In short: Background only: WhiteHawk's team previously ran a public royalty asset consolidated into what became Sitio, which then merged with Viper — the large, liquid oil-mineral royalty market gas royalties never matched.
34:32WhiteHawk is the first pure play publicly traded natural gas royalty business. It was a private business that was formulated by a management team that used to have a public asset that was consolidated by what ultimately became Sitio before it merged with Viper. And so everybody loves the oil mineral royalty business because it's large, it's liquid, and if you think about it on an energy equivalent basis, so gas is about $3.
In short: "Viper is currently unranked. I suspect I will reinitiate it with a five."
Viper owns mineral and royalty interests under Permian Basin acreage — it collects a share of the oil and gas produced without paying drilling or operating costs. Rick has it unranked at the moment and says "I suspect I will reinitiate it with a five," i.e. a middling grade once he finishes the work. Flagged as pending, not as a call.
30:55Viper is currently unranked. I suspect I will reinitiate it with a five. I have Cheniere as a five. Really, on a valuation basis, it should be a six, but they're in a really sweet spot in terms of the liquefied natural gas business right now. As long as the Gulf crisis continues and the world is unable to access Qatari gas, Cheniere's the best game in town. I don't think that lasts.
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