SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 18, 2019
Riviera Resources, Inc.
(Exact name of registrant specified in its charter)
(State or Other Jurisdiction
600 Travis Street, Suite 1700
|(Address of principal executive offices)||(Zip Code)|
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report.)
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
|Item 8.01|| |
On July 18, 2019, Riviera Resources, Inc. (the Company) issued a press release announcing that the Companys board of directors has authorized an increase to the previously announced $100 million share repurchase program to a total of up to $150 million.
The Company intends to resume share purchases under its share repurchase authorization of $150 million, of which approximately $96 million had been repurchased prior to commencement of the tender offer, on or after July 31, 2019. A copy of the press release announcing the increase to the program is being furnished hereto as Exhibit 99.1 and is incorporated herein by reference.
This Form 8-K and the exhibit hereto shall be deemed furnished and not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any registration statement of the issuer.
|Item 9.01|| |
Financial Statements and Exhibits.
|Exhibit 99.1||Press release dated July 18, 2019.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Dated: July 19, 2019||RIVIERA RESOURCES, INC.|
|Name: David B. Rottino|
|Title: President and Chief Executive Officer|
RIVIERA RESOURCES ANNOUNCES INCREASED SHARE REPURCHASE AUTHORIZATION
HOUSTON, July 18, 2019 (GLOBE NEWSWIRE) Riviera Resources, Inc. (OTCQX: RVRA) (Riviera or the Company) announced today the Companys board of directors (the Board) has authorized an increase to the previously announced $100 million share repurchase program to a total of up to $150 million.
Given our strong cash position and our expectation of continuing cash flows from our mature assets and/or potential opportunistic monetizations, we remain committed to returning capital to shareholders. We continue to believe the sum-of-the-parts value of our assets is not fully appreciated by the market, and for that reason, believe this increased authorization is an optimal use of cash, consistent with our strategy of maximizing value for our shareholders, remarked David Rottino, President and Chief Executive Officer.
Riviera intends to resume share purchases under its share repurchase authorization of $150 million, of which approximately $96 million had been repurchased prior to commencement of the tender offer, on or after July 31, 2019.
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 managements 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 our ability to consummate the tender offer, financial and operational performance and results of the Company, low or 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 Companys Annual Report on Form 10-K, Quarterly Report on Form 10-Q 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, except as required by applicable law.
ABOUT RIVIERA RESOURCES
Riviera Resources, Inc. is an independent oil and natural gas company with a strategic focus on efficiently operating its mature low-decline assets, developing its growth-oriented assets, and returning capital to its stockholders. Rivieras properties are located in the Hugoton Basin, East Texas, North Louisiana, the Uinta Basin and Mid-Continent regions. Riviera also owns Blue Mountain Midstream LLC, a midstream company centered in the core of the Merge play in the Anadarko Basin.
Riviera Resources, Inc.