Black Stone Minerals, L.P. (NYSE:BSM) Q2 2024 Results Conference Call August 6, 2024 10:00 AM ET Company Participants Mark Meaux - Director of Finance Tom Carter - Chairman, CEO and President Taylor DeWalch - Senior Vice President, Chief Financial Officer and Treasurer Carrie Clark - Senior Vice President, Chief Commercial Officer Steve Putman - Senior Vice President and General Counsel. Conference Call Participants Tim Rezvan - KeyBanc Capital Markets Operator Good day, everyone, and welcome to today's Bla ...

Production and Revenue - Mineral and royalty production for Q2 2024 was 38.2 MBoe/d, with total production at 40.4 MBoe/d[2] - Oil and gas revenue for Q2 2024 was $110.4 million, down 3% from Q1 2024[5] - Total revenue for Q2 2024 was $109,624, a decrease of 6.4% from $117,000 in Q2 2023[20] - Oil and condensate sales increased to $73,889 in Q2 2024 from $61,551 in Q2 2023, representing a growth of 20.5%[20] - Natural gas and natural gas liquids sales decreased to $36,493 in Q2 2024 from $41,619 in Q2 2023, a decline of 12.8%[20] - Production of oil and condensate increased to 953 MBbls in Q2 2024 from 846 MBbls in Q2 2023, a rise of 12.7%[22] Financial Performance - Net income for Q2 2024 was $68.3 million, and Adjusted EBITDA totaled $100.2 million[2][6] - Distributable cash flow for Q2 2024 was $92.5 million, with a distribution of $0.375 per unit and coverage of 1.17x[2][8] - Net income for Q2 2024 was $68,322, down 13.7% from $78,392 in Q2 2023[20] - Adjusted EBITDA and Distributable cash flow are used to assess financial performance, but specific figures for these measures were not provided in the documents[25] - Net income for 2024 is $68,322,000, a decrease of 12.6% from $78,392,000 in 2023[26] - Adjusted EBITDA for 2024 is $100,247,000, down 8.9% from $109,245,000 in 2023[26] - Distributable cash flow for 2024 is $92,522,000, a decline of 10.7% compared to $103,606,000 in 2023[26] - Distributable cash flow per unit for 2024 is $0.439, down 10.9% from $0.493 in 2023[26] Expenses and Losses - The company reported a loss on commodity derivative instruments of $5.5 million for Q2 2024[6] - Total operating expenses for Q2 2024 were $41,134, an increase of 7.4% from $38,239 in Q2 2023[20] - The company reported a loss on commodity derivative instruments of $5,547 in Q2 2024, compared to a gain of $11,303 in Q2 2023[20] - Depreciation, depletion, and amortization increased to $11,356,000 in 2024 from $10,421,000 in 2023[26] - Interest expense decreased slightly to $626,000 in 2024 from $645,000 in 2023[26] - Preferred unit distributions increased to $7,366,000 in 2024 from $5,250,000 in 2023[26] - Unrealized loss on commodity derivative instruments for 2024 is $17,366,000, compared to a gain of $16,881,000 in 2023[26] Strategic Acquisitions and Operations - Black Stone acquired $26.5 million in mineral and royalty interests in Q2 2024, totaling $65.1 million since September 2023[12] - The company continues to focus on strategic mineral and royalty interest acquisitions to enhance its asset base[3][12] - As of June 30, 2024, Black Stone had 62 rigs operating, down from 78 in Q1 2024[9] Pricing and Market Trends - Average realized price per Boe was $30.01, a decrease of 3% from Q1 2024 and 4% from Q2 2023[4] - Realized prices for oil and condensate were $77.53 per Bbl in Q2 2024, compared to $72.76 per Bbl in Q2 2023, an increase of 10.5%[22] - The weighted average common units outstanding (basic) was 210,703 in Q2 2024, slightly up from 209,967 in Q2 2023[20] - Total units outstanding increased to 210,689 in 2024 from 209,986 in 2023[26] - The estimated distribution for the three months ended June 30, 2024, is based on 210,689,203 common units[26]

mysticenergy For the March quarter, Black Stone Minerals beat estimates nicely, with EBITDA of $104 million (vs $93 million Street estimates). The company earned Distributable Cash Flow (DCF) of $0.46 per share. That was down from $0.59 in the fourth quarter of 2023. The company cut the distribution by 22%, but we generally knew that between 1) lower natural gas prices and 2) some expiring gas hedges, that earnings and the distribution would fall. With coverage now at 1.22x and a 9% yield, we continue to li ...

In December 2023, we received notice that Aethon was exercising the "time-out" provisions under these JEAs. When natural gas prices fall below specified thresholds, Aethon may elect to temporarily suspend its drilling obligations for up to nine consecutive months and a maximum of 18 total months in any 48-month period. Aethon has not previously invoked the time-out provisions under the JEAs. We continue working closely with Aethon to finalize development plans going forward and assess the effect of the temp ...

Black Stone Minerals, L.P. Common Units (NYSE:BSM) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET Corporate Participants Mark Meaux - Director, Finance Tom Carter - Chairman, Chief Executive Officer and President Evan Kiefer - Senior Vice President, Chief Financial Officer and Treasurer Conference Call Participants Derrick Whitfield - Stifel Jon Mardini - KeyBanc Capital Markets Operator Good day and welcome to the Black Stone Minerals First Quarter Earnings Call. At this time, all participants ar ...

As previously announced, the Board approved a cash distribution of $0.375 for each common unit attributable to the first quarter of 2024. The quarterly distribution coverage ratio attributable to the first quarter of 2024 was approximately 1.22x. The distribution will be paid on May 17, 2024 to unitholders of record as of the close of business on May 10, 2024. The Company reported a loss on commodity derivative instruments of $11.3 million for the first quarter of 2024, composed of a $13.8 million gain from ...

With the geopolitical winds churning, the concept of cheap energy stocks has become even more critical. Basically, the window of opportunity may be fading.One major problem of course is the situation in the Middle East. While tensions have cooled relative to Iran and Israel launching missiles against each other, there’s always a chance of a miscalculation. Not too far away, Russia’s invasion of Ukraine shows no sign of abatement. With Russia also owning vast energy resources, a global supply chain disruptio ...

Phra yor Jitonnom Black Stone Minerals, L.P. (NYSE:BSM) provided 2024 guidance including expectations of approximately 41,000 BOEPD (24% oil) in average production. This was higher than what I had previously expected for Black Stone in terms of 2024 production, although the oil cut is lower than what I had modeled in December 2023. Based on guidance, Black Stone is projected to generate $391 million in distributable cash flow (or $1.86 per common unit) during 2024 at current strip prices. This results i ...

Black Stone Minerals, L.P. (NYSE:BSM) Q4 2023 Earnings Conference Call February 20, 2024 10:00 AM ET Company Participants Mark Meaux - Director, Finance Tom Carter - Chairman, Chief Executive Officer and President Evan Kiefer - Senior Vice President, Chief Financial Officer and Treasurer Carrie Clark - Senior Vice President, Land and Commercial Steve Putman - Senior Vice President and General Counsel Conference Call Participants Tim Rezvan - KeyBanc Derrick Whitfield - Stifel Operator Good day and welcome t ...

For the quarter ended December 2023, Black Stone Minerals (BSM) reported revenue of $190.84 million, down 17.2% over the same period last year. EPS came in at $0.65, compared to $0.71 in the year-ago quarter.The reported revenue represents a surprise of +33.77% over the Zacks Consensus Estimate of $142.67 million. With the consensus EPS estimate being $0.50, the EPS surprise was +30.00%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare t ...