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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number: 333-225927

 

Riviera Resources, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware

(State or other jurisdiction of incorporation or organization)

 

82-5121920

(I.R.S. Employer Identification No.)

 

 

 

600 Travis Street, Suite 1700

Houston, Texas

(Address of principal executive offices)

 

77002

(Zip Code)

(281840-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading symbols(s)

 

Name of exchange on which registered

None

 

None

 

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes      No  

As of July 31, 2019, there were 60,629,343 shares of common stock, par value $0.01 per share, outstanding.

 

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

Glossary of Terms

 

1

 

 

 

 

 

 

 

Part I – Financial Information

 

 

Item 1.

 

Financial Statements

 

 

 

 

Condensed Consolidated Balance Sheets

 

2

 

 

Condensed Consolidated Statements of Operations

 

3

 

 

Condensed Consolidated Statements of Equity

 

4

 

 

Condensed Consolidated Statements of Cash Flows

 

5

 

 

Notes to Condensed Consolidated Financial Statements

 

6

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

32

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

53

Item 4.

 

Controls and Procedures

 

54

 

 

 

 

 

 

 

Part II – Other Information

 

 

Item 1.

 

Legal Proceedings

 

56

Item 1A.

 

Risk Factors

 

56

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

56

Item 3.

 

Defaults Upon Senior Securities

 

57

Item 4.

 

Mine Safety Disclosures

 

57

Item 5.

 

Other Information

 

57

Item 6.

 

Exhibits

 

58

 

 

 

 

 

 

 

Signatures

 

59

 

i


Table of Contents

GLOSSARY OF TERMS

As commonly used in the oil and natural gas industry and as used in this Quarterly Report on Form 10-Q, the following terms have the following meanings:

Bbl.  One stock tank barrel or 42 United States gallons liquid volume.

Btu.  One British thermal unit, which is the heat required to raise the temperature of a one-pound mass of water from 58.5 degrees to 59.5 degrees Fahrenheit.

MBbls.  One thousand barrels of oil or other liquid hydrocarbons.

MBbls/d. MBbls per day.

Mcf.  One thousand cubic feet.

Mcfe.  One thousand cubic feet equivalent, determined using the ratio of six Mcf of natural gas to one Bbl of oil, condensate or natural gas liquids.

MMBbls.  One million barrels of oil or other liquid hydrocarbons.

MMBtu.  One million British thermal units.

MMcf.  One million cubic feet.

MMcf/d. MMcf per day.

MMcfe.  One million cubic feet equivalent, determined using the ratio of six Mcf of natural gas to one Bbl of oil, condensate or natural gas liquids.

MMcfe/d. MMcfe per day.

MMMBtu.  One billion British thermal units.

NGL.  Natural gas liquids, which are the hydrocarbon liquids contained within natural gas.

 

1


Table of Contents

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

RIVIERA RESOURCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

June 30, 2019

 

 

December 31, 2018

 

 

 

(in thousands, except share amounts)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

80,229

 

 

$

18,529

 

Accounts receivable – trade, net

 

 

82,218

 

 

 

114,489

 

Derivative instruments

 

 

18,447

 

 

 

10,758

 

Restricted cash

 

 

26,457

 

 

 

31,248

 

Other current assets

 

 

14,638

 

 

 

26,721

 

Assets held for sale

 

 

49,090

 

 

 

38,396

 

Total current assets

 

 

271,079

 

 

 

240,141

 

Noncurrent assets:

 

 

 

 

 

 

 

 

Oil and natural gas properties (successful efforts method)

 

 

692,815

 

 

 

756,552

 

Less accumulated depletion and amortization

 

 

(101,033

)

 

 

(93,507

)

 

 

 

591,782

 

 

 

663,045

 

 

 

 

 

 

 

 

 

 

Other property and equipment

 

 

646,425

 

 

 

606,244

 

Less accumulated depreciation

 

 

(79,275

)

 

 

(62,368

)

 

 

 

567,150

 

 

 

543,876

 

 

 

 

 

 

 

 

 

 

Derivative instruments

 

 

2,048

 

 

 

4,603

 

Deferred income taxes

 

 

