WhiteHawk is focused on being the premier natural gas mineral and royalty business in the United States. The company is committed to delivering cash flow and total returns to investors through the disciplined acquisition, active management and ownership of high-quality mineral and royalty interests. Its assets are concentrated in the Marcellus and Haynesville Shales, located in the Appalachian and Haynesville Basins, which are among the most productive and lowest-cost U. S. natural gas basins. As a mineral and royalty business, WhiteHawk does not pay any drilling-related capital expenditures and only minimal operating expenses on its properties, resulting in a high-margin business that allows for meaningful cash flow distribution to investors while providing potential for significant capital appreciation over time. As of December 31, 2025, its portfolio spans approximately 3.4 million gross DSU acres, including 1.6 million gross DSU acres across the Appalachian and Haynesville Basins, representing an economic interest in approximately 13% of all natural gas produced in the United States. WhiteHawk has more than 10,900 producing wells and more than 8,000 remaining identified undeveloped locations as of December 31, 2025.
WhiteHawk generates revenue primarily through royalties and lease bonuses tied to the success of gas and oil production on its acreage. The company earns most of its revenues from a steady stream of royalties received from third-party operators who develop and operate the wells on its mineral and royalty interests. WhiteHawk does not incur drilling, completion, lease operating expenses, or plugging and abandonment obligations, allowing it to convert a significant portion of its revenue directly into free cash flow. Its recurring costs are limited primarily to production taxes, gathering, processing, and transportation expenses, and modest general and administrative overhead. The company benefits from the continued organic development of its acreage and is able to convert a high percentage of its revenues to Cash Available for Distribution. WhiteHawk’s mineral and royalty ownership model allows it to generate stable, capital-efficient cash flow from producing assets while maintaining organic growth potential through the continued development of its undeveloped mineral position without the need to pay for associated drilling capital expenditures.
The company operates through the following segments: Mineral Interests, Non-Participating Royalty Interests, Overriding Royalty Interests, and Non-Operating Working Interests.
- Mineral Interests: This segment represents perpetual real property interests that grant the owner the right to exploit, mine and/or produce the minerals lying below the surface of the property. When WhiteHawk leases its mineral interests to third-party operators, it retains a royalty interest—the ongoing right to a portion of the revenue from any oil or gas later produced—and receives a one-time payment known as a lease bonus. Mineral interests represented approximately 92% of WhiteHawk’s mineral and royalty interests as of December 31, 2025.
- Non-Participating Royalty Interest: A NPRI has the same characteristics as a standard royalty interest except that the term “non-participating” indicates that the interest owner has the right to participate in the execution of gas and oil leases but does not share in the bonus or rentals from a gas and oil lease. NPRIs represented approximately 3% of WhiteHawk’s mineral and royalty interests as of December 31, 2025. These interests do not confer an obligation to make capital expenditures or pay for lease operating expenses and have limited environmental liability.
- Overriding Royalty Interest: ORRIs are created by carving out the right to receive royalties from a working interest. Like royalty interests, ORRIs do not confer an obligation to make capital expenditures or pay for lease operating expenses and have limited environmental liability; however, ORRIs may be calculated net of post-production expenses, depending on how the ORRI is structured. ORRIs that are carved out of working interests are linked to the same underlying gas and oil lease that created the working interest and, therefore, ORRIs are typically subject to expiration upon the expiration or termination of the underlying gas and oil lease. ORRIs represented approximately 5% of WhiteHawk’s mineral and royalty interests as of December 31, 2025.
- Non-Operating Working Interest: In addition to its mineral and royalty interests, WhiteHawk owns certain non-operating working interests acquired in connection with the PHX Acquisition. Non-operating working interest holders have the right to extract minerals from acreage leased pursuant to a gas and oil lease from a mineral interest holder. Holders of working interests are responsible for their pro rata share of capital expenditures and lease operating expenses, but holders of working interests only receive revenues after distributions have first been made to holders of royalty interests and ORRIs. As of December 31, 2025, WhiteHawk’s non-operating working interest portfolio consisted of 437 gross (18.1 net) wells located exclusively in the Mid-Con region and accounted for approximately 1% of its royalty revenues. These non-operating working interests represented approximately 7% of WhiteHawk’s total proved reserves and 3% of its total production for the year ended December 31, 2025.
WhiteHawk holds a leading position in the U. S. natural gas minerals and royalties sector as one of the few active, large mineral buyers focused exclusively on natural gas. Upon completion of its offering, the company will be the only public natural gas mineral and royalty company with meaningful, scaled exposure to the Appalachian and Haynesville Basins. Its acreage is concentrated in two of the most productive and lowest-cost sources of natural gas in the United States, which together accounted for more than 50% of total U. S. dry gas production and 81% of its royalty revenue in 2025. WhiteHawk’s mineral interests are operated by leading, well-capitalized E&P companies including EQT, Range Resources, CNX Resources, Antero Resources, Expand Energy, Comstock Resources and Aethon Energy. In 2025, approximately 18% of all wells drilled in the Appalachian and Haynesville Basins were located on acreage in which WhiteHawk holds royalty interests, with EQT being the largest natural gas producer in the Appalachian Basin and Expand Energy the largest producer in the Haynesville Basin. The company believes it is well positioned to capitalize on two powerful natural gas demand catalysts: AI-driven electricity demand growth and expanding U. S. LNG exports.
WhiteHawk serves third-party operators who develop and operate wells on its mineral and royalty interests, including EQT, Range Resources, CNX Resources, Antero Resources, Expand Energy, Comstock Resources and Aethon Energy in the Appalachian and Haynesville Basins, and Continental Resources, Devon Energy and Ovintiv in the Mid-Con region. The company’s mineral and royalty interests generate revenue from the production of natural gas, NGLs and oil by these operators, who bear all drilling-related capital expenditures and operational risks. WhiteHawk’s customer base consists of these energy companies that lease its acreage to extract hydrocarbons, with the company receiving royalty payments based on production volumes and realized prices. As of December 31, 2025, WhiteHawk had an economic interest in approximately 13% of total U. S. natural gas production and an interest in 18% of new wells drilled in the Appalachian and Haynesville Basins.