Financial Data and Key Metrics Changes - The company reported a net income of $63.9 million and adjusted EBITDA of $104.1 million for Q1 2024 [10][22] - Total production volumes decreased by 2% from the previous quarter to 40.3 MBoe/d, with royalty volumes at 38.9 MBoe/d [10][22] - Distributable cash flow for the quarter was $96.4 million, representing a coverage ratio of 1.22x [24] Business Line Data and Key Metrics Changes - Oil volumes decreased in the Midland and Delaware Basins, but there was an increase in the Bakken area [10] - Natural gas volumes increased in several regions, including Fayetteville and Gulf Coast, despite ongoing challenges [11] Market Data and Key Metrics Changes - The company lowered its 2024 production guidance by approximately 4% to a range of 38,500 to 40,500 Boe per day due to production curtailments and delays [27] - The average price at Henry Hub for Q1 was $2.24 per MMbtu, while the company's 2024 natural gas hedge position is at approximately $3.55 per MMbtu [28] Company Strategy and Development Direction - The company aims to grow distributions back to previous high levels by 2026 through production growth and capitalizing on LNG demand [19] - A focus on organic initiatives and targeted grassroots acquisition programs has been emphasized to supplement existing assets [18] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the long-term natural gas outlook despite current commodity price challenges [20] - The company does not anticipate a material impact on volumes in Haynesville through 2024 and 2025, even with operators slowing down [15] Other Important Information - The company has acquired approximately $50 million of non-producing mineral and royalty interests since September 2023 [25] - The borrowing base for the revolving credit facility was reaffirmed at $580 million, with commitments held at $375 million [26] Q&A Session Summary Question: 2024 guidance and production cadence - Management indicated that production curtailments are expected through the second quarter, with a potential recovery in the third quarter as prices improve [33] Question: Acquisition activity and competitive environment - The company is focusing on less expensive mineral acquisitions in areas contiguous to existing positions, expecting higher returns compared to more competitive regions like the Permian [34][35] Question: Future distribution levels - Management expressed a desire to maintain the current distribution level of $0.375 per unit, but future coverage will depend on the continuation of low gas prices [39][40]

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 ...

HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone Minerals,” “Black Stone,” or “the Company”) today announces its financial and operating results for the fourth quarter and full year of 2023 and provides guidance for 2024. Fourth Quarter 2023 Highlights Mineral and royalty production for the fourth quarter of 2023 equaled 38.9 MBoe/d, a decrease of 3% over the prior quarter; total production, including working interest volumes, was 41.1 MBoe/d for the quarter Net income for ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 (713) 445-3200 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file ...

Jamie Grill/The Image Bank via Getty Images Thesis Black Stone Minerals (NYSE:BSM) was handed a lump of coal for Christmas. On Christmas Eve, one of its largest natural gas producers, Aethon, announced that it was exercising a "time-out" clause in its drilling contracts with BSM in the Haynesville shale. In response, BSM announced that this would not meaningfully impact 2024 financials thanks to a pipeline of 30 wells that are already in progress. The company expects these wells will be completed on schedul ...

zhengzaishuru Black Stone Minerals, L.P. (NYSE:BSM) is an attractive energy royalty play. It is one of the largest owners and managers of oil and natural gas mineral interests in the United States. The company has a diversified asset base and long-lived and often non-cost-bearing mineral and royalty interests. BSM's interests are spread across 41 states in the continental U.S., encompassing major onshore producing basins and active resource plays. However, note that it is an MLP so you will get a K-1. I bel ...