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.