Vitol and Riverstone Team Up to Fund Oil and Gas Companies (1)

Global commodities powerhouse Vitol SA and private equity giant Riverstone Holdings are teaming up to invest in North American oil and natural gas companies as traditional sources of capital have fled the sector.

Valor Upstream Credit Partners LP will provide debt refinancing, acquisition funding and other capital to the sector, according to a statement Wednesday. It will be managed by Riverstone’s credit-investing arm.

Loans to oil and gas companies began to slump as far back as 2018 as banks came under increasing pressure from regulators and investors to eschew fossil-fuel financing on behalf of the climate, and to reduce exposure ...