPAC franchise, announced plans to merge with Hammerhead Resources
at the end of September. The spike in value of REL's DCRD
investment, from 1.00x to 5.36x Gross MOIC, underscores public
understanding of the role for grey-to-green E&P companies in a
just and equitable energy transition.
Legacy production and generation assets still predominate REL's
gross unrealised investment value (65 per cent. at 30 September
2022). Continued debt paydown and prudent hedging programs by our
upstream oil and gas companies have created a resilient and
substantially de-risked portfolio of high-quality assets that have
benefited from global commodity price volatility. Despite stock
market instability-the S&P 500 is down 24 per cent.
year-to-date-REL's public holdings held their value on the
aggregate.
Further information on REL's five largest positions, which
account for 73 per cent. of the portfolio's gross unrealised value
is set forth below:
Onyx
The Gross MOIC for Onyx increased in the third quarter to 3.00x.
Power prices in Europe remain high and volatile due to the Russian
invasion of Ukraine and associated concerns over gas supply.
Management continues to monitor the prospect of government and
regulatory intervention in response to high energy prices. In
addition to prioritising plant availability, the management team
continues to work on several organic growth initiatives, including
the implementation of operational performance improvements and the
development of potential capital projects related to the energy
transition.
Hammerhead
The Gross MOIC for Hammerhead increased from 0.53x to 0.59x
during the third quarter. Given the strong macro environment,
Hammerhead plans to continue ramping development in the fourth
quarter of 2022. Hammerhead has hedged approximately 47 per cent.
of forecasted 2022 crude oil production at a weighted average price
of $72.25 per barrel, 17 per cent. of forecasted 2023 crude oil
production at a weighted average price of $71.84 per barrel, 61 per
cent. of forecasted 2022 natural gas production at a weighted
average price of $3.57 per MMBtu, and 53 per cent. of forecasted
2023 natural gas production at a weighted average price of $3.44
per MMBtu. As of 3Q 2022, Hammerhead was producing approximately
31,764 Boepd.
On 26 September 2022, Hammerhead and Decarbonization Plus
Acquisition Corporation IV announced that they have entered into a
definitive agreement for a business combination that values
Hammerhead at C$1.39 billion. Upon closing of the transaction, the
combined company is expected to be listed on the Nasdaq Capital
Market ("Nasdaq") and trade under the ticker symbol "HHRS". Closing
of the transaction is expected to occur in Q1 2023.
Permian Resources (formerly Centennial Resource Development)
The Gross MOIC for Permian increased from 1.00x to 1.04x in the
third quarter. In Q3, Centennial closed its merger with Colgate and
began its first day of trading as Permian Resources (NYSE: PR) on
12 September 2022. The combined company is the largest pure-play
E&P company in the Delaware Basin with approximately 180,000
net leasehold acres, 40,000 net royalty acres and 157,500 Boe/d of
FY 2023E production. Permian is targeting $65mm in annual cost
synergies across D&C capital, LOE and G&A.
From an operational standpoint, Permian continues to see strong
results on the back of a highly constructive commodity environment
and strong capital efficiency. Permian Resources expects to
generate $1.1 - $1.3bn of free cash flow FY 2023. The company
anticipates 0.9x Net Debt / LQA EBITDA at Q3 2022.
GoodLeap (formerly Loanpal)
The Gross MOIC for GoodLeap decreased from 2.75x to 2.50x during
the third quarter. During the quarter, the company announced its
ABS offering of GoodLeap Sustainable Home Solutions Trust, which
included $493mm of residential solar and sustainable home
efficiency loans. This is the 14(th) securitization of loans
originated by GoodLeap. Management continues to execute on its
growth plans.
Carrier II
The Gross MOIC for Carrier II remained flat at 0.70x during the
third quarter. The company continues to operate prudently and
remains focused on using free cash flow for high commodity prices
to fund development and reduce outstanding indebtedness on the
company's term loan. Carrier II has hedged approximately 47 per
cent. of forecasted oil production during the remainder of 2022 at
a weighted average price of $57.33 per barrel WTI. As of 30
September 2022, the company was producing approximately 3,609
Boepd.
Other Investments
Tritium (DCFC) Loan Financing
In September 2022, REL funded an additional $9.7 million
commitment to Tritium's $150 million debt financing. The injection
will be used to accelerate production, further product development
and support operations around the world. Tritium will employ 500
people over the next five years, produce over 10,000 DC fast
chargers units annually, and will ultimately reach peak production
capacity of 30,000 units annually.
LEI: 213800HAZOW1AWRSZR47
About Riverstone Energy Limited:
REL is a closed-ended investment company which invests in the
energy industry that has since 2020 been exclusively focussed on
pursuing and has committed $181 million to a global strategy across
decarbonisation sectors presented by Riverstone's investment
platform. REL's ordinary shares are listed on the London Stock
Exchange, trading under the symbol RSE. REL has 20 active
investments spanning decarbonisation, oil and gas, renewable energy
and power in the Continental U.S., Western Canada, Gulf of Mexico
and Europe.
For further details, see www.RiverstoneREL.com
Neither the contents of Riverstone Energy Limited's website nor
the contents of any website accessible from hyperlinks on the
websites (or any other website) is incorporated into, or forms part
of, this announcement.
