EagleRock Land has completed its IPO, raising $320 million by selling 17.3 million shares at $18.50, the mid-point of the marketed range of $17-$20 per share. At that price, it has a market capitalization of $2,4 billion.
The company
The company collects royalties and fees from oil and gas producers on land it controls in the Permian Basin. It owns or controls 236,000 surface acres in West Texas and southeastern New Mexico. The company does not own the mineral interests that underlie the surface acreage. It generates revenue from from completion and production activities including right-of-way, easements, commercial water supply and produced water recycling. For 2025, the company had revenues of $141 million.
The company has its head office in the Memorial City area of Houston. The predecessor company was formed in 2023. According to this Reuters article, the portfolio was formed from the combination of oil and gas assets from a handful of entrepreneurs, including Greg Mabee. He is part of the family that owns the Mabee Ranch.
Mabee Ranch
That ranch is a 70,000 acre continuous tract of land, located north of Midland. The ranch was established in 1933 by John Mabee, a farmer originally from Missouri. As you can imagine, the ranch has created significant wealth over the years. The charitable foundation started by John Mabee and his wife has distributed over $1.6 billion in grants since it formed in 1948.
The subsurface mineral rights for the ranch were sold for $231 million in January 2025 to Kimbell Royalty Partners, a public company based in Fort Worth. It appears the surface rights for some of the acreage was sold to Eagle Rock.
Management
The CEO of Eagle Rock is Greg Pipkin. He as previously the Senior VP, Corporate Development and Strategy of Infinity Natural Resources. Neal Shah is the CFO. He was previously the CFO at Pioneer Natural Resources.
EagleRock trades under the ticker EROK.
SEC filing – S-1 EagleRock Land
[Not to be confused with another Houston company, ERock, that has announced plans to go public with the ticker EROC. ERock, formerly Enchanted Rock, historically has provided back-up generators for the likes of HEB].