Natural gas mineral and royalty business WhiteHawk filed for a U.S. initial public offering on Monday, disclosing a 615% revenue surge in 2025, as higher oil prices spur fresh energy listings.
The Philadelphia, Pennsylvania-based company reported a net loss of $3.6 million on revenue of $67.6 million in the year ended December 31, compared with a net loss of $11.6 million on revenue of $9.5 million a year earlier.
The offering comes as the conflict in the Middle East has sent crude prices higher, boosting the appeal of U.S. energy assets and paving the way for more oil and gas issuers to tap the new listing market.
Drilling equipment maker HMH went public in New York in April, while Permian-focused EagleRock is poised to debut later this week.
Founded in 2022, WhiteHawk manages natural gas mineral and royalty interests across roughly 3.4 million gross unit acres in U.S. basins, focused primarily on the Appalachian and Haynesville basins as of December 31.
Roughly 13% of natural gas produced in the U.S. pays royalties to WhiteHawk, according to its prospectus.
"Royalty businesses can be attractive within the sector because they offer exposure to commodity prices and drilling activity without the same spending burden as traditional oil and gas producers," IPOX Associate Lukas Muehlbauer told Reuters.
"WhiteHawk is planning to pay regular dividends, which can add to the appeal for investors looking for income as well as energy exposure."
Demand for natural gas has also been lifted by the rapid artificial intelligence buildout and expanding U.S. liquefied natural gas exports to European and Asian buyers.
WhiteHawk, which plans to sell new shares in the offering, has bulked up through eight major acquisitions since its inception.
Raymond James, Stifel, and J.P. Morgan are the joint lead bookrunners. WhiteHawk will list on the NYSE under the symbol "WHK".
