Riverstone Energy makes USD123m gain on US oil and gas investment
Riverstone Energy (REL) will make a $123m gain on the sale of a US oil and gas asset, more than doubling its initial investment.
Equity Investment Instruments
11,979.38
17:09 19/09/24
1.40%
165.70
FTSE 250
21,162.71
16:59 19/09/24
n/a
n/a
FTSE 350
4,600.84
17:09 19/09/24
n/a
n/a
FTSE All-Share
4,556.59
16:59 19/09/24
n/a
n/a
Riverstone Energy Limited
810.00p
16:34 19/09/24
1.89%
15.00p
REL's parent company Riverstone Holdings has agreed the sale of Denver- and Houston-based Rock Oil Holdings to fellow US-based producer and explorer SM Energy Company.
REL will receive $237m from the sale, which is more than double its initial $114m investment and 55% above its carrying value at the end of June of $152m.
The $123m gross profit will be subject to taxes and a performance fee upon closing of the sale, which is expected to occur in early October.