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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) |
(281) 840-4000
(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
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: |
|
|