WhiteHawk Minerals Corp. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue was $21.5 million, a decrease of 11% year-over-year and 26% compared to the second quarter of 2026, primarily driven by a $6.1 million and $8.1 million decrease in unrealized gains on commodity derivative instruments, respectively.
• Net income was $6.9 million for the quarter, compared to $2.1 million in the third quarter of 2025 and a net loss of $39.2 million in the second quarter of 2026.
• Adjusted EBITDA was $21.1 million, an increase of 26% year-over-year and 2% compared to the second quarter of 2026; Acquisition Adjusted EBITDA was $25.0 million.
• Net cash provided by operating activities was $10.4 million.
• Cash Available for Distribution was $18.0 million; Acquisition Adjusted Cash Available for Distribution was $20.8 million.
• Cash and cash equivalents were $23.7 million as of September 30, 2026.
• Total debt was $62.5 million, with a $175 million undrawn reserve-based revolving credit facility.
• Net debt was $38.8 million, down from $55.5 million at June 30, 2026.
• General and administrative expenses were $4.6 million, including $1.7 million of IPO and acquisition-related expenses and $1.1 million of non-cash stock-based compensation.
• Consolidated net income reflected a $2.7 million non-cash gain from the decrease in the fair value of the earnout liability.

Guidance and Future Outlook:

• Signed acquisitions are expected to add approximately $5.6 million and $7.5 million of incremental cash flow in 2027 and 2028, respectively, at current strip pricing.
• Added production from signed acquisitions is anticipated to generate approximately 5.8 MMcfe/d in 2027 and 6.8 MMcfe/d in 2028.
• Upon closing, the recent acquisitions are expected to be immediately accretive to Cash Available for Distribution.
• The Company intends to continue returning a significant portion of Cash Available for Distribution to shareholders through quarterly dividends, with remaining cash flow reinvested into accretive mineral and royalty acquisitions.

Business Segments and Product Lines:

• Net production averaged 71.3 MMcfe/d, an increase of 10% year-over-year and 2% compared to the second quarter of 2026.
• Third quarter production consisted of 5,635,347 Mcf of natural gas, 105,726 barrels of NGLs, and 47,671 barrels of oil.
• The Company signed 13 acquisitions totaling $45.5 million of mineral and royalty interests in the Marcellus, Utica, and Haynesville Shales since August 13, 2026.
• The SJM II - November Transaction included approximately $41.0 million of assets acquired from San Jacinto Minerals II, including Appalachia acreage anchored by EQT, Range, CNX, and Antero.
• Inclusive of signed acquisitions, WhiteHawk owns interests across approximately 3.6 million gross unit acres, with cash flow from more than 11,700 producing wells, 313 wells in process, 183 permitted wells, and 9,300 undeveloped locations.
• The four largest operators in Appalachia (EQT, Antero, Range, CNX) represented 95% of total Appalachia production over the last twelve months.
• The four largest operators in Haynesville (Expand, Adamas, Comstock, Apex) represented 65% of total Haynesville production over the last twelve months.

Market and Competitive Landscape:

• WhiteHawk's 975,000 gross unit acre position in Appalachia captured approximately 52% of all wells turned in line by its four largest operators during the last twelve months, with a five-year capture rate of 43%.
• WhiteHawk's 775,000 gross unit acre position in Haynesville captured approximately 48% of all wells turned in line by its four largest operators during the last twelve months, with a five-year capture rate of 51%.
• Management noted excitement regarding EQT's pending acquisition of Range, citing the combined company's scale, inventory depth, and low-cost structure as well-aligned with WhiteHawk's interests.
• The Company has a five-year capture rate of 43% in Appalachia and 51% in the Haynesville.

Risks and Challenges:

• Forward-looking statements regarding production, cash flow contributions, and accretive benefits from acquisitions are subject to risks including commodity price fluctuations, operator activity levels, well performance, financing costs, and taxes.
• Risks include the potential failure to close pending acquisitions, the risk that actual purchase prices or terms may differ from estimates, and the possibility that production or cash flow contributions may differ from expectations.
• The Company faces risks related to reductions in borrowing capacity under its credit facility, higher interest costs, and debt covenant restrictions that could limit the ability to fund acquisitions or pay dividends.
• Risks include the effectiveness of the hedging program, the creditworthiness of hedge counterparties, and the risk that wells in process or permitted wells may not be developed on the anticipated timeline.
• Future dividends are subject to the Board's discretion and may be changed or discontinued based on financial condition, results of operations, capital requirements, or other factors.

Management Commentary and Tone:

• Daniel Herz, Chairman, President and CEO, stated the Company is benefiting from its base business and two-pronged acquisition strategy, driving an increase in Cash Available for Distribution and net asset value.
• Management highlighted the momentum from its best-in-class operators and the potential value from the EQT-Range combination.
• Since its IPO, the Company has signed 22 acquisitions totaling $157.3 million, including 20 ground game transactions totaling over $11 million.
• Management expressed confidence that the execution of the acquisition pipeline will continue to drive meaningful value for shareholders in the short, medium, and long term.

Analyst Questions and Answers:

• No analyst questions and answers were included in the press release text.

Other Key Points:

• The Board declared a quarterly cash dividend of $0.50 per share of Class A common stock ($2.00 annualized), payable on November 30, 2026, to shareholders of record as of November 23, 2026.
• In September 2026, the Company completed a private placement of 2,873,563 shares of Class A Common Stock (PIPE Offering) at $26.10 per share, generating approximately $75.0 million in gross proceeds.
• In September 2026, the Company sold 50,000 shares of Series E Preferred Stock at $1,000.00 per share, resulting in approximately $50.0 million in gross proceeds.
• Proceeds from the PIPE Offering, Series E Preferred Stock, and cash on hand were used to fund the $105.0 million SJM II Acquisition.
• On October 6, 2026, the Company commenced a public offering of up to 100,000 shares of Series F Redeemable Preferred Stock; through November 12, 2026, the Company received $4.4 million in net proceeds.
• The Company completed a fall borrowing base redetermination for its reserve-based revolving credit facility, increasing commitments to $175 million.
• As of November 12, 2026, 96% of natural gas production was hedged for the third quarter of 2026.
• The Company's average realized natural gas price for the third quarter of 2026 was $3.50 per Mcf including hedge settlements and $2.53 per Mcf before hedge settlements.
• The Company's average realized crude oil price for the third quarter of 2026 was $67.00 per barrel including hedge settlements and $83.61 per barrel before hedge settlements.