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Riviera Resources, LLC

Company Summary

Description

LINN has formed Riviera Resources, LLC, which following certain internal reorganizations, will hold the following upstream assets: Hugoton, Michigan/Illinois, Arkoma, East Texas, North Louisiana, Drunkards Wash as well the assets of Blue Mountain Midstream LLC (“Blue Mountain” or “Blue Mountain Midstream”), a rapidly expanding midstream business centered in the core of the Merge. Riviera will also retain more than 100,000 acres in the prospective NW Stack play. Riviera, upon completion of the spin off transaction described below, is expected to be an unlevered public company listed for trading on the OTC market under the ticker RVRA.

Operational Regions

  • Oklahoma STACK Play
  • Hugoton Gas Field
  • Arkoma Basin
  • Midwest
  • East Texas/Louisiana

Related Entities

Recent news

  • 8/30/2019 - Riviera Resources... (subscriber access)
  • 7/19/2019 - Blue Mountain Midstream... (subscriber access)
  • 7/10/2019 - Riviera Resources Closes... (subscriber access)
  • 7/10/2019 - Riviera Resources... (subscriber access)
  • 12/13/2018 - Riviera Resources Sells... (subscriber access)

Company Transactions

Date: 12/31/2019
Type: Acquisition

SELLERS:
  • Riviera Resources, LLC
    • DETAILS:

    COST: 295 $MM

    VOLUMES: 104 Mmcf/d

    NOTES:
    Riviera Resources announced an exit from their Hugoton Basin position with the sale to an undisclosed buyer for $295 million. The asset includes 104 Mmcf/d in production from 4,000 wells and several natural gas processing plants. Closing is expected in the fourth quarter of 2019.
    REGIONS:
  • Hugoton Gas Field

    • Date: 8/30/2019
    Type: Acquisition

    SELLERS:
  • Riviera Resources, LLC
    • DETAILS:

    COST: 110 $MM

    NOTES:
    Within the last six months, Riviera has made a complete exit from the basin with >$405 million in asset sales through three deals.
    REGIONS:
  • Hugoton Gas Field

    • Date: 7/3/2019
    Type: Acquisition

    SELLERS:
  • Riviera Resources, LLC
    • DETAILS:

    COST: 39 $MM

    NOTES:
    Riviera Resources closed its sale of properties located in Michigan for $39 million on July 3, 2019.

    Date: 8/1/2018
    Type: Acquisition

    SELLERS:
  • Riviera Resources, LLC
    • DETAILS:

    COST: 68 $MM

    VOLUMES: 24 Mmcfe/d

    ACRES: 37000 Acres

    NOTES:
    Riviera Resources sold its interest in properties located in the Arkoma Basin in Oklahoma to an undisclosed buyer for $68 million. The properties are comprised of 37,000 net acres, 3Q18 production of 24 MMcfe/d, proved developed reserves of 111 Bcfe, and proved developed PV-10 of $61 million. The sale is anticipated to close in 1Q19 and contains an effective date of August 1, 2018.
    REGIONS:
  • Arkoma Basin