A major player in the oil and gas royalty business in the Permian Basin is getting ready to make their Wall Street debut.

What’s happening:

  • Land management company EagleRock has officially filed a Form S-1 with the United States Securities and Exchange Commission to raise a IPO financing round and become a publicly traded company on the New York Stock Exchange

By the numbers:‍

  • EagleRock will issue approximately 17.3M common shares at a price between $17.00 USD and $20.00 per share as part of their new IPO financing round

Why it matters:‍

  • EagleRock owns and controls surface rights across roughly 236,000 acres in the historic Delaware and Midland sub-basins of the Permian Basin

Going deeper:‍

  • EagleRock has existing royalty deals with major oil and gas operators who are drilling on their land including Chevron (NYSE: CVX), ConocoPhillips (NYSE: COP) and Diamondback Energy (NASDAQ: FANG)
  • Goldman Sachs, Barclays and J.P. Morgan will lead the capital raise for EagleRock’s IPO

‍