\nWhiteHawk Minerals Corp. (NYSE: WHK) (\u201cWhiteHawk\u201d or the \u201cCompany\u201d) today announced the signing of $111.8 million of natural gas mineral and royalty acquisitions since the completion of its initial public offering on June 10, 2026, operating and financial results for the second quarter ended June 30, 2026, and the initiation of a quarterly cash dividend of $0.50 per share of Class A common stock ($2.00 per share annualized), prorated for the period from the closing of the IPO through June 30, 2026. WhiteHawk will host a conference call and webcast to discuss its second quarter 2026 results on August 13, 2026 at 9:00 a.m. Eastern Time.<\/p>\n
Second Quarter 2026 and Recent Highlights<\/b><\/p>\n Management Comments<\/b><\/p>\n \n\u201cIn our first months as a public company, WhiteHawk has demonstrated well our unique value proposition,\u201d stated Daniel Herz, Chairman, President and Chief Executive Officer of WhiteHawk. \u201cWe benefit directly from our best-in-class operators\u2019 performance and growth potential, with no associated capital expenditures, and minimal operating expenses. Furthermore, we have successfully executed on our dual prong acquisition strategy, driving free cash flow and net asset value per share, signing definitive agreements for both a large strategic transaction, as well as ground game transactions. We expect these attributes to drive meaningful value for shareholders in the short, medium and long term.\u201d<\/p>\n Acquisition Update<\/b><\/p>\n \nSince the completion of the company\u2019s IPO, WhiteHawk has signed definitive agreements for nine acquisitions of natural gas mineral and royalty interests in the Marcellus, Utica, and Haynesville Shale with an aggregate purchase price of $111.8 million, with some remaining subject to customary closing conditions. The transactions are anchored by approximately $105.0 million of assets expected to be acquired from San Jacinto Minerals II (\u201cSJM II\u201d), which include Appalachia acreage in which WhiteHawk already owns an interest, together with incremental core acreage in the Haynesville.<\/p>\n \n\u201cWe are pleased to be adding significant positions in the core of Appalachia and the Haynesville at valuations well within our target return parameters,\u201d said Matthew Heinlein, Vice President & Head of Corporate Development and Strategy. \u201cWith the majority of the purchase price allocated to SJM II\u2019s Marcellus and Utica assets, we are increasing our ownership in acreage where we already have an established position, significant asset-level data and a deeply informed view of underlying value dating back to our initial investment in September 2024. With approximately $3 billion to $5 billion of private equity-backed mineral assets across Appalachia and the Haynesville, our longstanding relationships with management teams and sponsors across these basins continue to create differentiated, proprietary acquisition opportunities, and we believe our acquisition pipeline has never been stronger.\u201d<\/p>\n \nWhiteHawk’s signed acquisitions including both ground game and SJM II, include more than 1,700 producing wells, 160 wells in process, 85 permitted locations, and 2,500 undeveloped locations. The assets to be acquired are expected to generate approximately 16 million cubic feet equivalent per day (\u201cMMcfe\/d\u201d) and 17 MMcfe\/d in 2027 and 2028, respectively. The added production is anticipated to add approximately $17.0 million and $18.5 million of incremental cash flow at current strip pricing in 2027 and 2028, respectively. Upon closing, the acquisitions are expected to be immediately accretive to Cash Available for Distribution per Share.<\/p>\n \nWhiteHawk expects to fund the $111.8 million purchase price through a combination of $50.0 million of to be issued Series E Preferred Stock, with the remainder of the proceeds funded through the Company\u2019s cash on hand and borrowings on its revolving credit facility. The Series E Preferred Stock will rank senior to the Company\u2019s common stock and to each other class and series of the Company\u2019s capital stock and will pay a monthly cash dividend at an annual rate of 10% through March 31, 2027, 12% through December 31, 2028, and if still outstanding, 14% thereafter, subject to a minimum return of 1.05x of invested capital. The Series E Preferred Stock is expected to close in late September, concurrently with the SJM II acquisition.<\/p>\n Summary of Acquisitions Signed Since IPO<\/i><\/p>\n Metric<\/b><\/p>\n<\/td>\n Amount<\/b><\/p>\n<\/td>\n<\/tr>\n \nNumber of acquisitions<\/p>\n<\/td>\n \n9 transactions<\/p>\n<\/td>\n<\/tr>\n \nTotal purchase price<\/p>\n<\/td>\n \n$111.8 million<\/p>\n<\/td>\n<\/tr>\n \nGross unit acres<\/p>\n<\/td>\n \n~700,000<\/p>\n<\/td>\n<\/tr>\n \nNet royalty acres (normalized to 1\/8th)<\/p>\n<\/td>\n \n11,810<\/p>\n<\/td>\n<\/tr>\n \nAverage NRI<\/p>\n<\/td>\n \n0.21%<\/p>\n<\/td>\n<\/tr>\n \nProducing (PDP) locations<\/p>\n<\/td>\n \n>1,700<\/p>\n<\/td>\n<\/tr>\n \nWells in process and permits<\/p>\n<\/td>\n \n>245<\/p>\n<\/td>\n<\/tr>\n \nUndeveloped locations<\/p>\n<\/td>\n \n>2,500<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Operations Update<\/b><\/p>\n \nWhiteHawk\u2019s second quarter net production averaged 70.0 MMcfe\/d, an increase of 57% from 44.7 MMcfe\/d in the second quarter of 2025 and an increase of 9% from 64.3 MMcfe\/d in the first quarter of 2026. Second quarter volumes were 5,384,204 Mcf of natural gas, 110,353 barrels of NGLs and 53,847 barrels of oil, or 6,369,404 Mcfe in total, 85% of which was natural gas.<\/p>\n \nDuring the last twelve months, 525 gross wells (1.91 net wells) were turned in line across WhiteHawk\u2019s acreage.