WhiteHawk Energy closed a $187 million acquisition of PHX Minerals. (Source: Shutterstock.com)
WhiteHawk Energy closed a takeover of publicly traded minerals and royalties firm PHX Minerals.
PHX’s shares ceased trading before markets opened on June 23 and will be delisted from the New York Stock Exchange, the companies announced. PHX became a wholly owned subsidiary of WhiteHawk Income Corp. upon completion of the merger.
The transaction valued PHX at $4.35 per share, or $187 million, including net debt.
The deal adds PHX’s portfolio of 1.8 million gross unit acres of natural gas mineral and royalty assets. PHX’s assets included holdings in the Haynesville Shale and the Midcontinent SCOOP-STACK plays.
WhiteHawk’s portfolio of 1.3 million gross unit acres is heaviest in the Marcellus and Haynesville plays.
The combined company will manage 3.1 million gross unit acres and cash flow from 10,163 producing wells. The combined firm will also have 368 wells in progress, 330 permitted locations and 7,250 undeveloped locations.
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WhiteHawk Buys PHX Minerals for $187MM, Expands into Midcontinent
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