WhiteHawk Minerals (WHK) Q2 2026 Earnings Call: Production Growth, Acquisitions and Dividend
Source Tradingkey
Key Takeaways
- Net production averaged approximately 70 MMcfe/d, up 57% from Q2 2025 and 9% from Q1 2026, supported by more than 11,500 producing wells.
- Operating revenue, including realized hedge gains, was $25.7 million. Adjusted EBITDA reached $20.7 million, while cash available for distribution was $17.4 million, or $0.63 per share.
- WhiteHawk signed approximately $112 million of acquisitions within two months of its IPO. Management expects the acquired assets to add about 16 MMcf/d of production and $17 million of incremental cash flow in 2027.
- The board initiated a quarterly dividend of $0.50 per share, equivalent to $2.00 annualized. The first prorated dividend is $0.11 per share.
- WhiteHawk ended the quarter with $55.5 million of net debt, an undrawn $150 million revolving credit facility and leverage of 0.67x.
- Management plans to maintain its rolling hedge framework of approximately 90% of expected production for the next 12 months, 80% for the following 12 months and 60% in year three.
Core Financial Data
| Metric | Q2 2026 | Change or context |
|---|---|---|
| Net production | Approximately 70 MMcfe/d | Up 57% year over year and 9% quarter over quarter |
| Average realized natural gas price | $3.43/Mcf | Includes hedge settlements; $2.42/Mcf before settlements |
| Operating revenue | $25.7 million | Includes realized hedge gains |
| GAAP total revenue | $29.1 million | Includes $6.7 million of unrealized mark-to-market hedge gains |
| Total asset cash flow | $22.4 million | Up 10% from $20.4 million in Q1 2026 |
| Adjusted EBITDA | $20.7 million | After $1.78 million of G&A expense, excluding specified nonrecurring costs |
| Cash available for distribution | $17.4 million | $0.63 per share |
| GAAP net loss | $39.2 million | Included IPO, debt extinguishment and manager internalization-related items |
| Net debt | $55.5 million | Quarter-end leverage of 0.67x |
| Quarterly dividend | $0.50 per share | $2.00 annualized; initial prorated dividend of $0.11 per share |
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