- WhiteHawk closes acquisition of additional Marcellus Shale natural gas mineral and royalty assets adding interests in approximately 435,000 gross unit acres
- Acquisition expands WhiteHawk’s natural gas mineral and royalty ownership into West Virginia, adding Antero Resources as a key operator
- Acquisition generates cash flow from over 1,200 wells, more than 600 of which are new to WhiteHawk’s ownership interest
- WhiteHawk now owns natural gas mineral and royalty interests across approximately 1,050,000 gross unit acres in the core of the Marcellus and Haynesville Shales with interests in over 3,400 producing wells
PHILADELPHIA–(BUSINESS WIRE)–#haynesvilleshale–WhiteHawk Energy, LLC (“WhiteHawk” or the “Company”) announced today the acquisition of additional Marcellus Shale natural gas mineral and royalty assets covering 435,000 gross unit acres across southwestern Pennsylvania and northern West Virginia (“Marcellus Acquisition”). The acquisition expands WhiteHawk’s core Marcellus position to include top-tier operator Antero Resources Corporation (NYSE: AR) alongside additional mineral and royalty interests operated by EQT Corporation (NYSE: EQT), Range Resources Corporation (NYSE: RRC) and CNX Resources Corporation (NYSE: CNX). Inclusive of the acquired assets, WhiteHawk owns natural gas mineral and royalty interests across approximately 1,050,000 gross unit acres and over 3,400 producing wells.
“The Marcellus Acquisition marks our fifth acquisition to date and complements our existing Marcellus Shale and Haynesville Shale assets. This acquisition further adds additional diversity and cash flow to WhiteHawk’s portfolio of core mineral and royalty assets. Increasing our asset base to include core positions in West Virginia is an exciting next step for WhiteHawk,” stated Daniel C. Herz, Chief Executive Officer of WhiteHawk. “These assets are directly in-line with our Company’s thesis – diversified acreage positions in the core of well-established basins, operated by best-in-class companies, generating significant cash flow with no additional capital expenditures.”
With today’s acquisition, WhiteHawk’s Marcellus Shale assets cover approximately 700,000 gross unit acres, with production from approximately 2,029 horizontal shale wells. Additionally, WhiteHawk owns mineral and royalty interests in 135 wells-in-progress, 76 permitted wells, and 1,267 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 Corporation (NYSE: EQT), Range Resources Corporation (NYSE: RRC), CNX Resources Corporation (NYSE: CNX), and Antero Resources Corporation (NYSE: AR).
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 Southwestern Energy (NYSE: SWN), Chesapeake Energy (NASDAQ: CHK), Aethon Energy Management and Comstock Resources (NYSE: CRK).
WhiteHawk’s combined positions benefit from diversified sales points in both the Northeast and Gulf Coast regions with several public company operators of combined market capitalization of approximately $58 billion.
WhiteHawk’s Marcellus Acquisition was financed by EIG, a leading institutional investor in the global energy and infrastructure sectors.
About WhiteHawk Energy
WhiteHawk Energy, LLC is focused on acquiring mineral and royalty interests in top tier natural gas resource plays, including the Haynesville and Marcellus Shales. The management team at WhiteHawk has successfully grown over $13 billion of minerals, midstream, and exploration and development companies over the last 20 years. Please go to www.whitehawkenergy.com for more information.
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Weil, Gotshal & Manges LLP acted as legal counsel to WhiteHawk.
For more information, please visit the Company’s website at www.whitehawkenergy.com, or contact its corporate relations department at jslotterback@whitehawkenergy.com.
Cautionary Note Regarding Forward-Looking Statements
Certain matters discussed within this press release are forward-looking statements. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The Company does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. This document contains forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. The Company cautions readers that any forward-looking information is not a guarantee of future performance. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, resource potential, and the Company’s plans, objectives, expectations, intentions and other statements that are not historical facts. Risks, assumptions and uncertainties that could cause actual results to materially differ from the forward-looking statements include, but are not limited to, those associated with general economic and business conditions; changes in government environmental policies and other environmental risks; the availability of drilling equipment and the timing of production; tax consequences of potential balance sheet and other transactions; and global health conditions, including the impact of COVID-19. Forward-looking statements speak only as of the date hereof, and the Company assumes no obligation to update such statements, except as may be required by applicable law.
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