The Spring 2024 Haynes and Boone borrowing base and price deck surveys revealed lenders are increasingly bullish on oil prices contrasted by a severe near-term slump in natural gas markets, and market players expect asset divestments driven by a...
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Northern Oil and Gas completed of its semi-annual borrowing base redetermination under its reserves-based revolving credit facility. In connection with the redetermination, NOG entered into an amendment to the Facility that leaves the borrowing base...
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Stampede Drilling entered into a new $50 million credit agreement with HSBC Bank Canada and The Toronto-Dominion Bank. Under the Credit Agreement, which has an initial term of three years, Stampede will have an available limit of $20 million under a...
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September 22, 2023, 08:00 AM
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First Business Specialty Finance, a subsidiary of First Business Bank, recently closed and funded $12 million revolving line of credit, equipment term loan, and equipment CapEx line for an oilfield service company in Texas.The Asset-Based Lending...
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September 21, 2023, 07:00 AM
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ProPetro Holding expanded and extended its existing asset-based loan facility to a new five-year term and an expansion of commitments from $150 million to $225 million. The Amended ABL will extend the maturity from 2027 to 2028 and, through updated...
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Ocean Bank’s Factoring Division financed a $10 million factoring facility to fund the expansion plans of a leading provider of offshore deep-water oil rig repairs. The client is well established in the market and has provided services to some of the...
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Sallyport Cpommercial Finance announced the late March funding of a new business in the Oil and Gas Services industry. $500,000 accounts receivable finance will give them the working capital required to support their rapid projected growth.Referred...
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When the COVID-19 pandemic slowed sales and disrupted supply chains for a Midwest supplier of pipes, valves and oil transmission products and services, the company and its private equity partner needed a flexible solution. Republic Business Credit...
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An existing Sallyport client in the Oil and Gas Services space has just been equipped with $2,000,000 accounts receivable finance to fund their most recent acquisition in the sector.Initially referred to Sallyport by a contact in the investment...
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U.S. Silica Holdings, a diversified industrial minerals company and the leading last-mile logistics provider to the oil and gas industry, announced that it has entered into a fourth amended and restated Credit Agreement of $1.1 billion. The Credit...
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Sallyport announced $1,500,000 in accounts receivable financing for a U.S. oil and gas services business.The client had been a long-term prospect and was in need of a lender to support them in high growth mode. The funds will enable them to continue...
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November 14, 2022, 06:00 AM
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On October 14, 2022, East West Bank, Sole Lead Arranger and Sole Book Runner, together with the lender group closed on three senior secured revolving line of credit facilities for Sheridan III. The new facilities will be used to refinance existing...
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October 27, 2022, 07:21 AM
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Great Rock Capital provided $25.0 million of liquidity through a senior secured credit facility to support Natural Gas Compression Systems (“NGCS”), a Michigan-based full-service gas compression equipment and service business throughout the United...
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ProPetro Holding Corp. extended its existing asset-based loan facility to a five-year term and a reduction of commitments from $300 million to $150 million. The Amended ABL will extend the maturity from 2023 to 2027 and, through updated advance...
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LSQ originated a $5 million credit facility for a Colorado oil field service company.The company will use the additional capital to fund growth and complete the acquisition of a company offering a complementary service. As part of the partnership...
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Seadrill Limited announced that it anticipates emerging from the Chapter 11 process in February 2022, likely prior to the end of the present week. As previously announced, Seadrill's Chapter 11 plan of reorganization (the “Plan”) was confirmed by the...
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February 22, 2022, 07:05 AM
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Accord Financial closed a $15 million facility for an oil and gas services company. Our newest client provides transportation, environmental and related services to the Oil and Gas sector. With operations in Alberta and BC, this company, a leader in...
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December 02, 2021, 07:34 AM
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Pipestone Energy Corp. successfully increased its Reserve Based Loan (“RBL” or “Credit Facility”) to $280 million, from $225 million previously. The Credit Facility upsize is driven by Pipestone’s efficient execution of its organic development...
