Riviera Resources, Inc. Announces Board Approval of $100 Million Share Buyback, Approval for Blue Mountain Midstream LLC to Design Second Cryogenic Plant, and Plans to Pick Up an Operated NW Stack Rig in the Fourth Quarter
- Board authorization of
$100 millionshare buyback program
- Approval for
Blue Mountain Midstream LLC(“Blue Mountain”), a wholly-owned subsidiary of Riviera, to commence the engineering and design of a second cryogenic processing plant to meet growing demand
- Plans to pick up an operated rig in the NW STACK in the fourth quarter
- Riviera will be hosting a conference call at
10a.m.(Central) tomorrow. Supplemental materials for the conference call can be found on the Investor Relations tab of Riviera’s website: www.RivieraResourcesInc.com
Share Repurchase Authorization
The Company’s board of directors (the “Board”) has authorized an initial share repurchase program of up to
Blue Mountain Plant Expansion
Due to rapidly increasing throughput and heightened rig activity supported by consistently strong well results, the Board has approved Blue Mountain’s plan to initiate the engineering and design of a second plant servicing the highly prolific Merge/SCOOP/STACK play in central Oklahoma. Targeting a completion date in the second half of 2019, the second cryogenic processing plant would increase total processing capacity up to 500 mmcf/d.
NW STACK Operated Drilling Rig
The Company also received Board approval to initiate an operated drilling program in the NW STACK play starting in the fourth quarter of 2018. The Company is encouraged by recent results from offset operators, including wells the Company participated in as a non-operator. With over 60,000 net acres in the Company’s core NW STACK focus area, Riviera believes extensive upside could be realized by delineating the play with an operated rig.
Riviera Investor Conference Call
As previously announced, the Company will host a conference call tomorrow,
Investors and analysts are invited to participate in the call by dialing (844) 625-4392, or (409) 497-0988 for international calls using Conference ID: 2336839. Interested parties may also listen over the internet at www.RivieraResourcesInc.com.
A replay of the call will be available on the Company’s website or by phone until
Statements made in this press release that are not historical facts are “forward-looking statements.” These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to financial and operational performance and results of the Company, continued low or further declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to hedge future production, ability to replace reserves and efficiently develop current reserves, the capacity and utilization of midstream facilities and the regulatory environment. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Please read “Risk Factors” in the Company’s Registration Statement on Form S-1 and other public filings. The Company undertakes no obligation to publicly update any forward- looking statements, whether as a result of new information or future events.
Source: Riviera Resources, Inc.