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WhiteHawk Energy Secures $100M Finance Facility for Core Natural Gas Asset Acquisition
08/21/2023
- 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
WhiteHawk manages
- 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 Expands Portfolio with $54 Million Marcellus Shale Natural Gas Asset Purchase
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.
Tokyo Gas Expands Into US Market with $2.7 Billion Acquisition of Rockcliff Energy
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.
OXY has been the leader in Permian Basin production for the past five years. Currently, the Houston-based oil and gas company is deepening its presence in the basin with a $12 billion acquisition of CrownRock, adding over 94,000 acres in the Midland Basin and increasing its oil output by about 170,000 barrels per day. Occidental announced an increase in its proved reserves to 4.0 billion barrels of oil equivalent by the end of December 2023, up from 3.8 billion the previous year. Activities in the Permian largely fueled this rise. Occidental added approximately 303 million barrels through infill development projects as well as new discoveries and the further development of existing fields brought in another 153 million barrels.
TotalEnergies kicked off 2024 with a net income of $5.7 billion in the first quarter, marking a modest 3% increase from the same period last year and a 13% rise from the previous quarter. This growth occurred despite experiencing drops in both the volume and price of gas sales over the year and the quarter. Their adjusted net earnings, which exclude one-time or unusual items, were $5.1 billion. This represents a significant 22% decline compared to last year and a slight 2% drop from the last quarter. The company's earnings before tax, depreciation, and amortization reached $11.5 billion, while their cash flow from operations significantly decreased to $2.2 billion, falling by 58% from last year and a steep 87% from the previous quarter. TotalEnergies also recorded $644 million in impairments.
New Mexico leads the Rockies region in gas production and ranks as the sixth-largest in terms of active gas wells in the U.S. Last year, the state's gas well count slightly increased by 0.2% to 30,699, with new additions in both the northwestern San Juan Basin and the southeastern Permian Basin. Meanwhile, just to the north in Colorado, gas producers grew by a modest 0.1% to 30,322, primarily due to increased drilling activity in the DJ and Piceance basins. Wyoming saw a decline in its active gas wells by 3.7%, down to 17,006, with production mainly in Sublette, Sweetwater, and Converse counties reflecting stable or slightly reduced drilling activity. Utah also experienced a slight decrease of 0.2% in its number of gas wells, totaling 6,463. In Q1 2024, oil and gas industry activity in Oklahoma, Colorado, and northern New Mexico experienced a decline. This marks the fifth consecutive quarter of contraction in drilling and business activities within these regions. According to a survey that included responses from 33 firms operating in the Rockies, this downtrend is expected to continue over the next six months.