126,646

 

 

 

129,091

 

Other noncurrent assets

 

 

7,389

 

 

 

12,078

 

 

 

 

136,083

 

 

 

145,772

 

Total noncurrent assets

 

 

1,295,015

 

 

 

1,352,693

 

Total assets

 

$

1,566,094

 

 

$

1,592,834

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

122,188

 

 

$

159,228

 

Derivative instruments

 

 

5,471

 

 

 

4,719

 

Current portion of Mayzure notes payable

 

 

10,693

 

 

 

 

Other accrued liabilities

 

 

24,656

 

 

 

34,474

 

Liabilities held for sale

 

 

10,303

 

 

 

3,725

 

Total current liabilities

 

 

173,311

 

 

 

202,146

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Derivative instruments

 

 

166

 

 

 

 

Mayzure notes payable, net

 

 

65,841

 

 

 

 

Credit facilities

 

 

33,500

 

 

 

24,500

 

Asset retirement obligations

 

 

91,480

 

 

 

103,814

 

Other noncurrent liabilities

 

 

9,630

 

 

 

 

Total noncurrent liabilities

 

 

200,617

 

 

 

128,314

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Preferred Stock ($0.01 par value, 30,000,000 shares authorized; no shares

   issued at June 30, 2019, or December 31, 2018)

 

 

 

 

 

 

Common Stock ($0.01 par value, 270,000,000 shares authorized; 63,621,542

   shares and 69,197,284 shares issued at June 30, 2019, and

   December 31, 2018, respectively)

 

 

636

 

 

 

692

 

Additional paid-in capital

 

 

1,180,528

 

 

 

1,256,730

 

Retained earnings

 

 

11,002

 

 

 

4,952

 

Total equity

 

 

1,192,166

 

 

 

1,262,374

 

Total liabilities and equity

 

$

1,566,094

 

 

$

1,592,834

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

2


Table of Contents

RIVIERA RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(in thousands, except per share amounts)

 

Revenues and other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil, natural gas and natural gas liquids sales

 

$

66,757

 

 

$

87,004

 

 

$

143,102

 

 

$

223,880

 

Gains (losses) on commodity derivatives

 

 

20,249

 

 

 

(7,525

)

 

 

7,008

 

 

 

(22,555

)

Marketing revenues

 

 

53,394

 

 

 

42,967

 

 

 

120,741

 

 

 

89,234

 

Other revenues

 

 

5,150

 

 

 

6,387

 

 

 

11,153

 

 

 

12,281

 

 

 

 

145,550

 

 

 

128,833

 

 

 

282,004

 

 

 

302,840

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

 

23,845

 

 

 

24,088

 

 

 

47,897

 

 

 

71,972

 

Transportation expenses

 

 

18,053

 

 

 

21,213

 

 

 

37,203

 

 

 

40,307

 

Marketing expenses

 

 

41,811

 

 

 

40,327

 

 

 

95,200

 

 

 

82,082

 

General and administrative expenses

 

 

13,489

 

 

 

92,395

 

 

 

32,480

 

 

 

137,174

 

Exploration costs

 

 

969

 

 

 

53

 

 

 

2,207

 

 

 

1,255

 

Depreciation, depletion and amortization

 

 

23,181

 

 

 

21,980

 

 

 

44,953

 

 

 

50,445

 

Impairment of assets held for sale

 

 

18,390

 

 

 

 

 

 

18,390

 

 

 

 

Taxes, other than income taxes

 

 

2,599

 

 

 

7,115

 

 

 

8,899

 

 

 

15,567

 

Losses (gains) on sale of assets and other, net

 

 

9,885

 

 

 

(101,934

)

 

 

(17,380

)

 

 

(208,230

)

 

 

 

152,222

 

 

 

105,237

 

 

 

269,849

 

 

 

190,572

 

Other income and (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of amounts capitalized

 

 

(2,103

)

 

 

(584

)

 

 

(3,074

)

 

 

(988

)

Other, net

 

 

476

 

 

 

538

 

 

 

(113

)

 

 

368

 

 

 

 

(1,627

)

 

 

(46

)

 

 

(3,187

)

 

 