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November 01, 2021, 07:14 AM
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Anvil Channel Energy Solutions closed a USD$65,000,000 senior secured loan facility to Certus Oil & Gas, Inc., supporting the acquisition of producing assets in central Alberta. This transaction marks the first cross-border transaction undertaken by...
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Amerisource Business Capital closed and funded a $12,000,000 senior credit facility for a Texas-based provider of well integrity solutions to the oil & gas industry. The working capital was used to support the company’s global expansion plans. Doug...
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B. Riley Advisory Services, a subsidiary of B. Riley Financial Inc, has been retained as restructuring advisor for Limetree Bay Refining, LLC.Limetree Bay Refining, LLC and several of its affiliates (collectively, “Limetree Bay” or the “Company”) has...
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MidCap Business Credit closed a $6,500,000 asset-based revolving line of credit for Horizon Mud Company headquartered in Midland, TX. Horizon Mud sells chemicals and provides engineering and project management services into the oil and gas industry....
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Contango Oil & Gas Company amended and expanded its Senior Credit Facility led by JPMorgan Chase Bank under which the borrowing base has been increased from $120 million to $250 million.On May 3, 2021, the Company entered into the Fifth Amendment to...
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National Fuel Gas Company announced that it has entered into a purchase and sale agreement with SWEPI LP, a subsidiary of Royal Dutch Shell plc, to acquire Shell’s upstream and midstream gathering assets in Pennsylvania for total consideration of...
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Haynes and Boone, LLP released two data reports that underscore the current sentiment in the oil and gas industry amid the global economic slowdown and price war between Saudi Arabia and Russia.The firm’s latest Borrowing Base Redeterminations Survey...
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In early 2020, North American OFS companies held about $32 billion of debt due to mature in 2020-24, just as the sector faces a further decline in activity and cash flow, Moody's Investors Service says in a new report. At the same time, weak earnings...
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Encina Business Credit, LLC (EBC) announced that it has provided a $15 million senior secured credit facility to a leading oilfield services pressure pumping company. The credit facility consists of a revolving line of credit based on accounts...
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Encina Business Credit, LLC (EBC) announced it has provided a $10 million senior secured credit facility to a leading provider of oilfield equipment and services. The facility consists of a revolving line of credit based on accounts receivable. Loan...
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December 30, 2019, 08:55 AM
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Encina Business Credit, LLC (EBC) announced that it has provided a $65 million senior secured credit facility to an oilfield services company. This facility consists of a revolving line of credit based on accounts receivable. The loan proceeds will...
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September 18, 2019, 08:55 AM
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US Capital Global has provided financial advisory services to a US middle-market firm in the oilfield services sector for debt financing of $5.3 million. Headquartered in San Francisco, US Capital Global provides sophisticated debt, equity, and...
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SG Credit Partners (SGCP) provided a $5 million credit facility to an oilfield service provider that specializes in pipeline construction and the fabrication of modularized production facility equipment to midstream operators as well as exploration...
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Siena Lending Group LLC (Siena), announced the completion of a three-year $10.0 million asset based revolving credit facility for Integrity Delaware, LLC dba Integrity Industries (Integrity) to provide additional working capital for the business as...
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Newpark Resources, Inc. announced that it has entered into a first amendment to its existing credit agreement, which amends and extends its outstanding credit agreement, increases its asset-based revolving loan from $150 million to $200 million, and...
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Rimrock Energy Partners, LLC announced a senior secured credit facility of $200 million led by BOK Financial. The proceeds from this facility will be used to support the buildout of REP’s natural gas gathering and processing system which serves...
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Chiron Financial, LLC served as the financial advisor and placement agent to Integrated Equipment, Inc., in the restructuring of existing debt and the private placement of a credit facility with Veritas Financial Partners and placement of equity...
