Riverstone improves net asset value by almost 2pc

(ShareCast News) - Riverstone Energy announced its half year results for the six months to 30 June on Thursday, with net asset value reaching $1.37bn, or $16.24 per share, up 29 cents or 1.79% from the beginning of the period.The FTSE 250 firm reported a $25.2m profit during the period, making for a profit per share of 29.86 cents.Its market capitalisation reached £756m or $1.006bn, while the share price at period end was £8.951 or $11.91."REL continues to benefit from its disciplined build-up oriented strategy, with 16 investment platforms now actively pursuing proprietary opportunities," said chairman Richard Hayden."This is evidenced by today's results, which show ongoing NAV 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."Riverstone's co-founders, David M. Leuschen and Pierre F. Lapeyre Jr., said in a statement that the company is now 77% invested and has deployed the majority of its capital since the oil price collapse in 2014."This has resulted in a portfolio which is concentrated in premier, low-cost areas of hydrocarbon production, such as the Eagle Ford, Permian and Western Canada," Lauschen and Lapeyre commented."Furthermore, the portfolio continued to make strong operational progress in the past three months, with Meritage III bringing its midstream infrastructure online and drilling successes by several of our teams."As always, we continue to work closely with portfolio companies to manage risk, capitalise on new opportunities and position our investments for success in a variety of commodity price environments," the pair said. Riverstone Energy