Nine Acquisitions Totaling $111.8 Million of Core Appalachia and Haynesville Minerals Signed Since June 10 IPO
Record Production of 70.0 MMcfe/d for the Second Quarter 2026, Up 57% Year-Over-Year and 9% Compared to the First Quarter 2026
Initiates Quarterly Cash Dividend of $0.50 Per Share ($2.00 Annualized); Declares Prorated Initial Dividend of $0.11 Per Share for the Post-IPO Period
PHILADELPHIA--(BUSINESS WIRE)--August 12, 2026--
WhiteHawk Minerals Corp. $(WHK)$ ("WhiteHawk" or the "Company") today announced the signing of $111.8 million of natural gas mineral and royalty acquisitions since the completion of its initial public offering on June 10, 2026, operating and financial results for the second quarter ended June 30, 2026, and the initiation of a quarterly cash dividend of $0.50 per share of Class A common stock ($2.00 per share annualized), prorated for the period from the closing of the IPO through June 30, 2026. WhiteHawk will host a conference call and webcast to discuss its second quarter 2026 results on August 13, 2026 at 9:00 a.m. Eastern Time.
Second Quarter 2026 and Recent Highlights
-- Signed nine acquisitions totaling $111.8 million of core Marcellus,
Utica, and Haynesville Shale natural gas mineral and royalty interests
since the Company's June 10, 2026 IPO, each of which are expected to be
accretive and are expected to add in aggregate approximately $17.0
million and $18.5 million of incremental cash flow in 2027 and 2028,
respectively
-- Net production of 70.0 MMcfe/d, an increase of 57% over the prior year
quarter and 9% over the first quarter 2026
-- Total revenue of $29.1 million, including $6.7 million of unrealized
hedge gains and $3.3 million of gathering, processing, transportation and
lease operating expenses, an increase of 38% over the prior year quarter
-- Realized natural gas price of $3.43 per Mcf including realized hedge
settlements, and $2.42 per Mcf excluding the effects of hedge
settlements
-- Net loss of $39.2 million, which includes a $21.7 million non-recurring
loss on extinguishment of debt and $15.8 million of non-recurring
management and incentive fees, each associated with the IPO and the
internalization of the Company's manager
-- Adjusted EBITDA of $20.7 million and Cash Available for Distribution of
$17.4 million, or $0.63 per share on a diluted basis (non-GAAP) and $0.96
per share on a weighted average shares outstanding basis
-- Initiated a quarterly cash dividend of $0.50 per share of Class A
common stock ($2.00 per share annualized); the initial dividend of $0.11
per share is prorated from the June 10, 2026 IPO through June 30, 2026,
and is payable on August 28, 2026 to holders of record as of August 24,
2026
-- Cash and cash equivalents of $13.2 million and total debt of $68.7
million as of June 30, 2026, with a $150 million undrawn reserve-based
revolving credit facility
-- Inclusive of the Company's signed acquisitions, WhiteHawk will own
mineral and royalty interests across approximately 3.6 million gross unit
acres, with cash flow from more than approximately 11,600 producing wells,
365 wells in process, 205 permitted wells and 9,200 undeveloped
locations
Management Comments
"In our first months as a public company, WhiteHawk has demonstrated well our unique value proposition," stated Daniel Herz, Chairman, President and Chief Executive Officer of WhiteHawk. "We benefit directly from our best-in-class operators' performance and growth potential, with no associated capital expenditures, and minimal operating expenses. Furthermore, we have successfully executed on our dual prong acquisition strategy, driving free cash flow and net asset value per share, signing definitive agreements for both a large strategic transaction, as well as ground game transactions. We expect these attributes to drive meaningful value for shareholders in the short, medium and long term."
Acquisition Update
Since the completion of the company's IPO, WhiteHawk has signed definitive agreements for nine acquisitions of natural gas mineral and royalty interests in the Marcellus, Utica, and Haynesville Shale with an aggregate purchase price of $111.8 million, with some remaining subject to customary closing conditions. The transactions are anchored by approximately $105.0 million of assets expected to be acquired from San Jacinto Minerals II ("SJM II"), which include Appalachia acreage in which WhiteHawk already owns an interest, together with incremental core acreage in the Haynesville.