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February 26, 2019, 07:25 AM
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Ultra Petroleum Corp. ("Ultra Petroleum," “Ultra” or the “Company”) announced its 2018 year-end reserves and production, semi-annual borrowing base redetermination and favorable amendment to its leverage covenants and schedules its 2018 fourth...
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February 19, 2019, 09:03 AM
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Amerisource Business Capital announced the closing and funding of a $4,000,000 credit facility for an oil field services company based in Oklahoma. Proceeds of the facility are being used for working capital and growth financing.Andy Allaire...
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January 03, 2019, 08:01 AM
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Venture Global LNG, Inc. announced that it has entered into a $220 million bridge loan facility with Morgan Stanley Senior Funding, Inc. and associated lenders. Subject to the satisfaction of customary conditions precedent, the loan proceeds will be...
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December 07, 2018, 07:22 AM
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PNC Bank announced the closing of an $84 million senior secured facility for Innovex Downhole Solutions, Inc. (Innovex), where it also served as administrative agent.
Headquartered in Houston, Texas, Innovex is a leading provider of innovative...
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November 16, 2018, 07:26 AM
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Wintrust Commercial Finance (WCF) announced the recent funding of approximately $24.2 million in debt financing for an Oklahoma-based oilfield services company. WCF will hold $7.5 million of the transaction and has successfully syndicated the...
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November 08, 2018, 07:24 AM
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Haynes and Boone, LLP released its Fall 2018 Energy Roundup, a comprehensive report on the industry that reflects an improved outlook for oil and gas producers.
The Energy Roundup includes the firm’s latest “Borrowing Base Redeterminations Survey,”...
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September 28, 2018, 07:11 AM
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Chiron Financial LLC served as investment banker to Pitchfork Cattle Company LLC (known as "Pitchfork Ranch") in the sale of substantially all of its assets to a large oil and gas company with operations in the region. The ranch operations included...
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September 21, 2018, 07:25 AM
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HighPoint Resources Corporation announced that it has entered into a new amended and restated credit agreement for its revolving credit facility. The agreement extends the maturity date of the Facility by over three years to 2023 and increases the...
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September 17, 2018, 08:08 AM
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Tiger Capital Group announced that it has provided Commander Oilfield Services, LLC (Commander) with a $5 million capital infusion that allows the company to add premium assets and expand its service lines to meet strong customer demand in the...
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August 22, 2018, 07:12 AM
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PNC Bank, National Association, announced the closing of a $575 million credit facility for Warren, PA-based United Refining Company (United). Founded in 1902, United is an independent refiner and marketer of petroleum products, beneficially owned by...
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Comstock Resources, Inc. announced that it has obtained commitments from a syndicate of thirteen banks for a new five year reserve-based revolving credit facility with an initial borrowing base of $700.0 million. The New Credit Facility is subject...
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Kimbell Royalty Partners, LP, an owner of oil and gas mineral and royalty interests across 20 states, announced that it has agreed to acquire the mineral and royalty interests held by Houston-based Haymaker Minerals & Royalties, LLC and Haymaker...
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Rowan Lux, as borrower, and Rowan, an offshore drilling company, entered into the New Credit Agreement with Wells Fargo, as administrative agent, an issuing lender and a swingline lender, the lenders party thereto and the other parties thereto. The...
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Siena Lending Group LLC announced the completion of a three-year $10 million revolving credit facility for Shale Support Holdings, LLC to provide additional working capital to support the growth of their business. Headquartered in Picayune, MS, Shale...
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PNC Bank, N.A., announced the closing of $33 million of senior secured credit facilities for Motley Services, LLC (Motley), a portfolio company of Irving, Texas-based District 5 Investments, L.P. Headquartered in Odessa, TX, Motley will use the funds...
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Range Resources Corporation announced that it has renewed and extended its revolving credit facility. The new five-year agreement with a syndicate of twenty-seven financial institutions with JPMorgan Chase Bank, N.A., as administrative agent. The...
