WhiteHawk Minerals Corp.

What they do

WhiteHawk owns natural gas mineral and royalty interests, primarily in the Marcellus, Utica and Haynesville Shale. It does not operate wells; it collects royalty revenue from wells operated by others. Inclusive of signed acquisitions, it will hold interests across approximately 3.6 million gross unit acres with cash flow from more than approximately 11,600 producing wells.

Revenue drivers

• Natural gas production — Q2 2026 net production was 70.0 MMcfe/d, up 57% year over year and 9% sequentially; the company realized $3.43 per Mcf including realized hedge settlements and $2.42 per Mcf excluding them.
• Hedge gains — Q2 2026 total revenue of $29.1 million included $6.7 million of unrealized hedge gains.
• Acquired mineral and royalty volumes — Nine signed acquisitions totaling $111.8 million since the June 10, 2026 IPO are expected to add approximately $17.0 million of incremental cash flow in 2027 and $18.5 million in 2028.

Recent performance

Second quarter 2026 total revenue was $29.1 million, up 38% over the prior year quarter. Net production was 70.0 MMcfe/d. The company reported a net loss of $39.2 million, which included a $21.7 million non-recurring loss on extinguishment of debt and $15.8 million of non-recurring management and incentive fees tied to the IPO and internalization of its manager. Adjusted EBITDA was $20.7 million and Cash Available for Distribution was $17.4 million.

Strategy

Since its June 10, 2026 IPO, WhiteHawk has signed definitive agreements for nine acquisitions of natural gas mineral and royalty interests in the Marcellus, Utica and Haynesville Shale for an aggregate $111.8 million. The transactions are anchored by approximately $105.0 million of assets expected to be acquired from San Jacinto Minerals II, adding Appalachia acreage where WhiteHawk already owns an interest plus incremental core Haynesville acreage. Some acquisitions remain subject to customary closing conditions. The company has initiated a quarterly cash dividend of $0.50 per Class A share, annualized at $2.00.

Risks

• Commodity price exposure — Revenue depends on natural gas prices; Q2 2026 realized price was $2.42 per Mcf excluding hedge settlements versus $3.43 per Mcf including them.
• Acquisition execution — The $111.8 million of signed acquisitions are not all closed and remain subject to customary closing conditions.
• Debt and cash position — As of June 30, 2026, WhiteHawk had $13.2 million of cash and total debt of $68.7 million, with a $150 million undrawn reserve-based revolving credit facility.
• Short public history — The company completed its IPO on June 10, 2026 and reported a $39.2 million net loss in its first quarterly report, including $21.7 million of debt extinguishment costs and $15.8 million of management and incentive fees.

Outlook

Management states the signed acquisitions are expected to be accretive, adding approximately $17.0 million of incremental cash flow in 2027 and $18.5 million in 2028. The company initiated a quarterly dividend of $0.50 per share ($2.00 annualized), with an initial prorated dividend of $0.11 per share payable August 28, 2026 to holders of record as of August 24, 2026. WhiteHawk will host a conference call and webcast on August 13, 2026 to discuss second quarter 2026 results.