--- title: "WhiteHawk Minerals, Natural Gas Minerals and Royalties Company, Files for NYSE IPO" type: "News" locale: "en" url: "https://longbridge.com/en/news/289240106.md" description: "WhiteHawk Minerals, formerly WhiteHawk Income Corp, filed for an NYSE IPO under ticker WHK. The company offers 7.7 million shares at $26 each, with a gross proceeds target of ~$200.2 million. Net proceeds will primarily prepay senior notes and redeem preferred stock. WhiteHawk is a U.S. natural gas mineral and royalty company focused on the Marcellus and Haynesville shales, holding interests in over 10,900 producing wells." datetime: "2026-06-09T21:19:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289240106.md) - [en](https://longbridge.com/en/news/289240106.md) - [zh-HK](https://longbridge.com/zh-HK/news/289240106.md) --- # WhiteHawk Minerals, Natural Gas Minerals and Royalties Company, Files for NYSE IPO WhiteHawk Minerals, the soon-to-be new name of WhiteHawk Income Corp, filed a 424B4 for its initial public offering on the NYSE under the ticker WHK. The company is offering 7,700,000 shares of Class A common stock at $26.00 per share, with an additional 1,155,000-share over-allotment option. Net proceeds are expected to be approximately $179.7 million, with the company organized in an Up-C structure following the IPO. **Business Description** WhiteHawk Minerals is a U.S. natural gas mineral and royalty company focused on acquiring and actively managing high-quality interests across the Marcellus and Haynesville shales. As a minerals owner, the company does not fund drilling or completion capital, and incurs only minimal operating costs, allowing a large portion of royalty cash flows to be distributed or reinvested. As of March 31, 2026, the portfolio spans approximately 3.4 million gross DSU acres with more than 10,900 producing wells and over 8,000 identified undeveloped locations. The business is concentrated in Appalachia and Haynesville—two of the lowest-cost, most prolific U.S. gas basins—and is aligned with leading operators. Revenue is generated primarily through royalty payments and lease bonuses, and the company has pursued a consolidation strategy with multiple accretive acquisitions to scale its footprint and cash flows. **Market Overview** - **Total addressable market**: Natural gas powers ~41% of U.S. electricity generation (2025), underpinning broad demand. - **Market growth**: U.S. LNG export capacity projected to nearly double from ~17 Bcf/d in 2025 to ~34 Bcf/d by 2031. - **Market position**: Core exposure to Appalachia and Haynesville, which together produced over 50% of U.S. dry gas in 2025. - **Key competitors**: Large, well-capitalized operators on WhiteHawk’s acreage include EQT, Range Resources, CNX, Antero, Comstock, and Aethon. - **Industry trends**: AI/data center load growth and LNG buildout are expected to drive a structural step-up in U.S. natural gas demand. **Operational Metrics** - **Customers**: Royalties derived from production sold by leading E&P operators (e.g., EQT, Range, CNX, Antero, Comstock, Aethon) - **Locations**: More than 10,900 producing wells as of December 31, 2025 - **Geographic presence**: ~3.4 million gross DSU acres across Appalachia, Haynesville, Mid-Con and other regions - **Partnerships**: Significant exposure to top operators; ~18% of wells drilled in 2025 in Appalachia/Haynesville were on WhiteHawk acreage - **Orders/GMV**: N/A - **Other key metrics**: ~13% exposure to all 2025 U.S. dry gas production; 8,000+ identified undeveloped locations; nearly 430 wells-in-progress/permits as of year-end 2025; 49 consecutive monthly dividends through March 31, 2026 **Financials Highlights** - **Revenue (current)**: $67.6 million (FY2025 total revenue) - **Revenue growth**: Up ~615% vs. FY2024 ($9.45 million) - **Operating income**: $16.8 million (FY2025) - **Net income**: Net loss of $(3.6) million (FY2025, as restated) **Management** - **Daniel Herz**, Chief Executive Officer and President; Chairman - Former founder/CEO of Falcon Minerals; senior leadership roles at Atlas Energy businesses with extensive M&A and public market experience. - **Jeffrey Slotterback**, Chief Financial Officer, Treasurer and Secretary; Director - Prior CFO roles at Titan Energy and Atlas entities; background in public accounting and energy finance. - **Michael Downs**, Chief Operating Officer - Former COO of Falcon Minerals; prior executive experience at Atlas companies; partner at PhiCap Advisors. - **Matthew Heinlein**, Vice President, Head of Corporate Development & Strategy - Investment background at Blackstone and Jefferies; led M&A and strategy at Falcon Minerals. - **Stephen Pilatzke**, Chief Accounting Officer - Prior CAO roles at Volta and Falcon Minerals; public company reporting and audit experience. **IPO Structure** - **Issuer**: WhiteHawk Income Corporation (to be renamed WhiteHawk Minerals Corp.) - **Filing date**: June 09, 2026 - **Proposed ticker**: WHK - **Exchange**: NYSE - **Price range**: $26.00 per share - **Offering size**: $200,200,000 (gross proceeds to public) - **Shares offered**: 7,700,000 shares (plus 1,155,000-share over-allotment option) - **Lead underwriters**: Raymond James; Stifel; J.P. Morgan - **Use of proceeds**: Prepay ~$156.4M of Senior Notes (plus make-whole and fees using cash on hand), redeem ~$37.0M of Series D preferred stock (plus ~$2.1M minimum return), pay a ~$13.6M Liquidity Incentive Fee, and use the remainder for general corporate purposes. Original SEC Filing: WhiteHawk Income Corp - 424B4 - Jun. 09, 2026 **Disclaimer** This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. 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