Oil and gas investor Riverstone Energy Ltd (LON:RSE) cautioned that global market volatility is likely to remain elevated, and, it believes low-cost oil-weighted producers will continue to outperform.
Specifically, Riverstone said that North American energy investments retain an advantage in the global marketplace due to low breakeven costs, short-cycle times and high asset liquidity.
"Today's results demonstrate REL's resilience as oil price volatility resumed in the first half of 2017,” said Richard Hayden, Riverstone chairman.
“Despite a 14 per cent decline in the price of West Texas Intermediate, the net asset value declined by 1.8 per cent, reflecting continued operational successes and the portfolio's emphasis on low-cost basins."
In reference to its own investments, the company said its 14 active investments as a whole are well placed to offer investors resilience and growth in a variety of commodity price environments.
Riverstone reported a US$30.6mln loss for the six months to June 30, which equated to a loss per share of 36.17 US cents.
The investment group had a net asset value of US$1.66bn, which is US$19.74 or £15.16 per share, and it ended the period with a market capitalisation of US$1.3bn or £1.06bn.