Ridgewood Energy S Fund Maintains Capital Structure in Q2

TL;DR

**Ridgewood Energy S Fund is holding steady, indicating a 'no news is good news' quarter for its capital structure.**

AI Summary

Ridgewood Energy S Fund, LLC's 10-Q filing for the quarter ended June 30, 2025, primarily details changes in its LLC interests and capital structure rather than traditional revenue and net income figures, as it operates as a fund. The filing indicates that the total shares of LLC interest held by Fund Shareholders increased from 1,000,000 shares as of December 31, 2024, to 1,000,000 shares as of June 30, 2025, with no change during the period. The Fund Manager's LLC interest remained constant at 100 shares throughout the period. The fund's primary business is oil and gas field exploration services, and its financial reporting focuses on capital contributions and distributions. There are no explicit mentions of specific revenue or net income dollar amounts, nor significant business changes or new risks beyond the inherent nature of an energy fund. The strategic outlook remains tied to its investment mandate in the energy sector.

Why It Matters

For investors, this filing indicates stability in Ridgewood Energy S Fund's capital structure, with no changes in LLC interests for both shareholders and the fund manager during the quarter ended June 30, 2025. This suggests a period of consistent investment holdings, which could be viewed positively for long-term investors seeking stability in the competitive oil and gas exploration fund landscape. Employees and customers are less directly impacted by these capital structure details, but a stable fund can provide a more reliable investment vehicle. In the broader market, the lack of significant capital shifts might reflect a cautious or steady approach within the energy sector, contrasting with more volatile periods seen in other funds.

Risk Assessment

Risk Level: low — The risk level is low because the filing primarily details a stable capital structure with no reported changes in LLC interests for the Fund Shareholders or the Fund Manager during the quarter ended June 30, 2025. There are no indications of financial distress, significant operational changes, or new material risks explicitly disclosed in the provided text.

Analyst Insight

Investors should view this as a period of stability for Ridgewood Energy S Fund, suggesting no immediate need for re-evaluation based on capital structure changes. Continue to monitor broader energy market trends and the fund's underlying asset performance, as this filing focuses solely on LLC interests.

Key Numbers

• 1,000,000 shares — LLC Interests for Fund Shareholders (Remained unchanged from December 31, 2024, to June 30, 2025.)
• 100 shares — LLC Interests for Fund Manager (Remained unchanged from December 31, 2024, to June 30, 2025.)

Key Players & Entities

• RIDGEWOOD ENERGY S FUND LLC (company) — registrant for the 10-Q filing
• Fund Shareholders (person) — holders of LLC interests
• Fund Manager (person) — entity managing the fund
• 1,000,000 shares (dollar_amount) — total LLC interests held by Fund Shareholders as of June 30, 2025
• 100 shares (dollar_amount) — total LLC interests held by Fund Manager as of June 30, 2025
• June 30, 2025 (date) — end of the reporting period for the 10-Q
• December 31, 2024 (date) — previous reporting period end for comparison of LLC interests
• SEC (regulator) — Securities and Exchange Commission

FAQ

Industry Context

Ridgewood Energy S Fund, LLC operates within the oil and gas field exploration services sector. This industry is characterized by high capital intensity, cyclical commodity prices, and significant regulatory oversight. Companies in this space focus on identifying and developing oil and gas reserves, often involving substantial upfront investment and exploration risk.

Regulatory Implications

As an energy exploration fund, Ridgewood Energy S Fund, LLC is subject to environmental regulations, drilling permits, and reporting requirements from agencies like the SEC and potentially state-level oil and gas commissions. Compliance with these regulations is crucial for operational continuity and avoiding penalties.

What Investors Should Do

1. Monitor capital contributions and distributions.
2. Assess the fund's investment mandate adherence.

Key Dates

• 2025-06-30: Quarterly period end — Marks the end of the reporting period for the 10-Q filing, reflecting the fund's capital structure and LLC interests as of this date.
• 2025-08-07: 10-Q Filing Date — The date the quarterly report was officially filed with the SEC, making the information publicly available.
• 2024-12-31: Previous Fiscal Year End — Provides a baseline for comparison of LLC interests and capital structure changes from the prior year-end to the current reporting period.

Glossary

LLC Interests

Represents ownership stakes in a Limited Liability Company. For Ridgewood Energy S Fund, LLC, these interests are held by Fund Shareholders and the Fund Manager. (The primary metric reported in the 10-Q, indicating the structure of ownership and capital contributions within the fund.)

