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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 September 30, 2020

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.)

 

 

 

717 Texas Avenue, Suite 2000

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 October 31, 2020, there were 57,907,609 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

 

31

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

 

58

Item 3.

 

Defaults Upon Senior Securities

 

58

Item 4.

 

Mine Safety Disclosures

 

59

Item 5.

 

Other Information

 

59

Item 6.

 

Exhibits

 

60

 

 

 

 

 

 

 

Signatures

 

61

 

 

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)

 

 

September 30,

2020

 

 

December 31, 2019

 

 

 

(in thousands, except share amounts)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

94,548

 

 

$

116,237

 

Accounts receivable – trade, net

 

 

22,194

 

 

 

51,355

 

Derivative instruments

 

 

375

 

 

 

7,283

 

Restricted cash

 

 

24,887

 

 

 

32,932

 

Other current assets

 

 

11,925

 

 

 

12,853

 

Assets held for sale

 

 

 

 

 

104,773

 

Total current assets

 

 

153,929

 

 

 

325,433

 

Noncurrent assets:

 

 

 

 

 

 

 

 

Oil and natural gas properties (successful efforts method)

 

 

125,389

 

 

 

180,307

 

Less accumulated depletion and amortization

 

 

(111,480

)

 

 

(35,603

)

 

 

 

13,909

 

 

 

144,704

 

 

 

 

 

 

 

 

 

 

Other property and equipment

 

 

396,449

 

 

 

388,851

 

Less accumulated depreciation

 

 

(292,416

)

 

 

(50,381

)

 

 

 

104,033

 

 

 

338,470

 

 

 

 

 

 

 

 

 

 

Other noncurrent assets

 

 

4,690

 

 

 

7,652

 

 

 

 

4,690

 

 

 

7,652

 

Total noncurrent assets

 

 

122,632

 

 

 

490,826

 

Total assets

 

$

276,561

 

 

$

816,259

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

34,907

 

 

$

80,579

 

Derivative instruments

 

 

1,795

 

 

 

1,087

 

Other accrued liabilities

 

 

31,776

 

 

 

26,728

 

Liabilities held for sale

 

 

 

 

 

35,177

 

Total current liabilities

 

 

68,478

 

 

 

143,571

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Credit facilities

 

 

80,000

 

 

 

69,800

 

Asset retirement obligations and other noncurrent liabilities

 

 

16,209

 

 

 

29,337

 

Total noncurrent liabilities

 

 

96,209

 

 

 

99,137

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

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

   issued at September 30, 2020, or December 31, 2019)

 

 

 

 

 

 

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

   57,907,609 shares and 58,168,756 shares issued and outstanding at

   September 30, 2020, and December 31, 2019, respectively)

 

 

579

 

 

 

581

 

Additional paid-in capital

 

 

759,186

 

 

 

861,764

 

Accumulated deficit

 

 

(647,891

)

 

 

(288,794

)

Total equity

 

 

111,874

 

 

 

573,551

 

Total liabilities and equity

 

$

276,561

 

 

$

816,259

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(in thousands, except per share amounts)

 

Revenues and other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil, natural gas and natural gas liquids sales

 

$

7,340

 

 

$

51,029

 

 

$

33,072

 

 

$

194,131

 

Gains (losses) on commodity derivatives

 

 

(2,948

)

 

 

5,665

 

 

 

3,773

 

 

 

12,673

 

Marketing revenues

 

 

29,054

 

 

 

45,828

 

 

 

84,840

 

 

 

166,569

 

Other revenues

 

 

29

 

 

 

5,532

 

 

 

69

 

 

 

16,685

 

 

 

 

33,475

 

 

 

108,054

 

 

 

121,754

 

 

 

390,058

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

 

2,367

 

 

 

18,307

 

 

 

10,212

 

 

 

66,204

 

Transportation expenses

 

 

818

 

 

 

16,275

 

 

 

4,201

 

 

 

53,478

 

Marketing expenses

 

 

20,284

 

 

 

37,688

 

 

 

58,431

 

 

 

132,888

 

General and administrative expenses

 

