In short: Special-situation royalty #2: the recent IPO and "first pure play publicly traded natural gas royalty business" (ex-Falcon Minerals team). Assembled fragmented Marcellus/Utica packages under operators like EQT, then Haynesville for Gulf export; upward view on gas plus a narrowing basis discount to Henry Hub, and it's "really the only natural scale buyer" — a long runway of accretive M&A. Thin coverage (RBC, Raymond James) should widen with deals.
WhiteHawk owns royalties on natural-gas wells — it doesn't drill, it just takes a slice of the revenue when operators like EQT produce gas on its acreage in Appalachia (Marcellus/Utica) and East Texas (Haynesville). It recently listed on the NYSE as the first publicly traded pure-play gas royalty company.
Gas royalties have been hard to buy because ownership is scattered into small packages; WhiteHawk's team has patiently stitched them together and is the natural buyer as other owners sell. Davolos is upbeat on gas (data-center power, LNG exports) and expects the discount its regional gas sells at versus the US benchmark to narrow — plus a long runway of acquisitions on top of a 10–12% base return.
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.
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