EagleRock Land, which owns surface acreage used for oil and gas activity in the Permian Basin, raised $320 million by offering 17.3 million shares at $18.50, within the $17 to $20 range. At pricing, the company commands a market cap of $2.4 billion.
EagleRock Land owns or controls approximately 236,000 acres of surface land in the core of the Permian Basin in Texas and New Mexico, with an additional interest in up to 70,000 acres tied to its Midland Basin water infrastructure assets. Rather than producing oil and gas itself, the company earns fees and royalties by granting operators long-term access to its land for drilling, water management, and infrastructure siting, while its customers bear the operating and capital costs.
The Houston, TX-based company will trade on the NYSE and NYSE Texas under the symbol EROK. Goldman Sachs, Barclays, J.P. Morgan, Piper Sandler, and Raymond James acted as joint bookrunners on the deal.