 

16,871

 

 

 

16,954

 

 

 

37,994

 

 

 

49,434

 

Exploration costs

 

 

413

 

 

 

1,947

 

 

 

413

 

 

 

4,154

 

Depreciation, depletion and amortization

 

 

3,915

 

 

 

20,060

 

 

 

19,027

 

 

 

65,013

 

Impairment of assets held for sale and

   long-lived assets

 

 

219,606

 

 

 

95,080

 

 

 

341,264

 

 

 

113,470

 

Taxes, other than income taxes

 

 

846

 

 

 

5,111

 

 

 

3,436

 

 

 

14,010

 

(Gains) losses on sale of assets and other, net

 

 

3,515

 

 

 

(7,587

)

 

 

1,484

 

 

 

(24,967

)

 

 

 

268,635

 

 

 

203,835

 

 

 

476,462

 

 

 

473,684

 

Operating loss

 

 

(235,160

)

 

 

(95,781

)

 

 

(354,708

)

 

 

(83,626

)

Other income and (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of amounts capitalized

 

 

(700

)

 

 

(2,329

)

 

 

(2,368

)

 

 

(5,403

)

Other, net

 

 

(309

)

 

 

(595

)

 

 

(1,317

)

 

 

(708

)

 

 

 

(1,009

)

 

 

(2,924

)

 

 

(3,685

)

 

 

(6,111

)

Reorganization items, net

 

 

(210

)

 

 

(284

)

 

 

(704

)

 

 

(756

)

Loss before income taxes

 

 

(236,379

)

 

 

(98,989

)

 

 

(359,097

)

 

 

(90,493

)

Income tax expense

 

 

 

 

 

126,646

 

 

 

 

 

 

129,092

 

Net loss

 

$

(236,379

)

 

$

(225,635

)

 

$

(359,097

)

 

$

(219,585

)

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(4.07

)

 

$

(3.76

)

 

$

(6.18

)

 

$

(3.40

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding ‒ basic and

   diluted

 

 

58,044

 

 

 

60,004

 

 

 

58,080

 

 

 

64,576

 

Distributions declared per share

 

$

 

 

$

 

 

$

1.75

 

 

$

 

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 (Deficit)

 

 

Total Equity

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

58,169

 

 

$

581

 

 

$

861,764

 

 

$

(288,794

)

 

$

573,551

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

(101,506

)

 

 

(101,506

)

Repurchases of common stock

 

 

(323

)

 

 

(3

)

 

 

(2,063

)

 

 

 

 

 

(2,066

)

Issuance of common stock

 

 

62

 

 

 

1

 

 

 

823

 

 

 

 

 

 

824

 

Distributions to shareholders

 

 

 

 

 

 

 

 

 

(57,908

)

 

 

 

 

 

(57,908

)

March 31, 2020

 

 

57,908

 

 

 

579

 

 

 

802,616

 

 

 

(390,300

)

 

 

412,895

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

(21,212

)

 

 

(21,212

)

Distributions to shareholders

 

 

 

 

 

 

 

 

 

(43,430

)

 

 

 

 

 

(43,430

)

June 30, 2020

 

 

57,908

 

 

 

579

 

 

 

759,186

 

 

 

(411,512

)

 

 

348,253

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

(236,379

)

 

 

(236,379

)

September 30, 2020

 

 

57,908

 

 

$

579

 

 

$

759,186

 

 

$

(647,891

)

 

$

111,874

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

(225,635

)

 

 

(225,635

)

Repurchases of common stock

 

 

(4,989

)

 

 

(50

)

 

 

(65,303

)

 

 

 

 

 

(65,353

)

Other

 

 

 

 

 

 

 

 

 

258

 

 

 

 

 

 

258

 

September 30, 2019

 

 

58,632

 

 

$

586

 

 

$

1,115,483

 

 

$

(214,633

)

 

$

901,436

 

 

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)

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

 

(in thousands)

 

Cash flow from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(359,097

)

 

$

(219,585

)

Adjustments to reconcile net loss to net cash (used in) provided

   by operating activities: