Vitol and Breakwall Capital LP Announce an Update on Valor Upstream Credit Partners, L.P.

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HOUSTON--(BUSINESS WIRE)--Sep 22, 2025--

Vitol, a leader in energy and commodities, and Breakwall Capital LP ("Breakwall"), a credit investment firm that services the energy industry, today announced an update on their joint venture, Valor Upstream Credit Partners, L.P. ("VCP" or the "Partnership").

Most recently, VCP completed a $125 million senior secured, first lien term loan financing to an independent, Appalachian-focused natural gas company. Proceeds will be used to fund development capital expenditures. This represents the second upstream investment in Appalachia during 2025 for the same sponsor, highlighting the tailored nature of VCP’s capital and partnership driven model.

Formed in 2023, VCP provides structured credit solutions to North American upstream oil and gas companies. The Partnership focuses on event-driven financing opportunities, providing companies with a flexible solution to accelerate growth and drive shareholder returns. Since inception, VCP has made commitments exceeding $1 billion to support the growth of North American oil and gas companies.

"We continue to see significant opportunities to support seasoned operators in growing their businesses,” said Christopher Abbate, Jamie Brodsky, and Daniel Flannery, Managing Partners of Breakwall. "As a dedicated energy private credit manager, we pride ourselves on delivering flexible, creative capital solutions tailored to the industry's needs.”

Ben Marshall, Head of the Americas, Vitol, added, “Valor leverages Vitol’s global energy platform with Breakwall’s deep credit expertise to deliver a differentiated solution for the industry. The strong results since inception highlight the demand for innovative capital solutions, and we look forward to building on this momentum.”

About Vitol
Vitol is a leader in energy and commodities. Vitol produces, manages and delivers energy and commodities, including metals, to consumers and industry worldwide. In addition to its primary business, trading, Vitol is invested in infrastructure globally, with $10+billion invested in long-term assets. Vitol’s customers include national oil companies, multinationals, leading industrial companies and utilities. Founded in Rotterdam in 1966, today Vitol serves its customers from some 40 offices worldwide. Revenues in 2024 were $331bn.

About Breakwall Capital
Breakwall Capital is a leading energy specialist focused on direct lending capital solutions to middle-market and developing energy companies. As an independent asset manager and employee-owned firm, Breakwall seeks to fill the gap that other financing providers appear reluctant to service. Breakwall is led by Christopher Abbate, Jamie Brodsky, and Daniel Flannery and since 2014, the Breakwall team has built a credit investment franchise that focuses exclusively on energy credit. During its 10-year history, the team has committed over $6 billion to energy and energy-related companies or projects across more than 60 transactions. Breakwall is headquartered in New York with offices in Texas and Rhode Island. For more information, please visit Breakwall’s website at www.breakwallcap.com.

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CONTACT: Val Mack/Kyla MacLennan

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KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: PROFESSIONAL SERVICES UTILITIES OIL/GAS ENERGY FINANCE ASSET MANAGEMENT

SOURCE: Breakwall Capital

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PUB: 09/22/2025 07:00 AM/DISC: 09/22/2025 06:59 AM

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