On Point gets $250 million senior credit facility from Texas Capital

By Sarah Lizee

Olympia, Wash., Oct. 5 – On Point Oilfield Holdings, LLC closed on a $250 million senior credit facility with Texas Capital Bank, according to a press release.

The company said it plans to use the growth capital to continue drilling new deep disposal wells to increase capacity while also constructing long-term pipeline infrastructure to keep up with strong market demand from its customers.

On Point is also evaluating opportunities to acquire existing disposal and pipeline infrastructure from E&P companies.

“[Texas Capital’s] lending experience in this industry, combined with the capital and expertise from White Deer, gives us the resources we need to keep up with customer demand as On Point grows into an industry-leading midstream company,” Trace Hight, chief executive officer of On Point, said in the release.

On Point is an Austin, Texas-based oilfield fluids waste solutions company that acquires, develops and operates saltwater disposal wells and saltwater pipeline infrastructure in the Permian Basin.

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