Core Insights - Ellipsis U.S. Onshore Holdings LLC has completed two significant transactions to enhance its position in key U.S. onshore basins through the acquisition of non-operated working interests and a large-scale farmout agreement [1] Group 1: Transactions Overview - The first transaction involves the acquisition of non-operated oil and gas assets in the Permian Basin, which includes current net production of approximately 4,000 barrels of oil equivalent per day and over 600 gross remaining drilling locations [2] - The second transaction is a Farmout Agreement with Black Stone Minerals, L.P. covering approximately 270,000 gross acres in East Texas, providing Ellipsis with the exclusive right to earn non-operated working interests in BSM's Haynesville acreage [3] Group 2: Strategic Implications - The Permian acquisition strengthens Ellipsis' Delaware Basin foundation and aligns with its strategy of building scale through high-margin, low-cost, non-operated assets, with an expected daily average production of 20,000 barrels of oil equivalent for the remainder of 2025 [2] - The Farmout Agreement includes a tiered commitment structure that escalates over five years, starting with a minimum of six wells in 2026 and increasing to 25 wells annually by year five, allowing for disciplined and capital-efficient scaling of exposure to Haynesville [3] Group 3: Company Background - Ellipsis, founded in 2023, is focused on acquiring and developing large-scale, producing oil and gas assets across the U.S., targeting non-operated working interest acquisitions exceeding $100 million [5] - Westlawn Group, founded in 2021, is a private investment firm that invests in both operated and non-operated upstream assets, maintaining a broad investment mandate across various regions including the U.S., Canada, and Latin America [6]

Company Overview - Black Stone Minerals (NYSE: BSM) has reduced its quarterly distribution by 20% and lowered its 2025 production guidance by approximately 14% at the guidance midpoint [2]. Financial Actions - The company has invested $172 million since September 2023 to acquire primarily non-producing and natural gas-focused minerals and royalty interests [2]. Analyst Insights - Aaron Chow, known as Elephant Analytics, has over 15 years of analytical experience and is a top-rated analyst on TipRanks. He co-founded a mobile gaming company that was acquired by PENN Entertainment and has expertise in designing in-game economic models for mobile apps with over 30 million combined installs [2]. Investment Focus - The investing group Distressed Value Investing, authored by Aaron Chow, emphasizes both value opportunities and distressed plays, with a significant focus on the energy sector [2].

Group 1 - Black Stone Minerals (NYSE: BSM) reported second quarter earnings that provided sufficient distribution coverage to the adjusted distribution level [1] - The new distribution level enables the company to allocate capital towards increasing inventory levels while managing a decline [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period _______________ to _______________ Commission File Number: 001-37362 Black Stone Minerals, L.P. (Exact name of registrant as specified in its charter) (State or o ...

Black Stone Minerals, L.P. Common Units (NYSE:BSM) Q2 2025 Earnings Call August 5, 2025 10:00 AM ET Company Participants H. Taylor DeWalch - Senior VP, Treasurer & CFO of Black Stone Minerals GP L.L.C. Mark Meaux - Director of Finance Thomas L. Carter - President, CEO & Chairman of the Board of Black Stone Minerals GP L.L.C Conference Call Participants John Annis - Texas Capital, Research Division Timothy A. Rezvan - KeyBanc Capital Markets Inc., Research Division Operator Thank you for standing by. My name ...

Financial Data and Key Metrics Changes - Mineral royalty production was 33,200 BOE per day in Q2 2025, with total production volumes at 34,600 BOE per day [9] - Net income for Q2 was $120 million, with adjusted EBITDA at $84.2 million [9] - Distributable cash flow for the quarter was $74.8 million, representing 1.18 times coverage [10] - A distribution of $0.30 per unit was declared for the quarter, equating to $1.20 on an annualized basis [9][10] Business Line Data and Key Metrics Changes - 55% of oil and gas revenue in the quarter came from oil and condensate production [9] - The company added 31 million in royalty acquisitions during the quarter, bringing total acquisitions since September 2023 to approximately $172 million [6] Market Data and Key Metrics Changes - The company expects production growth in 2026 of an incremental 3,000 to 5,000 BOE per day over the revised guidance for 2025 [10][11] - The outlook for natural gas remains robust, supported by growing global demand for LNG [7] Company Strategy and Development Direction - The company is focused on expanding its drilling obligations in the Shelby Trough, which is expected to more than double over the next five years [6] - The grassroots acquisition program is progressing well, with ongoing marketing efforts in the Shelby Trough [5][6] - The company aims to maintain a clean balance sheet and ample liquidity to support its commercial strategy, including targeted grassroots acquisitions [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in production growth in 2026 and beyond, despite slower natural gas production growth in 2025 [10][11] - The company is optimistic about the outlook for the partnership, citing strong demand and ongoing development agreements [7][11] Other Important Information - The company has restructured its agreement with Aethon, reducing the number of wells from mid-20s to high teens per year, which is expected to impact production volumes [27] - The company is actively working to place strategically important acreage with other operators [27] Q&A Session Summary Question: Activity response to higher natural gas prices and production trajectory - Management noted subdued activity in the first half of the year but is excited about upcoming development agreements and ongoing activity in the Shelby Trough [14][15][17] Question: Comparison of geology in Shelby Trough and Western Haynesville - Management highlighted analogous subsurface characteristics and increasing productivity in the Western Haynesville, which could benefit the Shelby Trough [18][19] Question: Updated production guidance and activity in Haynesville - Management explained that the restructuring of agreements and strategic decisions have led to a slower production ramp-up, but they anticipate significant well activity in the coming years [27][29] Question: Production outlook and oil volumes - Management indicated that oil volumes are expected to be around 25% to 26% as they look towards 2026, with contributions from various projects [35]