Media Contacts
For Riverstone Energy Limited:
Josh Prentice
+44 20 3206 6300
Note:
The Investment Manager is charged with proposing the valuation
of the assets held by REL through the Partnership. The Partnership
has directed that securities and instruments be valued at their
fair value. REL's valuation policy follows IFRS and IPEV Valuation
Guidelines. The Investment Manager values each underlying
investment in accordance with the Riverstone valuation policy, the
IFRS accounting standards and IPEV Valuation Guidelines. The
Investment Manager has applied Riverstone's valuation policy
consistently quarter to quarter since inception. The value of REL's
portion of that investment is derived by multiplying its ownership
percentage by the value of the underlying investment. If there is
any divergence between the Riverstone valuation policy and REL's
valuation policy, the Partnership's proportion of the total holding
will follow REL's valuation policy. There were no valuation
adjustments recorded by REL as a result of differences in IFRS and
U.S. Generally Accepted Accounting Policies for the period ended 30
September 2022 or in any period to date. Valuations of REL's
investments through the Partnership are determined by the
Investment Manager and disclosed quarterly to investors, subject to
Board approval.
Riverstone values its investments using common industry
valuation techniques, including comparable public market valuation,
comparable merger and acquisition transaction valuation, and
discounted cash flow valuation.
For development-type investments, Riverstone also considers the
recognition of appreciation or depreciation of subsequent financing
rounds, if any. For those early stage privately held companies
where there are other indicators of a decline in the value of the
investment, Riverstone will value the investment accordingly even
in the absence of a subsequent financing round.
Riverstone reviews the valuations on a quarterly basis with the
assistance of the Riverstone Performance Review Team ("PRT") as
part of the valuation process. The PRT was formed to serve as a
single structure overseeing the existing Riverstone portfolio with
the goal of improving operational and financial performance.
The Board reviews and considers the valuations of the Company's
investments held through the Partnership.
[a] Why 'NOPEC' Keeps Arising as a US Answer to OPEC: QuickTake
(bnef.com)
[1] Since REL has not yet met the appropriate Cost Benchmark at
30 September 2022, $39.8 million in Performance Allocation was not
accrued in accordance with the performance allocation terms
announced on 3 January 2020, effective from 30 June 2019, which
would have been accrued under the prior terms, and thereby would
have reduced the NAV on a pro forma basis to $720 million or $13.82
per share
[2] GBP:USD FX rate of 1.115 as of 30 September 2022
[3] Excludes the remaining unfunded commitments for Carrier II
and Hammerhead $36 million, in aggregate, which are not expected to
be funded. The expected funding of the remaining unfunded
commitments at 30 September 2022 are $nil for the remainder of
2022, nil in 2023 and the residual amounts to be funded in 2024 and
later years, if needed.
[4] Gross realised capital is total gross proceeds realised on
invested capital. Of the $1,198 million of capital realised to
date, $898 million is the return of the cost basis, and the
remainder is profit.
[5] Gross Unrealised Value and Gross MOIC (Gross Multiple of
Invested Capital) are before transaction costs, taxes
(approximately 21 to 27.5 per cent. of U.S. sourced taxable income)
and 20 per cent. carried interest on applicable gross profits in
accordance with the revised terms announced on 3 January 2020, but
effective 30 June 2019. Since there was no netting of losses
against gains before the aforementioned revised terms, the
effective carried interest rate on the portfolio as a whole will be
greater than 20 per cent. No further carried interest will be
payable until the $88 million of realised and unrealised losses to
date at 30 September 2022 (largest deficit of $605.5 million at 30
June 2020) are made whole with future gains, so the earned carried
interest of $0.8 million at 30 September 2022 has been deferred and
will expire in October 2023 if the aforementioned losses are not
made whole. Since REL has not yet met the appropriate Cost
Benchmark at 30 September 2022, $39.8 million in Performance
Allocation fees that would have been due under the prior agreement
were not accrued. In addition, there is a management fee of 1.5 per
cent. of net assets (including cash) per annum and other expenses.
Given these costs, fees and expenses are in aggregate expected to
be considerable, Total Net Value and Net MOIC will be materially
less than Gross Unrealised Value and Gross MOIC. Local taxes,
primarily on U.S. assets, may apply at the jurisdictional level on
profits arising in operating entity investments. Further
withholding taxes may apply on distributions from such operating
entity investments. In the normal course of business, REL may form
wholly-owned subsidiaries, to be treated as C Corporations for US
tax purposes. The C Corporations serve to protect REL's public
investors from incurring U.S. effectively connected income. The C
Corporations file U.S. corporate tax returns with the U.S. Internal
Revenue Service and pay U.S. corporate taxes on its taxable
income.
[6] Amounts may vary due to rounding.
[7] Represents closing price per share in USD for publicly
traded shares of Permian Resources Corp. (formerly Centennial
Resource Development, Inc. (NASDAQ:PR - 30-09-2022: $6.80 price per
share / NASDAQ:CDEV 30-06-2022: $5.98 price per share); Enviva,
Inc. (NYSE:EVA - 30-09-2022: $60.06 price per share / 30-06-2022:
$57.22 price per share); Solid Power, Inc. (NASDAQ:SLDP -
30-09-2022: $5.26 price per share / 30-06-2022: $5.38 price per
share); Hyzon Motors, Inc. (NASDAQ:HYZN - 30-09-2022: $1.70 price
per share / 30-06-2022: $2.94 price per share); and Tritium DCFC
Limited (formerly Decarbonization Plus Acquisition Corporation II)
(NASDAQ:DCFC - 30-09-2022 $3.19 price per share / 30-06-2022: $6.09
price per share).
[8] SPAC Sponsor investment for Decarbonization Plus Acquisition
Corporation IV (NASDAQ:DCRD)
(9) The unrealised value of the Rock Oil investment consists of
rights to mineral acres.
1 (0) Midstream investment.
(11) Credit investment.
(12) Withdrawn commitments consist of Origo ($9 million) and
CanEra III ($1 million), and impairments consist of Liberty II
($142 million), Fieldwood ($80 million), Eagle II ($62 million) and
Castex 2005 ($48 million).
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