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WhiteHawk Energy Expands Portfolio with $54 Million Marcellus Shale Natural Gas Asset Purchase
11/21/2023![WhiteHawk-Energy-Expands-Portfolio-with-54-Million-Marcellus-Shale-Natural-Gas-Asset-Purchase](https://images2.rextag.com/public/blog/205Blog_WhiteHawk’s Marcellus Shale Map (1).png)
- WhiteHawk Energy purchased Marcellus Shale assets for $54 million.
- The deal doubles WhiteHawk's ownership to 475,000 acres in Pennsylvania.
- The assets are located in Greene and Washington counties.
- WhiteHawk's Marcellus production now includes about 1,315 shale wells.
- This acquisition significantly strengthens WhiteHawk's position in the natural gas sector.
WhiteHawk Energy has recently completed a significant acquisition in the Marcellus Shale, investing $54 million. This deal has effectively doubled their mineral and royalty ownership in the Marcellus Shale, particularly in Greene and Washington counties in Pennsylvania. This region is noted for its high-quality natural gas reserves. WhiteHawk’s Marcellus assets now encompass approximately 475,000 gross unit acres, featuring production from about 1,315 horizontal shale wells. In addition to this, they own interests in 72 wells-in-progress, 64 permitted wells, and nearly 900 undeveloped Marcellus locations. This acquisition is expected to double WhiteHawk's net revenue interest in each well within its Marcellus holdings.
$100 Million Acquisition Finance Facility
WhiteHawk Energy has secured a $100 million acquisition finance facility with a top-tier institutional investor. This financial move is aimed at accelerating the company’s acquisition of core natural gas mineral and royalty assets. An initial $20 million from this facility was used to fund an additional closing of Haynesville Shale mineral and royalty assets, which cover part of the company's existing 375,000 gross unit acres. This strategic partnership with the institutional investor positions WhiteHawk for further growth and acquisitions in the natural gas sector.
Combined Assets and Development
Following its recent acquisitions, WhiteHawk Energy now manages around 850,000 gross unit acres in core areas of both the Marcellus and Haynesville Shales, with interests in over 2,500 producing horizontal wells.
Notably, the company's diversified portfolio includes assets in the Haynesville Shale, actively developed by companies such as Southwestern Energy, Chesapeake Energy, Aethon Energy Management, and Comstock Resources. This diverse positioning allows WhiteHawk to benefit from strategic sales points in both the Northeast and Gulf Coast regions. The operators involved in these regions have a combined market capitalization of about $50 billion.
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.
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Chesapeake Dominates with $7.4B Southwestern Buy
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/223Blog_Chesapeake and Southwestern Energy agree on $7.4bn merger (2).png)
Chesapeake Energy has agreed to purchase its competitor, Southwestern Energy, in a $7.4 billion all-stock deal. The acquisition anticipates a boost in natural gas demand with new U.S. LNG export terminals coming online in 2025.
WhiteHawk Energy Secures $100M Finance Facility for Core Natural Gas Asset Acquisition
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/173Blog_WhiteHawk Energy Announces 100 Million Acquisition.png)
WhiteHawk Energy LLC completed its second Haynesville Shale mineral and royalty acquisition of the year, spanning northwestern Louisiana and eastern Texas. WhiteHawk also secured a $100 million acquisition finance facility from an undisclosed "top tier institution." The company will utilize $20 million from this facility to fund the Haynesville purchase from Mesa Minerals Partners II LLC
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/297_Blog_Keystone XL Pipeline Controversy and Wildlife Disaster From Trump's Green Light to Biden's Red Light on the 15 Billion Project.jpg)
The pipeline industry in the USA faced and still faces a range of regulatory challenges, including permitting delays, environmental requirements, and public opposition to pipeline projects. In recent years, pipeline projects like the Keystone XL and Dakota Access pipelines had legal and regulatory obstacles that delayed or canceled their construction. Keystone XL Pipeline, proposed by TransCanada in 2008, aimed to transport crude oil from Canada (around Calgary and Edmonton) to refineries on the Gulf Coast (Port Arthur). The project faced opposition from environmental groups and indigenous communities, who argued that it would contribute to climate change and pose a risk to water resources. In 2015, President Obama rejected the project, citing concerns about its environmental impact. However, in 2017, President Trump revived the project, leading to further legal challenges. In June 2021, U.S. President Joe Biden officially canceled the project on his first day in office.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/282_Blog_Renewable Natural Gas How RNG Changes the Industry.jpg)
The renewable natural gas (RNG) industry in the United States is showing promising signs of growth. As of 2019, the U.S. consumed 261 billion cubic feet (BCF) of RNG, primarily utilized by independent power producers, electric utilities, and various commercial and industrial entities. However, this figure represents only a small fraction of its potential. Research indicates that the U.S. could theoretically produce up to 2,200 BCF of RNG through anaerobic digestion alone, which would equate to about 11% of daily national natural gas consumption.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/295_Blog_Renewable Efforts Lag as Global Oil and Gas Demand Continues to Rise.jpg)
Recently, the progress toward an energy transition is hitting a snag. Sales of electric vehicles are decelerating, and the growth in wind and solar power needs to be keeping pace with expectations. To make matters more challenging, electricity prices are climbing when they were expected to fall. Amidst these setbacks, the oil and gas sectors are proving resilient. According to BP's latest energy outlook, not only are these energy mainstays here to stay, but their demand is expected to remain relatively high even after reaching a peak. Interestingly, BP forecasts that oil demand will reach its zenith next year, marking a critical moment in energy consumption trends. This isn't the first time BP has projected a peak in oil demand. Back in 2019, their review anticipated a decline in demand growth, but the prediction fell flat. Instead, oil demand surged to unprecedented levels following the end of the global pandemic lockdowns, defying previous forecasts and underscoring the enduring dominance of traditional energy sources in the global market.