For the past couple of years, oil and gas has had few businesses that could court investors like minerals and royalties companies.

The darlings of the sector, public mineral companies traded at a premium to their E&P cousins and even launched successful IPOs as production companies tried and failed to get aloft in the same markets. A relatively small pool of companies—concentrated around Black Stone Minerals LP, Brigham Minerals Inc., Falcon Min­erals Corp., Kimbell Royalty Partners LP and Viper En­ergy Partners LP—has been able to consistently do A&D without alienating investors and access capital through the equity market.

But heavy is the head that wears the crown, and after burning so bright, minerals and royalties companies find themselves more clearly beholden than ever to a vastly weakened oil and gas space.

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Onshore