WhiteHawk Announces $45.5 Million in Acquisitions, Declares $0.50 Dividend

WhiteHawk Minerals Corp. (NYSE: WHK) signed agreements for 13 acquisitions totaling $45.5 million and declared a $0.50 quarterly dividend in a Nov. 12 announcement, combining portfolio expansion with its third-quarter update.

Some of the agreements remain subject to customary closing conditions. WhiteHawk holds natural gas mineral and royalty interests in the Marcellus, Utica and Haynesville Shale.

The cash dividend applies to each share of Class A common stock. It is payable Nov. 30 to shareholders of record at the close of business Nov. 23; the record date determines which shareholders qualify for the payment.

The board described the quarterly payout as $2 per share on an annualized basis, equal to four quarterly payments. That annualized rate does not commit the board to future dividends, which remain at its discretion.

WhiteHawk set the $0.50 quarterly rate when it initiated quarterly dividends in August. Its first post-IPO dividend was prorated to $0.11 per share for the period from its June 10 IPO through June 30.

For the quarter ended Sept. 30, net production averaged 71.3 million cubic feet equivalent per day, up 10% from the year-earlier quarter. Net income was $6.9 million.

WhiteHawk also recorded $18 million in Cash Available for Distribution for the quarter, based on 27.9 million weighted-average Class A and Class B shares. WhiteHawk labels Cash Available for Distribution a non-GAAP liquidity measure; it says the figure should not be treated as funds available for dividends or other discretionary uses.