"We are pleased to be adding significant positions in the core of Appalachia and the Haynesville at valuations well within our target return parameters," said Matthew Heinlein, Vice President & Head of Corporate Development and Strategy. "With the majority of the purchase price allocated to SJM II's Marcellus and Utica assets, we are increasing our ownership in acreage where we already have an established position, significant asset-level data and a deeply informed view of underlying value dating back to our initial investment in September 2024. With approximately $3 billion to $5 billion of private equity-backed mineral assets across Appalachia and the Haynesville, our longstanding relationships with management teams and sponsors across these basins continue to create differentiated, proprietary acquisition opportunities, and we believe our acquisition pipeline has never been stronger."
-- Appalachia: approximately 600,000 gross unit acres anchored by EQT
Corporation $(EQT)$ ("EQT"), Range Resources Corporation $(RRC)$
("Range"), CNX Resources Corporation $(CNX)$ ("CNX"), and Antero
Resources Corporation $(AR)$ ("Antero")
-- Haynesville: approximately 100,000 gross unit acres anchored by Expand
Energy Corporation $(EXE)$ ("Expand"), Apex Energy LLC ("Apex"),
and Adamas Energy LLC ("Adamas")
WhiteHawk's signed acquisitions including both ground game and SJM II, include more than 1,700 producing wells, 160 wells in process, 85 permitted locations, and 2,500 undeveloped locations. The assets to be acquired are expected to generate approximately 16 million cubic feet equivalent per day ("MMcfe/d") and 17 MMcfe/d in 2027 and 2028, respectively. The added production is anticipated to add approximately $17.0 million and $18.5 million of incremental cash flow at current strip pricing in 2027 and 2028, respectively. Upon closing, the acquisitions are expected to be immediately accretive to Cash Available for Distribution per Share.
WhiteHawk expects to fund the $111.8 million purchase price through a combination of $50.0 million of to be issued Series E Preferred Stock, with the remainder of the proceeds funded through the Company's cash on hand and borrowings on its revolving credit facility. The Series E Preferred Stock will rank senior to the Company's common stock and to each other class and series of the Company's capital stock and will pay a monthly cash dividend at an annual rate of 10% through March 31, 2027, 12% through December 31, 2028, and if still outstanding, 14% thereafter, subject to a minimum return of 1.05x of invested capital. The Series E Preferred Stock is expected to close in late September, concurrently with the SJM II acquisition.
Summary of Acquisitions Signed Since IPO
Metric Amount ---------------------------------------- -------------- Number of acquisitions 9 transactions ---------------------------------------- -------------- Total purchase price $111.8 million ---------------------------------------- -------------- Gross unit acres 700,000 ---------------------------------------- -------------- Net royalty acres (normalized to 1/8th) 11,810 ---------------------------------------- -------------- Average NRI 0.21% ---------------------------------------- -------------- Producing $(PDP)$ locations >1,700 ---------------------------------------- -------------- Wells in process and permits >245 ---------------------------------------- -------------- Undeveloped locations >2,500 ---------------------------------------- --------------
Operations Update
WhiteHawk's second quarter net production averaged 70.0 MMcfe/d, an increase of 57% from 44.7 MMcfe/d in the second quarter of 2025 and an increase of 9% from 64.3 MMcfe/d in the first quarter of 2026. Second quarter volumes were 5,384,204 Mcf of natural gas, 110,353 barrels of NGLs and 53,847 barrels of oil, or 6,369,404 Mcfe in total, 85% of which was natural gas.
During the last twelve months, 525 gross wells (1.91 net wells) were turned in line across WhiteHawk's acreage.
In Appalachia the Company's four largest operators (EQT, Antero, Range and CNX) represented 96% of WhiteHawk's total Appalachia production over the last twelve months. Over the last twelve months approximately 43% of those four operators' gross production paid WhiteHawk royalties. The Company's 975,000 gross unit acre position captured approximately 46% of all Appalachia wells turned in line by these operators during the last twelve months. WhiteHawk has a five-year capture rate of 45% in Appalachia.
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