Financial Data and Key Metrics Changes - Net income for Q2 2025 was $120 million, with adjusted EBITDA at $84.2 million, reflecting a strong financial performance despite slower natural gas production growth [10] - Distributable cash flow for the quarter was $74.8 million, representing a coverage ratio of 1.18 times [10] - The company declared a distribution of $0.30 per unit for the quarter, which translates to an annualized distribution of $1.20 [10] Business Line Data and Key Metrics Changes - Mineral royalty production averaged 33,200 BOE per day, while total production volumes were 34,600 BOE per day in Q2 2025 [10] - The company expects production for the full year 2025 to average between 33,035 BOE per day, reflecting a revision due to slower natural gas production growth [11] Market Data and Key Metrics Changes - The company has identified a substantial expansion in the Shelby Trough and is actively marketing an additional 180,000 gross acres to well-capitalized operators [6] - The outlook for natural gas remains robust, supported by growing global demand for LNG, which is expected to drive future production growth [8] Company Strategy and Development Direction - The company is focused on maintaining a clean balance sheet and ample liquidity to support its commercial strategy, including targeted grassroots acquisitions [8] - The partnership anticipates more than doubling its drilling obligations over the next five years, which is expected to provide significant natural gas growth [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in production growth in 2026, projecting an incremental increase of 3,000 to 5,000 BOE per day over the revised guidance for 2025 [11] - The management remains optimistic about the outlook for the partnership, citing strong demand and ongoing development agreements as key drivers for future growth [8] Other Important Information - The company has added $172 million in royalty acquisitions since September 2023, indicating a proactive approach to expanding its asset base [7] - The company is monitoring a large project in the Permian Basin, which is expected to add meaningful oil volumes to its production base [12] Q&A Session Summary Question: Insights on activity increase in acreage and production trajectory - Management acknowledged subdued activity but highlighted upcoming development agreements and ongoing operator activity as positive indicators for future production [16][17] Question: Comparison of geology in Shelby Trough and Western Haynesville - Management noted analogous subsurface characteristics and expressed excitement about the potential for increased productivity and EURs in the Shelby Trough [19][20] Question: Understanding production guidance amidst increased rig count - Management explained that a restructuring of agreements and strategic decisions led to a slower production growth, emphasizing the long-term development strategy [28][30] Question: Future development obligations and production cadence - Management confirmed plans to significantly ramp up development obligations, aiming for a cadence of 40 to 50 wells per year [33] Question: Production outlook for 2026 and SKU assumptions - Management indicated that oil volumes are expected to be closer to 25% to 26% as they look towards 2026, influenced by ongoing projects [36]

Financial Performance - Black Stone Minerals (BSM) reported revenue of $159.49 million for the quarter ended June 2025, marking a year-over-year increase of 45.5% [1] - The earnings per share (EPS) for the same period was $0.53, compared to $0.29 a year ago, indicating significant growth [1] - The reported revenue exceeded the Zacks Consensus Estimate of $106 million by 50.47%, while the EPS surpassed the consensus estimate of $0.30 by 76.67% [1] Production Metrics - The company produced 34.6 million barrels of oil equivalent per day, which was below the average estimate of 38.21 million barrels by three analysts [4] - Oil and condensate production reached 863,000 barrels, exceeding the average estimate of 774,440 barrels based on two analysts [4] - Natural gas production was reported at 13,710 million cubic feet, which fell short of the average estimate of 15,919.15 million cubic feet [4] - Total production equivalents were 3,148,000 barrels of oil equivalent, compared to the average estimate of 3,428,050 barrels [4] Revenue Breakdown - Revenue from lease bonuses and other income was $4.71 million, surpassing the average estimate of $3.49 million, but reflecting a year-over-year decrease of 1.6% [4] - Revenue from oil and condensate sales was $55.81 million, exceeding the average estimate of $50.66 million, but showing a year-over-year decline of 24.5% [4] - Revenue from natural gas and natural gas liquids sales was $46.19 million, which was below the average estimate of $55.94 million, yet represented a year-over-year increase of 26.6% [4] Stock Performance - Over the past month, shares of Black Stone Minerals have returned -4.6%, contrasting with the Zacks S&P 500 composite's increase of +0.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Exhibit 99.1 News For Immediate Release Black Stone Minerals, L.P. Reports Second Quarter Results HOUSTON - (BUSINESS WIRE) - Black Stone Minerals, L.P. (NYSE: BSM) ("Black Stone," "BSM," or "the Partnership") today announces its financial and operating results for the second quarter of 2025 and updated 2025 guidance. Financial and Operational Highlights Management Commentary Thomas L. Carter, Jr., Black Stone's Chairman, Chief Executive Officer and President, commented, "Over the last two years, the BSM te ...

Core Insights - The energy sector has several oversold stocks that present potential buying opportunities for undervalued companies [1] - The Relative Strength Index (RSI) is a key indicator for identifying oversold conditions, typically below 30 [1] Company Summaries - Clean Energy Technologies Inc (CETY) has an RSI of 29.9, with a recent stock price of $0.25, reflecting a 20% decline over the past month [7] - Black Stone Minerals LP (BSM) has an RSI of 28, with a recent stock price of $12.95, showing a 7% decline over the past five days [7]