WhiteHawk Minerals (WHK) Q3 2026 earnings summary

Executive summary

• Q3 production averaged 71.3 MMcfe/d, up 10% YoY and 2% QoQ; net income was $6.9M and Adjusted EBITDA was $21.1M.

• Signed 13 acquisitions totaling $45.5M; declared a $0.50/share quarterly dividend, or $2.00 annualized.

Financial highlights

• Revenue was $21.5M, down 11% YoY and 26% QoQ, mainly reflecting lower unrealized derivative gains; revenue included $1.4M of unrealized derivative losses.

• Net income was $6.9M versus $2.1M in Q3 2025 and a $39.2M net loss in Q2 2026; Adjusted EBITDA was $21.1M versus $16.7M and $20.7M, respectively.

• Net cash provided by operating activities was $10.4M; Cash Available for Distribution was $18.0M and Acquisition Adjusted Cash Available for Distribution was $20.8M.

• Average realized natural gas price was $3.50/Mcf including hedge settlements and $2.53/Mcf before settlements; oil was $67.00/Bbl including hedges and NGLs were $20.15/Bbl.

Outlook and guidance

• Signed acquisitions are expected to contribute 5.8 MMcfe/d in 2027 and 6.8 MMcfe/d in 2028, adding $5.6M and $7.5M of cash flow at current strip pricing, respectively.

• Acquisitions are expected to be immediately accretive to Cash Available for Distribution upon closing; some transactions remain subject to customary closing conditions.

• Q4 results are expected to include a full quarter of the SJM II Acquisition and results from the SJM II-November Transaction from its November 12 closing.