<\/p>\n \nIn Appalachia the Company\u2019s four largest operators (EQT, Antero, Range and CNX) represented 96% of WhiteHawk\u2019s total Appalachia production over the last twelve months. Over the last twelve months approximately 43% of those four operators\u2019 gross production paid WhiteHawk royalties. The Company\u2019s 975,000 gross unit acre position captured approximately 46% of all Appalachia wells turned in line by these operators during the last twelve months. WhiteHawk has a five-year capture rate of 45% in Appalachia.<\/p>\n \nIn the Haynesville the Company\u2019s four largest operators (Expand, Adamas, Comstock Resources Inc (NYSE: CRK) (\u201cComstock\u201d) and Tokyo Gas Co. Ltd (\u201cTokyo Gas\u201d)) represented 58% of WhiteHawk\u2019s total Haynesville production over the last twelve months. Over the last twelve months approximately 45% of those four operators\u2019 gross production paid WhiteHawk royalties. The Company\u2019s 725,000 gross unit acre position captured approximately 42% of all wells turned in line by these operators during the last twelve months. WhiteHawk has a five-year capture rate of 47% in the Haynesville.<\/p>\n Second Quarter 2026 Financial Results<\/b><\/p>\n \nTotal revenue of $29.1 million, including $6.7 million of unrealized hedge gains and $3.3 million of gathering, processing, transportation, and lease operating expenses, an increase of 38% over the second quarter 2025 and 40% over the first quarter 2026. Average realized natural gas prices for the second quarter of 2026 were $3.43 per Mcf including hedge settlements and $2.42 per Mcf before the effects of hedge settlements, compared to Henry Hub first-of-month pricing that averaged $2.90 per MMBtu for the quarter. Average realized crude oil prices for the second quarter of 2026 were $71.58 including hedge settlements and $93.00 per barrel of oil before the effects of hedge settlements. The Company realized $29.07 per barrel of NGLs. WhiteHawk protects a substantial portion of its revenue through its hedge instruments, with 96% of natural gas production hedged for the second quarter of 2026. Please see below for a table of the Company\u2019s hedge positions as of August 12, 2026.<\/p>\n \nWhiteHawk\u2019s Adjusted EBITDA was $20.7 million for the second quarter 2026. The Company\u2019s Adjusted EBITDA for the quarter represents a 104% increase over the second quarter 2025 and 19% increase over the first quarter 2026. General and administrative expenses excluding stock-based compensation and non-recurring transaction costs for the second quarter 2026 were $1.8 million. Total general and administrative expenses were $4.3 million, including $1.7 million of non-recurring expenses associated with the Company\u2019s IPO, and $0.9 million of non-cash stock-based compensation.<\/p>\n \nNet loss for the second quarter of 2026 was $39.2 million, or $2.54 per share, compared to a net loss of $0.2 million in the second quarter of 2025. The net loss for the second quarter of 2026 includes several non-recurring costs associated with the Company\u2019s initial public offering and corporate reorganization that management does not consider indicative of ongoing operations, including a $21.7 million loss on extinguishment of debt in connection with the repayment of $187.4 million of senior secured notes, $15.8 million of non-recurring management and incentive fees paid in connection with the internalization of the Company\u2019s manager, and a $1.7 million non-cash change in the fair value of the earnout liability.<\/p>\n Financial Results<\/i><\/p>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n5,384,204<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,770,877<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n53,847<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,905<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n110,353<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n43,885<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,369,404<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,063,617<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n69,993<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n44,655<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2.42<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2.78<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n93.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n61.94<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n29.07<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n23.54<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.34<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2.91<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.43<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.30<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n71.58<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n61.94<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4.02<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.39<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n17,813<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,306<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n10,984<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,726<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n280<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n85<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n29,077<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n4,379<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,596<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n15,841<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,173<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n10,198<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,978<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n30,418<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17,747<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(1,341<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,370<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n21,722<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,839<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1,694<