NYSE: WHK
WhiteHawk Minerals Corp.CIK 0001921603 · SIC 1311 · Crude Petroleum & Natural Gas
Mid by assets
Assets $518M
as of Sep 6, 2026
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10-Q
Filed Aug 13, 2026
· Period ending Jun 30, 2026
Red flag
WhiteHawk completes IPO, internalizes management, reports -$39.2M net loss
5 material changes detected. Sign up free to read the summary.
8-K
Filed Aug 12, 2026
· Period ending Aug 12, 2026
Summary not yet generated.
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8-K
Filed Jun 10, 2026
· Period ending Jun 9, 2026
Summary not yet generated.
424B4
Filed Jun 9, 2026
WhiteHawk Minerals Corp. prices $200.2M IPO of 7.7M Class A shares at $26.00
4 material changes detected. Sign up free to read the summary.
S-1/A
Filed Jun 5, 2026
Red flag
WhiteHawk Minerals S-1/A: adds $13.6M liquidity fee, revises goodwill, flags material weaknesses
5 material changes detected. Sign up free to read the summary.
S-1/A
Filed Jun 2, 2026
Summary not yet generated.
S-1/A
Filed May 26, 2026
Summary not yet generated.
S-1
Filed May 11, 2026
Summary not yet generated.
Latest financial statements
From 10-Q filed Aug 13, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Royalty revenue | 17,813 | 10,306 | 43,429 | 18,345 |
| Gain (loss) on commodity derivative instruments | 10,984 | 10,726 | 5,675 | 1,852 |
| Lease bonus and other revenue | 280 | 85 | 797 | 87 |
| Total revenue | 29,077 | 21,117 | 49,901 | 20,284 |
| Operating expenses: | ||||
| General and administrative | 4,379 | 9,596 | 7,971 | 10,487 |
| Management fees | 15,841 | 2,173 | 18,822 | 3,596 |
| Depletion, depreciation and accretion | 10,198 | 5,978 | 19,863 | 9,177 |
| Total operating expenses | 30,418 | 17,747 | 46,656 | 23,260 |
| Operating income (loss) | (1,341) | 3,370 | 3,245 | (2,976) |
| Other expense: | ||||
| Loss on extinguishment of debt | 21,722 | 3,839 | 21,722 | 3,839 |
| Change in fair value of earnout liability | 1,694 | - | 1,694 | - |
| Interest expense, net | 5,034 | 4,345 | 11,031 | 6,092 |
| Income (loss) before income taxes | (29,791) | (4,814) | (31,202) | (12,907) |
| Provision for (benefit from) income taxes | 9,414 | (4,595) | 9,066 | (4,595) |
| Net income (loss) | (39,205) | (219) | (40,268) | (8,312) |
| Net (income) loss attributable to non-controlling interests | 115 | - | 115 | - |
| Earnings allocated to participating securities | (4,420) | (2,367) | (5,507) | (3,540) |
| Net income (loss) attributable to common stockholders | (43,510) | (2,586) | (45,660) | (11,852) |
| Net Income (loss) per common share attributable to common stockholders: | ||||
| Common shares basic and diluted | (2.54) | (0.47) | (2.86) | (2.34) |
| Weighted average number of shares outstanding: | ||||
| Common shares basic and diluted | 17,144 | 5,461 | 15,948 | 5,060 |
Condensed Consolidated Balance Sheets
(In thousands, except par value and share amounts)
| Description | June 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| Assets: | ||
| Current assets: | ||
| Cash and cash equivalents | 13,229 | 28,989 |
| Accounts receivable | 8,637 | 10,176 |
| Short-term derivative asset | 8,532 | 5,349 |
| Other current assets | 2,150 | 1,410 |
| Total current assets | 32,548 | 45,924 |
| Natural gas and oil mineral interests, net successful efforts method | 477,633 | 460,586 |
| Other property and equipment, net | 215 | 275 |
| Other assets | 7,892 | 353 |
| Total assets | 518,288 | 507,138 |
| Liabilities, mezzanine equity and shareholders' equity: | ||
| Current liabilities: | ||
| Accounts payable | 9,020 | 1,177 |
| Accrued liabilities | 3,300 | 1,158 |
| Accrued dividends | - | 7,516 |
| Senior notes, current portion | - | 6,275 |
| Earnout liability, current portion | 10,841 | - |
| Operating lease liabilities, current portion | 179 | 176 |
| Total current liabilities | 23,340 | 16,302 |
| Senior notes, net of unamortized debt issuance costs | 68,070 | 227,985 |
| Deferred tax liability | - | 21,329 |
| Operating lease liabilities, net of current portion | 31 | 121 |
| Earnout liability, net of current portion | 15,076 | - |
| Long-term derivative liability | 801 | 4,669 |
| Asset retirement obligation | 329 | 316 |
| Total liabilities | 107,647 | 270,722 |
| Commitments and contingencies (See Note 14) | ||
| Mezzanine equity: | ||
