The board of directors of Riviera Resources has approved the dissolution, winding up, and liquidation of the company and adopted a plan of liquidation and dissolution, under which the Houston-based independent will cease to exist by the end of this year.
The dissolution will mark the end of a 2-year existence for Riviera, which was formed in April 2018 by LINN Energy, then spun off in August of the same year. The company stated that its strategic focus was on efficiently operating what it referred to as its mature, low-decline assets.
On 13 October, Riviera announced the following.
- Approval of a cash distribution to shareholders of $1.35 per share
- Closing of the following sales:
- Blue Mountain Midstream LLC to Citizen Energy for approx…
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- Blue Mountain Midstream LLC to Citizen Energy for approx…