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n5,034<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,345<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(29,791<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,814<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n9,414<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,595<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(39,205<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(219<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n115<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(4,420<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,367<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(43,510<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(2,586<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(2.54<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.47<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n June 30,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n13,229<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n28,989<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n8,637<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,176<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n8,532<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,349<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2,150<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,410<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n32,548<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45,924<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n477,633<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n460,586<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n215<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n275<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n7,892<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n353<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n518,288<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n507,138<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n9,020<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,177<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n3,300<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,158<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,516<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,275<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n10,841<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n179<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n176<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n23,340<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,302<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n68,070<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n227,985<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,329<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n121<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n15,076<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n801<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,669<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n329<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n316<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n107,647<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n270,722<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n34,763<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27,662<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n333,792<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n223,900<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(55,299<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(15,146<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n278,493<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n208,754<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n97,385<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n375,878<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n208,754<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n518,288<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n507,138<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Six Months Ended \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(40,268<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(8,312<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(7,051<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(370<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n19,863<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,177<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1,408<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n496<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n364<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n21,722<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,839<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1,694<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n5,932<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,595<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1,539<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,371<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(740<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(801<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(274<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,097<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n7,842<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(830<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(5,461<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n833<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n6,702<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,969<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(36,836<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(115,003<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(2,882<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(192,782<