WhiteHawk $118M Transaction Doubles Ownership Interests in Marcellus Shale Assets

Buyer WhiteHawk Energy LLC announced an acquisition, which increased its interest in its existing Marcellus Shale minerals and royalties position. This $118 million transaction doubles the company’s present ownership interest in a portion of its Marcellus Shale royalties position across 475,000 gross unit acres – primarily focused in Washington and Greene counties in Pennsylvania.

The company said the assets are 95% operated by best-in-class natural gas operators EQT (NYSE: EQT), Range Resources (NYSE: RRC), and CNX Resources (NYSE: CNX), and have continued to perform above expectations since WhiteHawk’s initial acquisition of this position in March 2022.

Three years ago, broker-dealer Preferred Capital Securities partnered with WhiteHawk to fund the first Marcellus Royalties transaction, a $52.5 million acquisition of natural gas minerals and royalty assets.

“The 2025 Marcellus acquisition provides WhiteHawk additional production, line-of-site development, undeveloped inventory, and cash flow from our core Appalachia position,” said Daniel C. Herz, chief executive officer of WhiteHawk. “Today’s transaction marks our sixth acquisition over the last three years and the third acquisition of royalty interests on these assets, which have continuously outperformed our expectations and fully consolidates these positions into WhiteHawk.”

Weil, Gotshal & Manges LLP acted as legal counsel to WhiteHawk.

WhiteHawk Energy focuses on acquiring mineral and royalty interests in top-tier natural gas resource plays. The management team at WhiteHawk has supported more than $13 billion minerals, midstream, and exploration and development companies over two decades.

WhiteHawk’s consolidated Marcellus Shale assets cover approximately 675,000 gross unit acres, with production from approximately 2,068 horizontal shale wells. Additionally, WhiteHawk owns mineral and royalty interests in 141 wells-in-progress, 66 permitted wells, and 1,713 undeveloped Marcellus locations, with additional potential from the underlying Utica Shale. Approximately 95% of production, cash flow, and present value associated with the Marcellus Assets are operated by EQT, Range Resources, CNX Resources, and Antero Resources (NYSE: AR).

“This Marcellus Shale position is the ideal natural gas minerals package, combining best-in-class natural gas operators, proven and predictable production, and the lowest break-even drilling costs in the U.S.,” added Herz.

WhiteHawk also owns natural gas mineral and royalty assets in the Haynesville Shale, covering approximately 375,000 gross unit acres and approximately 1,371 producing horizontal shale wells. Additionally, WhiteHawk owns mineral and royalty interests in 127 wells-in-progress, 189 permitted wells, and 966 undeveloped Haynesville locations. The company’s Haynesville Shale assets are actively being developed by Expand Energy (NASDAQ: EXE), Aethon Energy Management, and Comstock Resources (NYSE: CRK).

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