Solution dispersions of two-dimensional (2D) black phosphorus (BP)--often referred to as phosphorene--are achieved by solvent exfoliation. These pristine, electronic-grade BP dispersions are produced with anhydrous organic solvents in a sealed-tip ultrasonication system, which circumvents BP degradation that would otherwise occur via solvated O2 or H2O. Among conventional solvents, N-methylpyrrolidone (NMP) is found to provide stable, highly concentrated (∼0.4 mg/mL) BP dispersions. Atomic force microscopy, scanning electron microscopy, transmission electron microscopy, Raman spectroscopy, and X-ray photoelectron spectroscopy show that the structure and chemistry of solvent-exfoliated BP nanosheets are comparable to mechanically exfoliated BP flakes. Additionally, residual NMP from the liquid-phase processing suppresses the rate of BP oxidation in ambient conditions. Solvent-exfoliated BP nanosheet field-effect transistors exhibit ambipolar behavior with current on/off ratios and mobilities up to ∼10(4) and ∼50 cm(2) V(-1) s(-1), respectively. Overall, this study shows that stable, highly concentrated, electronic-grade 2D BP dispersions can be realized by scalable solvent exfoliation, thereby presenting opportunities for large-area, high-performance BP device applications.