Blackbuck Resources LLC on July 7 closed on a sustainability-linked term loan with Riverstone Credit Partners LLC, a dedicated energy and power credit fund managed by Riverstone Holdings LLC. The financing provides an initial commitment of $50 million plus an accordion feature, which gives Blackbuck additional liquidity for growth. The facility’s pricing will be adjusted based upon Blackbuck’s adherence to certain sustainability performance targets, which are defined by key performance indicators set internally by Blackbuck.
“This unique structure further supports Blackbuck’s commitment to being an industry leader in sustainability and demonstrates our ongoing efforts to find innovative solutions to reduce our cost of capital and bring differentiated value to our customers,” said Justin Love, Blackbuck CEO and President. “The additional capital will allow us to expand the capabilities of our produced water platform and grow with our customers as partners in production.”
Blackbuck CFO Jamie Liang said the company has had a longstanding relationship with the Riverstone team and is excited to partner with one of the leading asset managers in the energy sector. "More importantly, this partnership promotes Blackbuck’s environmental stewardship and commitment to the broader goal of decarbonization within the oil and gas industry,” Liang said.
Chris Abbate, a partner and managing director at Riverstone, said, “We are pleased to partner with Blackbuck on this next stage of environmentally sustainable growth. This capital commitment underscores Blackbuck’s track record of operational excellence and aligns with Blackbuck’s commitment to sustainability.”
Foley & Lardner LLP served as legal adviser to Blackbuck and Baker Botts L.L.P. served as legal adviser to Riverstone.
Recommended Reading
The New Minerals Frontier Expands Beyond Oil, Gas
2025-04-09 - How to navigate the minerals sector in the era of competition, alternative investments and the AI-powered boom.
Murphy Shares Drop on 4Q Miss, but ’25 Plans Show Promise
2025-02-02 - Murphy Oil’s fourth-quarter 2024 output missed analysts’ expectations, but analysts see upside with a robust Eagle Ford Shale drilling program and the international E&P’s discovery offshore Vietnam.
More Players, More Dry Powder—So Where are the Deals?
2025-03-24 - Bankers are back and ready to invest in the oil and gas space, but assets for sale remain few and far between, lenders say.
Utica Liftoff: Infinity Natural Resources’ Shares Jump 10% in IPO
2025-01-31 - Infinity Natural Resources CEO Zack Arnold told Hart Energy the newly IPO’ed company will stick with Ohio oil, Marcellus Shale gas.
Utica Oil’s Infinity IPO Values its Play at $48,000 per Boe/d
2025-01-30 - Private-equity-backed Infinity Natural Resources’ IPO pricing on Jan. 30 gives a first look into market valuation for Ohio’s new tight-oil Utica play. Public trading is to begin the morning of Jan. 31.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.