Texas Capital Closes $250MM OWL Facility
Oilfield Water Logistics (OWL), Natural Gas Partners portfolio company providing water infrastructure and services to the energy industry, secured a $250 million untapped credit facility with Texas Capital Bank.
OWL is committed to building permanent oilfield water gathering systems throughout the U.S. with networks of pipelines and saltwater disposal wells. The new facility, coupled with substantial available equity from OWL’s investors, puts the company in a unique position to expand by acquiring, developing and managing water infrastructure, and enables E&P companies to obtain additional liquidity and reduced water handling costs.
“This challenging oilfield environment is creating opportunities for OWL to accelerate our growth plans and at the same time provide fresh capital and other solutions to producers who want to streamline their businesses,” said Chris Cooper, CEO of OWL.
Oilfield Water Logistics (OWL) provides water infrastructure and services to the energy industry with a focus on gathering systems and disposal. OWL is active in Texas, New Mexico, Colorado, Utah and Wyoming, and is seeking acquisition, investment and development expansion opportunities nationwide.