(620

)

Reorganization items, net

 

 

(424

)

 

 

(1,259

)

 

 

(472

)

 

 

(3,210

)

(Loss) income from continuing operations before income

   taxes

 

 

(8,723

)

 

 

22,291

 

 

 

8,496

 

 

 

108,438

 

Income tax (benefit) expense

 

 

(2,047

)

 

 

13,336

 

 

 

2,446

 

 

 

64,875

 

(Loss) income from continuing operations

 

 

(6,676

)

 

 

8,955

 

 

 

6,050

 

 

 

43,563

 

Income (loss) from discontinued operations, net of income

   taxes

 

 

 

 

 

(1,758

)

 

 

 

 

 

34,573

 

Net (loss) income

 

$

(6,676

)

 

$

7,197

 

 

$

6,050

 

 

$

78,136

 

Income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations per share ‒

   Basic

 

$

(0.10

)

 

$

0.11

 

 

$

0.09

 

 

$

0.58

 

(Loss) income from continuing operations per share ‒

   Diluted

 

$

(0.10

)

 

$

0.11

 

 

$

0.09

 

 

$

0.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations per share ‒

   Basic

 

$

 

 

$

(0.02

)

 

$

 

 

$

0.45

 

Income (loss) from discontinued operations per share ‒

   Diluted

 

$

 

 

$

(0.02

)

 

$

 

 

$

0.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share ‒ Basic

 

$

(0.10

)

 

$

0.09

 

 

$

0.09

 

 

$

1.03

 

Net (loss) income per share ‒ Diluted

 

$

(0.10

)

 

$

0.09

 

 

$

0.09

 

 

$

1.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding ‒ Basic

 

 

65,005

 

 

 

76,191

 

 

 

66,900

 

 

 

76,191

 

Weighted average shares outstanding ‒ Diluted

 

 

65,089

 

 

 

76,191

 

 

 

67,079

 

 

 

76,191

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3


Table of Contents

RIVIERA RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

 

 

 

Common Stock

 

 

Additional Paid in Capital

 

 

Accumulated Earnings

 

 

Total Equity

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

69,197

 

 

$

692

 

 

$

1,256,730

 

 

$

4,952

 

 

$

1,262,374

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

12,726

 

 

 

12,726

 

Repurchases of common stock

 

 

(2,488

)

 

 

(25

)

 

 

(34,412

)

 

 

 

 

 

(34,437

)

Issuance of common stock

 

 

82

 

 

 

1

 

 

 

1,485

 

 

 

 

 

 

1,486

 

March 31, 2019

 

 

66,791

 

 

 

668

 

 

 

1,223,803

 

 

 

17,678

 

 

 

1,242,149

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

(6,676

)

 

 

(6,676

)

Repurchases of common stock

 

 

(3,170

)

 

 

(32

)

 

 

(43,275

)

 

 

 

 

 

(43,307

)

June 30, 2019

 

 

63,621

 

 

$

636

 

 

$

1,180,528

 

 

$

11,002

 

 

$

1,192,166

 

 

 

 

Total Equity

 

 

 

(in thousands)

 

 

 

 

 

 

December 31, 2017

 

$

2,339,046

 

Net income

 

 

70,939

 

Net transfers to Parent

 

 

(408,093

)

March 31, 2018

 

 

2,001,892

 

Net income

 

 

7,197

 

Net transfers to Parent

 

 

(73,918

)

June 30, 2018

 

$

1,935,171

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

4


Table of Contents

RIVIERA RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

 

(in thousands)

 

Cash flow from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

6,050

 

 

$

78,136

 

Adjustments to reconcile net income to net cash provided by

   operating activities:

 

 

 

 

 

 

 

 

Income from discontinued operations

 

 

 

 

 

(34,573

)

Depreciation, depletion and amortization

 

 

44,953

 

 

 

50,445

 

Impairment of assets held for sale

 

 

18,390

 

 

 

 

Deferred income taxes

 

 

2,446

 

 

 

65,010

 

Total (gains) losses on derivatives, net

 

 

(2,047

)

 

 

22,555

 

Cash settlements on derivatives

 

 

(2,169

)