WhiteHawk Energy acquired additional interests in Appalachia’s Marcellus Shale play. (Pictured): A natural gas well pad near Moundsville, West Virginia. (Source: Shutterstock.com/ WhiteHawk Energy)
WhiteHawk Energy upped its ownership stake in the Marcellus Shale with a $118 million acquisition.
The royalties transaction doubles Philadelphia-based WhiteHawk’s ownership interests on a portion of its Marcellus portfolio, the company said March 31.
The assets, covering approximately 475,000 gross unit acres, are concentrated in Washington and Greene counties, Pennsylvania. The seller was not disclosed.
WhiteHawk said the assets are 95% operated by top Marcellus producers, including EQT Corp., Range Resources and CNX Resources.
WhiteHawk’s latest transaction marks its third acquisition of royalty interests on these Marcellus assets. WhiteHawk made its initial acquisition in the Marcellus in 2022.
“This Marcellus Shale acquisition is the ideal natural gas minerals position, combining best-in-class natural gas operators, proven and predictable production, and the lowest break-even drilling costs in the U.S.,” said WhiteHawk CEO Daniel C. Herz.
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WhiteHawk’s total Marcellus portfolio covers approximately 675,000 gross unit acres with production from 2,068 horizontal wells.
The company also owns Marcellus interests in 141 wells in-progress, 66 permitted wells and over 1,700 undeveloped locations.
WhiteHawk also has a sizable portfolio in the Haynesville Shale covering 375,000 gross unit acres and 1,371 horizontal wells.
In the Haynesville, WhiteHawk owns interests in 127 wells in-progress, 189 permitted wells and 966 undeveloped locations. The company’s Haynesville operators include Expand Energy, Aethon Energy and Comstock Resources.
Experts say buyer interest is increasing for natural gas-weighted assets in U.S. shale basins—both for operated assets and for minerals and royalties exposure.
That’s particularly true in the Haynesville, where producers plan to grow output to meet rising demand from LNG export projects along the Gulf Coast.
But interest is growing too for Appalachia gas. Several large packages of Appalachia mineral and royalty interests are expected to hit the market as the natural gas macro improves, Mesa Minerals President and CEO Darin Zanovich told Hart Energy earlier this month.
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