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Whiting Petroleum Corporation and its subsidiary Whiting Oil and Gas Corporation entered into a Seventh Amended and Restated Credit Agreement with the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the other agents...
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Haynes and Boone, LLP’s spring 2018 survey of oil and gas borrowers and lenders demonstrates a modestly improved outlook for the upstream oil and gas industry.In its “Borrowing Base Redeterminations Survey: Spring 2018,” the firm polled a...
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Diversified Gas & Oil PLC, a U.S.-based acquirer and operator of oil and gas producing assets, has entered into a $500 million, five-year, senior secured revolving credit facility with a syndicate of seven U.S. banks, led by KeyBank N.A. KeyBanc...
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Petrobras signed a revolving credit facility (RCF) in the amount of US$ 4.35 billion with a syndicate of 17 banks, with maturity in March 2023. Through the instrument, the company may make withdrawals from the line until the month prior to...
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Energean Oil & Gas announced that Energean Israel has signed a secured Senior Credit Facility of up to $1.275 billion with Morgan Stanley, Natixis, Bank Hapoalim and Societe Generale as Mandated Lead Arrangers.The Facility Agreement will be the...
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ProPetro Holding Corp. announced the successful deployment of its 17th and 18th fleets (45,000 hydraulic horsepower each, or a total of 90,000HHP). The fleets were put into service for existing dedicated customers in January and February and brings...
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FTS International, Inc. entered into a Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, and the several lenders party thereto, pursuant to which the Lenders agreed to provide the Company an asset-based lending...
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February 26, 2018, 07:35 AM
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Global oil and gas deal volume hit a five-year low in 2017, and total global transaction value fell to $343 billion from $390 billion in 2016. This is according to the EY Global oil and gas transaction review 2017, which also found that while 2017...
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February 23, 2018, 07:08 AM
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Diversified Gas & Oil PLC, a U.S.-based acquirer and operator of oil and gas producing assets, announced the commitment of a new $500 million, five-year senior secured revolving credit facility led by KeyBank. The Facility will be subject to an...
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February 21, 2018, 07:21 AM
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EXCO Resources, Inc., an oil and natural gas exploration firm, announced that in order to facilitate a restructuring of its balance sheet, the company and certain of its subsidiaries have filed voluntary petitions for a court-supervised...
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January 16, 2018, 07:28 AM
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Encina Business Credit, LLC (EBC) announced that it has provided a $40 million asset-based revolving credit facility to an oilfield services company. The credit facility consists of a revolver secured by accounts receivable, the proceeds of which...
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December 14, 2017, 07:16 AM
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The rate of exploration and production (E&P) bankruptcy filings in the energy sector has continued to drop over the course of 2017, with total filings down by more than two-thirds compared to the same period in 2016, according to the law firm of...
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November 17, 2017, 07:08 AM
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Northern Oil and Gas, Inc. announced it has closed an agreement with TPG Sixth Street Partners for a new $400 million first lien credit facility. At the closing, an initial amount of $300 million was funded – an additional $100 million of delayed...
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November 03, 2017, 07:37 AM
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Goodnight Midstream, LLC, an oilfield water midstream company, announced that the participants in its senior secured revolving credit facility, for which ABN AMRO Capital USA, LLC is the administrative agent, book runner and sole lead arranger, have...
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November 02, 2017, 07:08 AM
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Goodrich Petroleum Corporation announced that it has entered into a $250 million Senior Secured Revolving Credit Agreement with JPMorgan Chase Bank, N.A. as Joint Lead Arranger, Sole Bookrunner and Administrative Agent and SunTrust Bank and SunTrust...
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October 19, 2017, 07:08 AM
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In September, Haynes and Boone, LLP polled oil and gas producers, oilfield services companies, energy lenders, private equity firms, and other industry participants to get their predictions about producers' future borrowing capacity or "borrowing...