| Series B Preferred stock, $0.0001 par value; 400,000 shares authorized; 46,483 and 35,524 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively, redemption value $46,483 and $35,524, respectively | 34,763 | 27,662 |
| Equity: | ||
| Class A common stock, $0.0001 par value; 250,000,000 and 7,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 23,795,450 and 6,518,383 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | - | - |
| Class T common stock, $0.0001 par value; 0 and 100,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 0 and 66,830 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | - | - |
| Class I common stock, $0.0001 par value; 0 and 9,100,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 0 and 8,050,883 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | - | - |
| Class B common stock; $0.0001 par value; 100,000,000 and 0 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 3,750,000 and 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | - | - |
| Additional paid in capital | 333,792 | 223,900 |
| Accumulated deficit | (55,299) | (15,146) |
| Stockholders equity in WhiteHawk Minerals Corp. | 278,493 | 208,754 |
| Non-controlling interest | 97,385 | - |
| Total equity | 375,878 | 208,754 |
| Total liabilities, mezzanine equity and equity | 518,288 | 507,138 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flow from operating activities: | ||
| Net income (loss) | (40,268) | (8,312) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Unrealized (gain) loss on commodity derivative instruments | (7,051) | (370) |
| Depletion, depreciation and accretion | 19,863 | 9,177 |
| Stock-based compensation | 1,408 | - |
| Amortization of debt issuance costs | 496 | 364 |
| Loss on extinguishment of debt | 21,722 | 3,839 |
| Change in fair value of earnout liability | 1,694 | - |
| Deferred income taxes | 5,932 | (4,595) |
| Changes in operating assets and liabilities (net of assets and liabilities acquired) | ||
| Accounts receivable | 1,539 | (4,371) |
| Other current assets | (740) | (801) |
| Other assets | (274) | 1,097 |
| Accounts payable | 7,842 | (830) |
| Accrued liabilities and other liabilities | (5,461) | 833 |
| Net cash provided by (used in) operating activities | 6,702 | (3,969) |
| Cash flows from investing activities: | ||
| Purchases of oil and gas properties, net of post-close adjustments | (36,836) | (115,003) |
| Internalization, net of cash acquired | (2,882) | - |
| Acquisition of PHX, net of cash acquired | - | (192,782) |
| Net cash provided by (used in) investing activities | (39,718) | (307,785) |
| Cash flows from financing activities: | ||
| Proceeds from Senior Notes | - | 186,000 |
| Repayment of Senior Notes | (187,410) | (3,250) |
| Deferred financing costs | (8,222) | (5,712) |
| Proceeds from the issuance of common stock, net | 214,389 | 105,805 |
| Proceeds from the issuance of Series B preferred stock, net | 18,541 | 7,520 |
| Proceeds from the issuance of Series C preferred stock, net | - | 56,000 |
| Proceeds from the issuance of Series D preferred stock, net | 37,768 | - |
| Common stock redemptions | (854) | (140) |
| Series A Preferred Stock redemptions | - | (19,000) |
| Series B Preferred Stock redemptions | (10,182) | - |
| Series D Preferred Stock redemptions | (37,780) | - |
| Dividends paid to Series A Preferred Stock | - | (794) |
| Dividends paid to Series B Preferred Stock | (1,258) | (615) |
| Dividends paid to Series C Preferred Stock | - | (2,041) |
| Dividends paid to Series D Preferred Stock | (3,022) | - |
| Dividends paid to common stock | (4,662) | (4,393) |
| Dividend equivalent rights paid | (52) | - |
| Net cash provided by (used in) financing activities | 17,256 | 319,380 |
| Net increase (decrease) in cash and cash equivalents | (15,760) | 7,626 |
| Cash and cash equivalents, beginning of period | 28,989 | 5,330 |
| Cash and cash equivalents, end of period | 13,229 | 12,956 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | 10,954 | 5,915 |
| Cash paid for income taxes | 1,898 | - |
| Non-cash investing and financing activities: | ||
| Dividends paid to common stockholders through common stock issuances pursuant to distribution reimbursement plan | 1,534 | - |
| Change in dividends declared but not yet paid | (7,542) | 1,728 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share data); (In thousands, except par value and share amounts); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