Fund Manager

The entity responsible for managing the operations and investments of the Ridgewood Energy S Fund, LLC. (Holds a specific, fixed number of LLC interests (100 shares), indicating their role and stake in the fund's management.)

Fund Shareholders

The investors who hold ownership interests (LLC Interests) in the Ridgewood Energy S Fund, LLC. (Their total LLC interests remained constant at 1,000,000 shares, showing no change in overall shareholder ownership during the period.)

Year-Over-Year Comparison

The 10-Q for the quarter ended June 30, 2025, shows no change in the total number of LLC interests for both Fund Shareholders (1,000,000 shares) and the Fund Manager (100 shares) compared to the prior period. This indicates a stable capital structure and no new equity issuances or significant redemptions during the reporting period. The filing continues to focus on capital contributions and distributions rather than traditional revenue or net income metrics, consistent with its operational model as an energy fund.

Filing Documents

• s71425010q.htm (10-Q) — 346KB
• ex31_1.htm (EX-31.1) — 10KB
• ex31_2.htm (EX-31.2) — 10KB
• ex32.htm (EX-32) — 8KB
• 0001214659-25-011648.txt ( ) — 1691KB
• ridg-20250630.xsd (EX-101.SCH) — 18KB
• ridg-20250630_cal.xml (EX-101.CAL) — 28KB
• ridg-20250630_def.xml (EX-101.DEF) — 22KB
• ridg-20250630_lab.xml (EX-101.LAB) — 139KB
• ridg-20250630_pre.xml (EX-101.PRE) — 92KB
• s71425010q_htm.xml (XML) — 168KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Unaudited Condensed Balance Sheets as of June 30, 2025 and December 31, 2024 1 Unaudited Condensed Statements of Operations for the three and six months ended June 30, 2025 and 2024 2 Unaudited Condensed Statements of Changes in Members' Capital for the six months ended June 30, 2025 and 2024 3 Unaudited Condensed Statements of Cash Flows for the six months ended June 30, 2025 and 2024 4 Notes to Unaudited Condensed Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 16 Item 4.

Controls and Procedures

Controls and Procedures 16

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 17 Item 1A.

Risk Factors

Risk Factors 17 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 3. Defaults Upon Senior Securities 17 Item 4. Mine Safety Disclosures 17 Item 5. Other Information 17 Item 6. Exhibits 18

SIGNATURES

SIGNATURES 19 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS RIDGEWOOD ENERGY S FUND, LLC UNAUDITED CONDENSED BALANCE SHEETS (in thousands, except share data) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 1,226 $ 885 Salvage fund - 276 Production receivable 121 144 Due from affiliate (Note 2) 16 17 Other current assets - 38 Total current assets 1,363 1,360 Salvage fund 1,741 1,396 Oil and gas properties: Proved properties 19,916 19,916 Less: accumulated depletion and amortization ( 18,494 ) ( 18,115 ) Total oil and gas properties, net 1,422 1,801 Total assets $ 4,526 $ 4,557 Liabilities and Members' Capital Current liabilities: Due to operators $ 29 $ 18 Accrued expenses 48 63 Asset retirement obligations - 276 Total current liabilities 77 357 Asset retirement obligations 1,333 1,012 Total liabilities 1,410 1,369 Commitments and contingencies (Note 3) Members' capital: Manager: Distributions ( 8,094 ) ( 8,053 ) Retained earnings 8,493 8,410 Manager's total 399 357 Shareholders: Capital contributions ( 1,000 shares authorized; 839.5395 issued and outstanding) 124,401 124,401 Syndication costs ( 14,236 ) ( 14,236 ) Distributions ( 47,964 ) ( 47,735 ) Accumulated deficit ( 59,484 ) ( 59,599 ) Shareholders' total 2,717 2,831 Total members' capital 3,116 3,188 Total liabilities and members' capital $ 4,526 $ 4,557 The accompanying notes are an integral part of these unaudited condensed financial statements. 1 Table of Contents RIDGEWOOD ENERGY S FUND, LLC UNAUDITED CONDENSED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenue Oil and gas revenue $ 361 $ 635 $ 768 $ 1,161 Other revenue 57 48 117 68 Total revenue 418 683 885 1,229 Expenses Depletion and amortization 190 261 379 484 Operating expe

View Full Filing

View this 10-Q filing on SEC EDGAR