WhiteHawk Minerals, which owns natural gas mineral and royalty interests in the Marcellus and Haynesville Shales, filed on Monday with the SEC to raise up to $100 million in an initial public offering. The company filed under WhiteHawk Income but plans to change its name in connection with the IPO.
WhiteHawk is a natural gas mineral and royalty business, with assets concentrated in the Marcellus and Haynesville Shales in the Appalachian and Haynesville Basins. As of December 31, 2025, the company's portfolio spans approximately 3.4 million gross drilling spacing unit (DSU) acres, including 1.6 million gross DSU acres across the Appalachian and Haynesville Basins and represents an economic interest in approximately 13% of all natural gas produced in the US.
The Philadelphia, PA-based company was founded in 2022 and booked $68 million in revenue for the 12 months ended December 31, 2025. It plans to list on the NYSE under the symbol WHK. WhiteHawk Minerals filed confidentially on January 26, 2026. Raymond James, Stifel, J.P. Morgan, Capital One Securities, and Stephens Inc. are the joint bookrunners on the deal. No pricing terms were disclosed.
