Corporate Valuation, Oil & Gas

December 3, 2021

Mineral Aggregator Valuation Multiples Study Released

With Market Data as of November 29, 2021

Mercer Capital has its finger on the pulse of the minerals market.  An important trend has been the rise of mineral aggregators, which have largely supplanted the trusts as the primary method of publicly traded minerals ownership.

Due to a variety of corporate structures (including master limited partnerships and Up-Cs) and complex capital structures (including preferred equity and non-traded common units), mineral aggregator enterprise values pulled from databases are often missing meaningful components of value, leading to skewed valuation multiples.

Mercer Capital has thoughtfully analyzed the corporate and capital structures of the publicly traded mineral aggregators to derive meaningful indications of enterprise value.  We have also calculated valuation multiples based on a variety of metrics, including distributions and reserves, as well as earnings and production on both a historical and forward-looking basis.

cover_Mercer-Capital_E&P

Mineral Aggregator Valuation Multiples Study

Market Data as of November 29, 2021Download Study

Continue Reading

Mineral Aggregator Valuation Multiples Study Released-Data as of June 3, 2026
Mineral Aggregator Valuation Multiples Study Released

With Market Data as of June 3, 2026

Mercer Capital has thoughtfully analyzed the corporate and capital structures of the publicly traded mineral aggregators to derive meaningful indications of enterprise value. We have also calculated valuation multiples based on a variety of metrics, including distributions and reserves, as well as earnings and production on both a historical and forward-looking basis.
Breaking the Drought: Inside the First New U.S. Refinery in a Generation
Breaking the Drought: Inside the First New U.S. Refinery in a Generation
The Brownsville refinery project marks the first proposed new U.S. refinery in nearly 50 years, signaling renewed confidence in downstream energy infrastructure and refining economics. The development highlights evolving market dynamics, regulatory considerations, and the strategic importance of export-oriented Gulf Coast refining capacity.
Q1 2026 Upstream Energy Earnings Calls
Themes from the Q1 2026 Upstream Earnings Calls
Q1 2026 upstream earnings calls reflected a notable shift toward energy security, selective production growth, and operational resilience amid geopolitical disruption and tightening global supply conditions. Companies emphasized disciplined capital allocation while increasingly viewing infrastructure and integrated capabilities as critical competitive advantages.

Cart

Your cart is empty