
WhiteHawk Energy Expands Marcellus Shale Holdings with $118 Million Acquisition
WhiteHawk Energy, LLC (“WhiteHawk” or the “Company”), a prominent player in the energy sector, has announced a significant acquisition that will expand its footprint in the Marcellus Shale region. The deal, valued at $118 million, effectively doubles the Company’s current ownership stake in its Marcellus Shale mineral and royalty interests. This acquisition, referred to as the “2025 Marcellus Acquisition,” encompasses 475,000 gross unit acres in Washington and Greene counties in Pennsylvania, core areas of the Marcellus Shale play. The assets covered by this acquisition are operated by some of the most respected natural gas operators in the industry, including EQT, Range Resources, and CNX Resources.
The transaction, which has an effective date of January 1, 2025, marks a continued expansion of WhiteHawk’s strategic holdings in the highly productive Marcellus Shale. The assets involved in the transaction have consistently outperformed expectations since WhiteHawk’s initial entry into the region in March 2022. This acquisition is the sixth major acquisition for WhiteHawk over the last three years, underscoring the Company’s aggressive expansion strategy and commitment to consolidating its position in one of the most prolific natural gas basins in North America.
A Growing Presence in the Marcellus Shale
The 2025 Marcellus Acquisition builds on WhiteHawk’s previous acquisitions and increases its already substantial holdings in the region. With this latest transaction, WhiteHawk now controls approximately 675,000 gross unit acres in the Marcellus Shale, making it one of the most significant stakeholders in the area. The Company’s assets in the region are highly productive, with approximately 2,068 horizontal shale wells currently in production. Additionally, WhiteHawk holds mineral and royalty interests in 141 wells that are currently in progress, 66 permitted wells, and an impressive inventory of 1,713 undeveloped Marcellus Shale locations.
The expansion also includes substantial upside potential in the underlying Utica Shale, which lies beneath the Marcellus play and offers additional opportunities for exploration and development. These assets are located in some of the best natural gas fields in the world, with the potential for continued growth in both production and cash flow.

WhiteHawk’s Marcellus Shale assets are primarily operated by some of the leading names in the natural gas industry. EQT, Range Resources, and CNX Resources together operate around 95% of WhiteHawk’s production and cash flow in the region. These operators are recognized for their industry-leading expertise, high-quality operations, and cost-effective drilling practices. As a result, WhiteHawk is able to benefit from proven and predictable production profiles, which provides the Company with a strong foundation for growth.
Strong Performance and Predictable Cash Flow
The 2025 Marcellus Acquisition is expected to generate immediate cash flow for WhiteHawk. The acquisition enhances the Company’s ability to capitalize on the long-term growth of its core Appalachia position, which is one of the most stable and low-cost natural gas basins in the U.S. WhiteHawk’s CEO, Daniel C. Herz, emphasized that the Marcellus Shale acquisition represents an ideal natural gas minerals position for the Company. “This Marcellus Shale acquisition is the ideal natural gas minerals position, combining best-in-class natural gas operators, proven and predictable production, and the lowest break-even drilling costs in the U.S.,” Herz stated.
The performance of WhiteHawk’s Marcellus Shale assets continues to exceed expectations, further solidifying the Company’s belief in the long-term viability of the region. The acquisition will allow WhiteHawk to gain additional production, access to line-of-sight development, and a strong portfolio of undeveloped locations that can be developed over time. This will help the Company maintain and increase its cash flow while continuing to enhance its portfolio of natural gas assets.
Expansion in the Haynesville Shale
In addition to its growing presence in the Marcellus Shale, WhiteHawk Energy also owns a significant stake in the Haynesville Shale, another leading natural gas basin in the United States. The Company’s Haynesville Shale assets cover approximately 375,000 gross unit acres and include production from 1,371 horizontal shale wells. WhiteHawk also holds mineral and royalty interests in 127 wells that are currently in progress, 189 permitted wells, and 966 undeveloped Haynesville locations.
WhiteHawk’s Haynesville Shale assets are being actively developed by several prominent operators, including Expand Energy, Aethon Energy Management, and Comstock Resources. These operators are well-known for their expertise in the Haynesville play and have a proven track record of successfully developing the basin’s significant natural gas resources.
Like the Marcellus Shale, the Haynesville Shale is a major source of natural gas production in the U.S., and WhiteHawk’s holdings in the region provide the Company with additional diversification and opportunities for growth. The Haynesville Shale is recognized for its large and rich natural gas deposits, and the ongoing development of the basin continues to drive production and cash flow for stakeholders in the region.
Strategic Focus on Core Natural Gas Assets
WhiteHawk’s strategic focus on expanding its ownership in the Marcellus and Haynesville shales reflects the Company’s commitment to building a strong and diversified portfolio of core natural gas assets. The Company’s decision to concentrate on these two high-quality shale plays is a reflection of their superior performance, low break-even costs, and significant upside potential.
The Marcellus Shale, in particular, has been a key focus for WhiteHawk due to its status as one of the largest and most economically viable natural gas basins in the United States. The region’s proven reserves, coupled with the best-in-class operators that dominate the basin, offer a strong foundation for long-term growth. The acquisition of additional mineral and royalty interests in the Marcellus Shale represents a strategic move to enhance WhiteHawk’s exposure to this important energy resource.