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October 09, 2017, 07:19 AM
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On Point Oilfield Holdings, LLC successfully closed on a $250 million senior credit facility with Texas Capital Bank. On Point is an oilfield fluids waste solutions company that acquires, develops, and operates saltwater disposal wells and saltwater...
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October 06, 2017, 07:02 AM
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AlixPartners, the global advisory firm, announced that it recently completed the successful financial restructuring of Ocean Rig UDW and certain of its subsidiaries.Ocean Rig is an international offshore drilling contractor providing oilfield...
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October 05, 2017, 07:00 AM
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ExWorks Capital provided $10 million in working and growth capital to a U.S.-based firm that provides services to the oil and gas industry.
The Ohio-based company was formed in 2016 to service the oil and gas industry. The company performs...
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September 22, 2017, 07:00 AM
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The outlook for the global oilfield services and drilling sector (OFS) remains stable, Moody's Investors Service says in a new report. After two years of severe demand and price erosion, 2017 marks a turning point for revenues, earnings and cash...
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September 05, 2017, 07:08 AM
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Energy and petroleum bankruptcy filings have continued to dwindle over the summer; however pricing pressures could lead to renewed distress in the sector in the coming months, law firm Haynes & Boone reports. The pace of bankruptcy filings by North...
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August 14, 2017, 08:00 AM
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Kingfisher Midstream, LLC, a private gathering and processing midstream company, has entered into a $200 million senior secured revolving credit facility with ABN AMRO Capital USA, LLC as Administrative Agent, Book Runner and Lead Arranger. East West...
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August 10, 2017, 07:07 AM
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Amerisource Funding | Amerisource Business Capital announced the closing and funding of a $5 million asset based revolver for a repair and maintenance firm.
Established in 2014, the Texas-based firm services the petrochemical industry, refineries...
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August 01, 2017, 07:16 AM
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Hornbeck Offshore Services, Inc. announced that the company has refinanced its existing $200 million senior secured revolving credit facility with a new first-lien delayed-draw credit facility providing for up to $300 million of term loans. The...
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The number of North American oil and gas producers filing for bankruptcy has dropped significantly this quarter, with just nine producers seeking court protection, compared to 29 during the same period last year. That's according to a recently...
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Pin Oak Terminals LLC announced that it has closed on a debt facility provided by co-lead arrangers Sumitomo Mitsui Banking Corporation (SMBC) and ING Capital LLC to complete construction of the current phase of contracted tanks at Pin Oak's site in...
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ONEOK, Inc. announced a new $2.5 billion, five-year senior unsecured revolving credit facility, to replace the existing ONEOK and ONEOK Partners, L.P. credit facilities.
The new facility will be available upon the completion of the previously...
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Archrock Partners, L.P. , a provider of natural gas compression services, announced that the partnership has closed on a new five-year $1.1 billion asset-based revolving credit facility. The new credit facility will mature on March 30, 2022, except...
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GulfMark Offshore, Inc. and GulfMark Americas, Inc., an indirect wholly-owned subsidiary of the company, entered into an agreement relating to the senior secured, revolving multicurrency credit facility among the borrower, the company, as guarantor...
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Midstream provider Lucid Energy Group announced that the company has completed the refinancing and expansion of its two senior revolving credit facilities. The additional financing will be used to support Lucid’s growth strategies in the Midland and...
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Resolute Energy Corporation closed on its amended and restated revolving credit facility, with an initial borrowing base of $150 million, an increase from the previous level of $105 million. In addition, the maturity date of the facility was extended...
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February 24, 2017, 07:13 AM
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The Pittsburgh Post-Gazette reported that about a month after Magnum Hunter Resources Corp. said it had hired advisers to help boost the struggling company’s financial position, the oil and gas producer warned that it may be heading toward bankruptcy...
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November 13, 2015, 07:28 AM
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