WhiteHawk Minerals: Ready to Take Flight: Premier Gas Mineral & Royalty Platform with Attractive Growth Outlook; Initiating at N

Research evidence excerpt

WhiteHawk Minerals: Ready to Take Flight: Premier Gas Mineral & Royalty Platform with Attractive Growth Outlook; Initiating at N

J P M O R G A N North America Equity Research

06 July 2026

Initiation

WhiteHawk Minerals Neutral

WHK, WHK US

Ready to Take Flight: Premier Gas Mineral & Royalty Price (02 Jul 26):$27.37

Platform with Attractive Growth Outlook; Initiating at N Price Target (Dec-26):$28.00

JPM View: We initiate coverage of WhiteHawk Minerals (WHK) with a Neutral Oil & Gas Exploration & Production

ACrating and a Dec 2026 price target of $28. WHK is a pure-play natural gas mineral Jack Jerusalmi

and royalty company with a strategic focus on the core of the Appalachia and (1-212) 622-6552

Haynesville basins. WHK’s business model is capital light and high margin, jack.jerusalmi@jpmorgan.com

collecting a share of production revenue without funding drilling capex and with Arun Jayaram

limited opex. The portfolio is anchored by mineral interests under top-tier (1-212) 622-8541

operators such as EQT, AR, RRC, and CNX in Appalachia and EXE, Mitsubishi, arun.jayaram@jpmchase.com

and CRK in the Haynesville, creating a highly predictable, scalable business that Pankaj Bhatter, CFA

generates strong distributable cash flow and supports a sustainable platform for (1-212) 622-3795

pankaj.bhatter@jpmchase.com

dividends and growth, which are core parts of the investment case. In terms of J.P. Morgan Securities LLC

growth, WHK’s strategy is two-pronged: 1) strategic M&A and 2) a “ground

game” of smaller, bolt-on acquisitions. WHK has cited a $3-5 B opportunity set to

continue to roll up natural gas minerals and royalties in Appalachia and the Quarterly Forecasts (FYE Dec)

Haynesville, primarily held by PE funds nearing the end of their investment cycle. Adj. EPS ($)