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(39,718<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(307,785<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n186,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(187,410<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,250<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(8,222<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,712<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n214,389<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n105,805<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n18,541<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,520<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n56,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n37,768<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(854<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(140<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(19,000<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(10,182<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(37,780<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(794<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(1,258<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(615<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,041<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(3,022<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(4,662<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,393<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(52<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n17,256<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n319,380<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(15,760<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,626<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n28,989<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,330<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n13,229<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n12,956<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n10,954<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5,915<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n1,898<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n1,534<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(7,542<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,728<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n N<\/i>on-GAAP financial measures<\/i><\/p>\n \nAdjusted EBITDA for the second quarter of 2026 was $20.7 million. Cash Available for Distribution was $17.4 million, or $0.63 per share (\u201cCAD per Share\u201d), which includes 23,795,450 shares of Class A common stock and 3,750,000 of Class B common stock outstanding as of June 30, 2026. A reconciliation of Adjusted EBITDA, Cash Available for Distribution and CAD per Share to their most directly comparable GAAP measures is provided in the tables at the end of this release.<\/p>\n \nAdjusted EBITDA, Cash Available for Distribution, and CAD per Share are supplemental non-GAAP financial measures used by WhiteHawk’s management and by external users of the Company’s financial statements such as investors, research analysts and others that the Company\u2019s management believes are useful to assess the financial performance of the Company\u2019s assets and their ability to sustain dividends and\/or share repurchases over the long term without regard to financing methods, capital structure or historical cost basis. WhiteHawk defines Adjusted EBITDA as net income (loss) before interest expense, income taxes, and depletion, depreciation and accretion, further adjusted to exclude stock-based compensation, loss on extinguishment of debt, changes in the fair value of the earnout liability, non-recurring management and incentive fees, and unrealized gains and losses on commodity derivative instruments. We reconcile Adjusted EBITDA to net income (loss), its most directly comparable GAAP measure.<\/p>\n \nWe define Cash Available for Distribution as net cash provided by operating activities excluding amortization of debt issuance costs, interest expense, net, transaction costs, deferred taxes, provision for income taxes, management fees, and changes in operating assets and liabilities, plus or minus amounts for certain non-cash operating activities, cash interest expense, cash taxes and cash preferred dividends. We reconcile Cash Available for Distribution to net cash provided by operating activities, its most directly comparable GAAP measure. We define CAD per Share as Cash Available for Distribution divided by [the number of shares of Class A common stock and Class B common stock outstanding at the end of the applicable period]. We reconcile CAD per Share to net cash provided by operating activities per share, its most directly comparable GAAP measure.<\/p>\n \nAdjusted EBITDA, Cash Available for Distribution and CAD per Share do not represent and should not be considered alternatives to, or more meaningful than, their most directly comparable GAAP financial measures or any other measure of financial performance presented in accordance with GAAP as measures of the Company\u2019s financial performance. The Company\u2019s non-GAAP financial measures have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP financial measure. The Company\u2019s computations of Adjusted EBITDA, Cash Available for Distribution and CAD per Share may differ from computations of similarly titled measures of other companies.<\/p>\n \nCertain forward-looking statements in this press release, including expected accretive impact of the pending acquisitions to Cash Available for Distribution per Share and net asset value per share, include or may reference forward-looking non-GAAP financial measures. Due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred, including commodity prices, production volumes, operating costs and other factors, the Company has not provided a reconciliation to the most comparable forward-looking GAAP measures. The variability of these items may have a significant impact on the Company\u2019s future GAAP financial results.