WhiteHawk Minerals (WHK) Investor presentation summary

Strategic positioning and asset base

• Operates as a natural gas-focused minerals and royalties company with ~3.6 million gross unit acres in the Marcellus and Haynesville basins, covering ~13% of 2025 U.S. dry gas production.

• Completed eight large acquisitions since 2022, consolidating a fragmented market and leveraging management’s deep industry relationships.

• Holds ~975,000 gross unit acres in Appalachia and ~725,000 in Haynesville, with assets underlying top-tier operators and direct exposure to LNG and AI-driven demand growth.

• Portfolio includes 9 post-IPO acquisitions totaling $111.8 million and ~700,000 acres, with a 2027E cash flow of $17 million and 2028E of $18.5 million.

Financial performance and capital allocation

• Q2 2026 net production reached 70.0 MMcfe/d, with adjusted EBITDA of $20.7 million and cash available for distribution of $17.4 million.

• Cash available for distribution per share was $0.63, with a common equity cash dividend of $0.11 per share (annualized $2.00/share, prorated for IPO timing).

• Total capitalization as of June 30, 2026, was $844.1 million, including $68.7 million in debt and $728.9 million in common equity.

• High-margin, capital-light business model supports robust and consistent shareholder distributions, with 49 consecutive months of dividends through IPO.

Market trends and growth drivers

• Positioned to benefit from a projected ~25% increase in U.S. natural gas demand by 2031, driven by AI/data centers, new power plants, and LNG export growth.

• Appalachia acreage is at the epicenter of AI-driven electricity growth, with up to 11.1 Bcf/d of incremental demand identified near its assets.

• Haynesville assets are set to capitalize on U.S. LNG export capacity growth from ~17 Bcf/d to ~45 Bcf/d by 2031, with most exports targeting higher-priced Asian and European markets.