WhiteHawk Minerals is a natural gas mineral and royalty company that owns interests in acreage across the Marcellus and Haynesville Shales. WhiteHawk does not operate properties or drill wells. Instead, WhiteHawk leases mineral rights to third-party producers such as EQT, Range Resources, and Expand Energy. These operators bear all drilling, development, and operating costs. WhiteHawk earns passive income by collecting royalties, which represent a fixed percentage of revenue from natural gas, NGLs, and oil production. Because the WhiteHawk portfolio is mostly natural gas, Henry Hub pricing and operator drilling activity are the primary drivers of performance. The WhiteHawk business model requires no capital expenditures for well production, which results in high cash generation. WhiteHawk's strategy focuses on consolidating fragmented mineral assets through large-scale acquisitions from institutional sellers and smaller purchases via regional brokers. WhiteHawk targets acreage near LNG export terminals and regions with high natural gas demand from data centers and power plants. WhiteHawk intends to return the majority of available cash to shareholders through quarterly dividends.