<\/p>\n Reconciliation of Net Income (Loss) to Adjusted EBITDA<\/b><\/p>\n (in thousands)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n(39,205<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,034<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,198<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,414<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,841<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,655<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,722<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n925<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,694<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,691<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n20,659<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(a) Reflects the inclusion of non-recurring transaction expenses associated with the Company\u2019s initial public offering<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n
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\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n WhiteHawk Minerals Corp.<\/b><\/td>\n<\/tr>\n \n SELECTED OPERATING DATA<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Production Data:<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Natural gas (Mcf)<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Oil (Bbls)<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Natural gas liquids (Bbls)<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Combined volumes (Mcfe)<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Average daily combined volume (Mcfe\/d)<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Average sales prices:<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Natural gas (Mcf)<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Oil (Bbls)<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Natural gas liquids (Bbls)<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Combined per Mcfe<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Average realized price after effects of hedge settlements:<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Natural gas (Mcf)<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Oil (Bbls)<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Combined per Mcfe<\/td>\n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n \n
\n WhiteHawk Minerals Corp.<\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/td>\n<\/tr>\n \n (In thousands, except per share amounts)<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenues:<\/b><\/td>\n \n \n \n <\/tr>\n \n Royalty revenue<\/td>\n \n \n \n \n \n \n \n \n \n Gain (loss) on commodity derivative instruments<\/td>\n \n \n \n \n \n \n \n \n \n Lease bonus and other revenue<\/td>\n \n \n \n \n \n \n \n \n \n Total revenue<\/td>\n \n \n \n \n \n \n \n \n \n Operating expenses:<\/b><\/td>\n \n \n \n <\/tr>\n \n General and administrative<\/td>\n \n \n \n \n \n \n \n \n \n Management fees<\/td>\n \n \n \n \n \n \n \n \n \n Depletion, depreciation and accretion<\/td>\n \n \n \n \n \n \n \n \n \n Total operating expenses<\/td>\n \n \n \n \n \n \n \n \n \n Operating income (loss)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Other expense:<\/b><\/td>\n \n \n \n <\/tr>\n \n Loss on extinguishment of debt<\/td>\n \n \n \n \n \n \n \n \n \n Change in fair value of earnout liability<\/td>\n \n \n \n \n \n \n \n \n \n Interest expense, net<\/td>\n \n \n \n \n \n \n \n \n \n Income (loss) before income taxes<\/td>\n \n \n \n \n \n \n \n \n \n Provision for (benefit from) income taxes<\/td>\n \n \n \n \n \n \n \n \n \n Net income (loss)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Net (income) loss attributable to non-controlling interests<\/td>\n \n \n \n \n \n \n \n \n \n Earnings allocated to participating securities<\/td>\n \n \n \n \n \n \n \n \n \n Net income (loss) attributable to common stockholders<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income (loss) per common share attributable to common stockholders:<\/b><\/td>\n \n \n \n <\/tr>\n \n Class A common shares (basic and diluted)<\/td>\n \n \n \n \n \n \n \n \n \n
\n WhiteHawk Minerals Corp.<\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/td>\n<\/tr>\n \n (In thousands)<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n ASSETS<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Current assets:<\/b><\/td>\n \n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n \n Accounts receivable<\/td>\n \n \n \n \n \n \n \n \n \n Short-term derivative asset<\/td>\n \n \n \n \n \n \n \n \n \n Other current assets<\/td>\n \n \n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n \n \n Natural gas and oil mineral interests, net – successful efforts method<\/td>\n \n \n \n \n \n \n \n \n \n Other property and equipment, net<\/td>\n \n \n \n \n \n \n \n \n \n Other assets<\/td>\n \n \n \n \n \n \n \n \n \n Total assets<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n LIABILITIES , MEZZANINE EQUITY AND EQUITY<\/b><\/td>\n \n \n \n <\/tr>\n \n Current liabilities:<\/b><\/td>\n \n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n \n \n Accrued liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Accrued dividends<\/td>\n \n \n \n \n \n \n \n \n \n Senior notes, current portion<\/td>\n \n \n \n \n \n \n \n \n \n Earnout liability, current portion<\/td>\n \n \n \n \n \n \n \n \n \n Operating lease liabilities, current portion<\/td>\n \n \n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Senior notes, net of unamortized debt issuance costs and current portion<\/td>\n \n \n \n \n \n \n \n \n \n Deferred tax liability<\/td>\n \n \n \n \n \n \n \n \n \n Operating lease liabilities, net of current portion<\/td>\n \n \n \n \n \n \n \n \n \n Earnout liability, net of current portion<\/td>\n \n \n \n \n \n \n \n \n \n Long-term derivative liability<\/td>\n \n \n \n \n \n \n \n \n \n Asset retirement obligation<\/td>\n \n \n \n \n \n \n \n \n \n Total liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Mezzanine equity:<\/b><\/td>\n \n \n \n <\/tr>\n \n Series B Preferred Stock<\/td>\n \n \n \n \n \n \n \n \n \n Equity:<\/b><\/td>\n \n \n \n <\/tr>\n \n Class A common stock<\/td>\n \n \n \n \n \n \n \n \n \n Class T common stock<\/td>\n \n \n \n \n \n \n \n \n \n Class I common stock<\/td>\n \n \n \n \n \n \n \n \n \n Class B common stock<\/td>\n \n \n \n \n \n \n \n \n \n Additional paid in capital<\/td>\n \n \n \n \n \n \n \n \n \n Accumulated deficit<\/td>\n \n \n \n \n \n \n \n \n \n Shareholders’ equity of WhiteHawk Minerals Corp.