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WhiteHawk Energy Secures $100M Finance Facility for Core Natural Gas Asset Acquisition08/21/2023
- WhiteHawk secures $100 million finance facility with top-tier investor.
- Initial $20 million drawn to fund Haynesville Shale assets, covering 375,000 acres.
- Facility to fund further acquisitions as company grows.
- Owns interests in Marcellus and Haynesville Shale, with 850,000 acres and 2,500+ producing wells.
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
- Around 850,000 gross unit acres in Marcellus and Haynesville Shale with interests in over 2,500 producing horizontal wells.
- Approximately 375,000 gross unit acres actively developed by Southwestern Energy, Chesapeake Energy, Aethon Energy Management, and Comstock Resources.
- Covering 475,000 gross unit acres in Greene and Washington Counties, Pennsylvania, mainly operated by EQT, Range Resources, and CNX Resources.
- Benefits from sales points in both the Northeast and Gulf Coast regions with a combined operator market capitalization of about $40 billion.
Earlier in the year, WhiteHawk unveiled a $105 million acquisition of mineral and royalty interests in Haynesville, though a company official did not confirm if the January deal had closed.
WhiteHawk's CEO, Daniel C. Herz, expressed enthusiasm about the company's progress, stating in a news release: “This is an exciting day for WhiteHawk, as we take our next big step towards being the leading natural gas mineral and royalty company in the United States. Our partnership with one of the top institutional investors in the U.S. will help to accelerate WhiteHawk’s consolidation of the highest quality natural gas mineral and royalty positions.” He further emphasized the opportunity to continue acquiring natural gas mineral and royalty assets in core basins with top-tier operators, highlighting the partnering institution's global leadership in investing and innovative energy and commodity risk management solutions.
About WhiteHawk Energy
WhiteHawk Energy, LLC specializes in acquiring mineral and royalty interests in leading natural gas resource areas, specifically the Haynesville and Marcellus Shales. With a management team that has effectively expanded over $13 billion worth of minerals, midstream, and exploration and development companies in the past two decades, WhiteHawk is a significant player in the energy sector.
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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.
Quantum Capital Group sold Rockcliff Energy II LLC, a Quantum Energy Partners' company, to TG Natural Resources LLC for $2.7 billion on December 29. TG Natural Resources is a part of Tokyo Gas, a Japanese company aiming to triple its overseas profits in North America and other regions.
Occidental Petroleum is looking into selling Western Midstream Partners. OXY focuses on natural gas pipelines in the U.S. and is worth around $20 billion, including its debt. This sale could help the company cut down its large debt of $18.5 billion, which grew due to buying other companies. Recently, Occidental agreed to buy CrownRock for $12 billion, adding more debt to its books. This comes after its huge $54 billion purchase of Anadarko Petroleum four years ago. The news about possibly selling Western Midstream made its shares go up by 5.7% to $30.81, reaching their highest value since July 2019. However, Occidental's shares fell by 1.6% to $59.56, as part of a wider drop among energy companies.
The Canadian oil and gas sector announced 27 M&A deals in the last quarter of 2023, totaling $4.2 billion in value. The biggest deal of the quarter was Pembina Pipeline's $2.3 billion acquisition of several companies including Alliance Pipeline and Aux Sable Canada. Compared to the previous quarter, the total value of M&A deals in Canada grew by 20% from $3.5 billion and jumped 95% compared to the same quarter the previous year. However, the number of deals dropped slightly by 4% from the previous quarter and was 23% less than the year before.
Rystad Energy predicts that the merged company of Diamondback Energy and Endeavor Energy will produce 819,500 barrels of oil per day in the Permian Basin in 2024. Rystad, an energy research and business intelligence company from Norway, expects the ExxonMobil-Pioneer Natural Resources merger to lead the Permian in total net production for the year, with a projection of nearly 1.4 million barrels per day. Notably, about 53% of this production will be oil. Chevron is set to produce slightly more than Diamondback-Endeavor, with Occidental-CrownRock following closely. ConocoPhillips ranks fifth, with a production forecast of just under 800,000 barrels per day. Chevron's production is 47% oil, while Diamondback-Endeavor and ConocoPhillips have 57% oil in their mix, and Occidental-CrownRock is just below 50%.