In this episode, Ben West speaks with Daniel Herz, Chief Executive Officer of WhiteHawk Energy, about the investment case for minerals and royalties and why they are increasingly attracting attention from allocators. Drawing on nearly three decades in the energy industry, Herz explains why he believes the minerals model offers a more resilient and capital efficient way to gain exposure to oil and gas, with minimal operating costs and no capital expenditure requirements.

The conversation explores how rising electricity demand, particularly from AI and data centres, is strengthening the long term outlook for natural gas, and why minerals can provide a way to participate in that growth while maintaining downside protection. Herz also discusses how family offices are approaching the sector, how WhiteHawk is building a large scale natural gas minerals platform, and why he believes the space deserves closer attention from a broader set of investors.