<\/td>\n \n \n \n \n \n \n \n \n \n Non-controlling interest<\/td>\n \n \n \n \n \n \n \n \n \n Total equity<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Total liabilities, mezzanine equity and equity<\/b><\/td>\n \n \n \n \n \n \n \n \n \n
\n WhiteHawk Minerals Corp.<\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS<\/b><\/td>\n<\/tr>\n \n (In thousands)<\/b><\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n
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<\/b>June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n Cash flow from operating activities:<\/td>\n \n \n \n <\/tr>\n \n Net income (loss)<\/td>\n \n \n \n \n \n \n \n \n \n Adjustments to reconcile net income (loss) to net cash provided by operating activities:<\/td>\n \n \n \n <\/tr>\n \n Unrealized (gain) loss on commodity derivative instruments<\/td>\n \n \n \n \n \n \n \n \n \n Depletion, depreciation and accretion<\/td>\n \n \n \n \n \n \n \n \n \n Stock-based compensation<\/td>\n \n \n \n \n \n \n \n \n \n Amortization of debt issuance costs<\/td>\n \n \n \n \n \n \n \n \n \n Loss on extinguishment of debt<\/td>\n \n \n \n \n \n \n \n \n \n Change in fair value of earnout liability<\/td>\n \n \n \n \n \n \n \n \n \n Deferred income taxes<\/td>\n \n \n \n \n \n \n \n \n \n Changes in operating assets and liabilities (net of assets and liabilities acquired)<\/td>\n \n \n \n <\/tr>\n \n Accounts receivable<\/td>\n \n \n \n \n \n \n \n \n \n Other current assets<\/td>\n \n \n \n \n \n \n \n \n \n Other assets<\/td>\n \n \n \n \n \n \n \n \n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n \n \n Accrued liabilities and other liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Net cash provided by (used in) operating activities<\/td>\n \n \n \n \n \n \n \n \n \n Cash flows from investing activities:<\/td>\n \n \n \n <\/tr>\n \n Purchases of oil and gas properties, net of post-close adjustments<\/td>\n \n \n \n \n \n \n \n \n \n Internalization, net of cash<\/td>\n \n \n \n \n \n \n \n \n \n Acquisition of PHX, net of cash<\/td>\n \n \n \n \n \n \n \n \n \n Net cash provided by (used in) investing activities<\/td>\n \n \n \n \n \n \n \n \n \n Cash flows from financing activities:<\/td>\n \n \n \n <\/tr>\n \n Proceeds from Senior Notes<\/td>\n \n \n \n \n \n \n \n \n \n Repayment of Senior Notes<\/td>\n \n \n \n \n \n \n \n \n \n Deferred financing costs<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from the issuance of common stock, net<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from the issuance of Series B preferred stock, net<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from the issuance of Series C preferred stock, net<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from the issuance of Series D preferred stock, net<\/td>\n \n \n \n \n \n \n \n \n \n Common stock redemptions<\/td>\n \n \n \n \n \n \n \n \n \n Series A Preferred Stock redemptions<\/td>\n \n \n \n \n \n \n \n \n \n Series B Preferred Stock redemptions<\/td>\n \n \n \n \n \n \n \n \n \n Series D Preferred Stock redemptions<\/td>\n \n \n \n \n \n \n \n \n \n Dividends paid to Series A Preferred Stock<\/td>\n \n \n \n \n \n \n \n \n \n Dividends paid to Series B Preferred Stock<\/td>\n \n \n \n \n \n \n \n \n \n Dividends paid to Series C Preferred Stock<\/td>\n \n \n \n \n \n \n \n \n \n Dividends paid to Series D Preferred Stock<\/td>\n \n \n \n \n \n \n \n \n \n Dividends paid to common stock<\/td>\n \n \n \n \n \n \n \n \n \n Dividend equivalent rights paid<\/td>\n \n \n \n \n \n \n \n \n \n Net cash provided by (used in) financing activities<\/td>\n \n \n \n \n \n \n \n \n \n Net increase (decrease) in cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n \n Cash and cash equivalents, beginning of period<\/td>\n \n \n \n \n \n \n \n \n \n Cash and cash equivalents, end of period<\/td>\n \n \n \n \n \n \n \n \n \n Supplemental disclosure of cash flow information:<\/b><\/td>\n \n \n \n <\/tr>\n \n Cash paid for interest<\/td>\n \n \n \n \n \n \n \n \n \n Cash paid for income taxes<\/td>\n \n \n \n \n \n \n \n \n \n Non-cash investing and financing activities:<\/b><\/td>\n \n \n \n <\/tr>\n \n Dividends paid to common stock holders through common stock issuances pursuant to distribution reimbursement plan<\/td>\n \n \n \n \n \n \n \n \n \n Change in dividends declared but not yet paid<\/td>\n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months<\/b><\/td>\n <\/tr>\n \n \n \n Ended<\/b><\/td>\n <\/tr>\n \n \n \n June 30, 2026<\/b><\/td>\n <\/tr>\n \n Net income (loss)<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Interest expense, net<\/td>\n \n \n \n \n <\/tr>\n \n Depletion, depreciation and accretion<\/td>\n \n \n \n \n <\/tr>\n \n Income tax expense (benefit)<\/td>\n \n \n \n \n <\/tr>\n \n Management fees<\/td>\n \n \n \n \n <\/tr>\n \n Unrealized loss (gain) on commodity derivative instruments<\/td>\n \n \n \n \n <\/tr>\n \n Loss on extinguishment of debt<\/td>\n \n \n \n \n <\/tr>\n \n Stock-based compensation<\/td>\n \n \n \n \n <\/tr>\n \n Change in fair value of earnout liability<\/td>\n \n \n \n \n <\/tr>\n \n Transaction costs<\/td>\n \n \n \n \n (a)<\/td>\n<\/tr>\n \n Adjusted EBITDA<\/b><\/td>\n \n \n \n \n <\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n