EagleRock, a land management company, has disclosed a rise in revenue in its US IPO filing
EagleRock Land, a land management company, reported a 'higher revenue per year in paperwork filed on Thursday for an initial public offering in the United States. The company is positioning itself as a 'rare IPO in energy amid renewed investor interest in the sector.
Houston-based company reported a loss of $73.1m for the fiscal period ended December 31st, compared to $1.1m a year ago. The company's revenue increased from $17.7 to $72.2.
The IPO is coming at a time when?U.S. Oil and gas listings are scarce after years of caution from investors, even as rising crude prices and disruptions to the Strait of Hormuz drive interest in energy assets.
EagleRock earns income by collecting fees and royalties from oil and natural gas activities on land that it owns or controls. It does not drill, which allows it to earn an income based primarily on fees with low operating costs.
The company controls or owns about 236,000 acres of land in the Permian Basin. This is one of the most productive oil-producing areas on the planet, and it spans West Texas to southeastern New Mexico.
The Permian Basin consists of two major areas: the Midland Basin (mostly in Texas) and?the Delaware Basin (which stretches from West Texas into New Mexico).
EagleRock has not revealed how much money it wants to raise. However, earlier reports cited 'people familiar with the issue' as saying that EagleRock aims for a valuation between $1 billion and $ 2 billion.
Goldman Sachs is among the underwriters of this?offering, along with Barclays, J.P. Morgan and Piper Sandler.
EagleRock plans to list its shares at the New York Stock Exchange with the symbol "EROK." (Reporting and editing by Vijay Kishore, Maju Samuel and Pragyan Kalita in Bengaluru)
(source: Reuters)
