WhiteHawk Minerals is a natural gas mineral and royalty company that owns mineral rights across major U.S. producing regions, primarily the Appalachian and Haynesville Basins as well as the Mid-Continent. The company does not operate wells, explore for resources, or fund drilling and development costs. Instead, third-party exploration and production operators drill and produce natural gas, natural gas liquids, and oil on WhiteHawk's acreage and remit monthly royalty payments based on production revenue. WhiteHawk operates a capital-light business model with minimal ongoing operating expenses and no capital expenditure obligations. In addition to royalty income, the company occasionally generates revenue from upfront lease bonuses when leasing unleased acreage to operators. WhiteHawk expands its asset base through acquisitions of large mineral and royalty packages from institutional sellers and smaller purchases from individual landowners, while also benefiting from organic production growth as operators develop its undeveloped acreage.