UNITED STATES SECURITIES AND EXCHANGE COMMISSION Common Units Representing Limited Partner Interests BSM New York Stock Exchange 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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period _______________ to _______________ | --- | --- | |-------------------------------- ...

Black Stone Minerals LP (NYSE:BSM) Q1 2021 Earnings Conference Call May 4, 2021 10:00 AM ET Company Participants Evan Kiefer - Director, Finance & IR Thomas Carter - Chairman & CEO Jeffrey Wood - President & CFO Conference Call Participants Leo Mariani - KeyBanc Capital Markets Brian Downey - Citigroup Derrick Whitfield - Stifel Harry Halbach - Raymond James & Associates Pearce Hammond - Simmons Energy Operator Good morning, ladies and gentlemen, and welcome to the Black Stone Minerals First Quarter 2021 Ea ...

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 March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |----------------------------------------------------------------------------|------------------------------------------| | | | | For the transition period _______________ t ...

Black Stone Minerals LP (NYSE:BSM) Q4 2020 Earnings Conference Call February 23, 2021 10:00 AM ET Company Participants Evan Kiefer - Director, Finance & IR Thomas Carter - Chairman & CEO Jeffrey Wood - President & CFO Garrett Gremillion - Director, Engineering Conference Call Participants Brian Downey - Citigroup Derrick Whitfield - Stifel, Nicolaus & Company Pearce Hammond - Simmons & Company International Leo Mariani - KeyBanc Capital Markets Harry Halbach - Raymond James & Associates Operator Ladies and ...

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, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 001-37362 Black Stone Minerals, L.P. (Exact Name of Registrant As Specified in its charter) Delaware 47-1846692 (State o ...

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 September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |----------------------------------------------------------------------------|------------------------------------------| | | | | For the transition period _____________ ...

Black Stone Minerals, L.P. (NYSE:BSM) Q3 2020 Earnings Conference Call November 3, 2020 10:00 AM ET Company Participants Evan Kiefer - Director of Investor Relations Tom Carter - Chairman & Chief Executive Officer Jeff Wood - President & Chief Financial Officer Conference Call Participants Pearce Hammond - Simmons Energy Harry Halbach - Raymond James Andrew Carreon - University of Notre Dame Derrick Whitfield - Stifel Operator Ladies and gentlemen, thank you for standing by and welcome to the Third Quarter ...

PART I – FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited consolidated financial statements for the period ended June 30, 2020, show total assets decreased to **$1.44 billion**, a net loss of **$8.4 million**, and **$158.0 million** in net cash from operations - Total assets decreased to **$1.44 billion** as of June 30, 2020, from **$1.55 billion** at December 31, 2019, primarily due to a reduction in the value of oil and natural gas properties[12](index=12&type=chunk) - The company reported a net loss of **$8.4 million** for the second quarter of 2020, a significant downturn from the **$95.1 million** net income in the same period of 2019[15](index=15&type=chunk) - Net cash from operating activities for the first six months of 2020 was **$158.0 million**, down from **$201.0 million** in the comparable 2019 period, mainly due to lower commodity prices[25](index=25&type=chunk) [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2020, total assets decreased to **$1.44 billion** from **$1.55 billion** at year-end 2019, while total liabilities decreased to **$364.8 million** from **$448.4 million** Consolidated Balance Sheet Highlights (in thousands of US dollars) | Metric | June 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,600 | $8,119 | | Assets held for sale | $126,491 | $— | | Net Property and Equipment | $1,211,171 | $1,434,228 | | **Total Assets** | **$1,438,838** | **$1,545,208** | | Credit Facility | $323,000 | $394,000 | | **Total Liabilities** | **$364,796** | **$448,404** | | **Total Equity** | **$775,681** | **$798,443** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2020, total revenue was **$38.5 million** and net loss was **$8.4 million**, a significant decline from Q2 2019's **$163.6 million** revenue and **$95.1 million** net income Statement of Operations Highlights (Three Months Ended June 30, in thousands of US dollars) | Metric | 2020 | 2019 | | :--- | :--- | :--- | | Total Revenue | $38,529 | $163,618 | | Income (Loss) from Operations | $(5,314) | $100,666 | | Net Income (Loss) | $(8,371) | $95,087 | | Net Income (Loss) Attributable to Common Units | $(13,621) | $89,837 | | Per common unit (basic) | $(0.07) | $0.45 | - For the six months ended June 30, 2020, the company recognized a **$51.0 million** impairment of oil and natural gas properties, a charge not present in the same period of 2019[15](index=15&type=chunk) [Consolidated Statements of Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Equity) Total equity decreased from **$798.4 million** at year-end 2019 to **$775.7 million** as of June 30, 2020, influenced by **$78.3 million** in distributions and the net loss - Total equity stood at **$775.7 million** as of June 30, 2020, down from **$803.7 million** at March 31, 2020[18](index=18&type=chunk) - On May 24, 2019, all outstanding subordinated units were converted into common units, simplifying the equity structure[21](index=21&type=chunk)[108](index=108&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2020, net cash from operations was **$158.0 million**, investing activities provided **$0.4 million**, and financing activities used **$164.9 million** Cash Flow Summary (Six Months Ended June 30, in thousands of US dollars) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $157,969 | $200,976 | | Net Cash Provided by (Used in) Investing Activities | $367 | $(46,013) | | Net Cash Used in Financing Activities | $(164,855) | $(156,471) | | **Net Change in Cash** | **$(6,519)** | **$(1,508)** | [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Key disclosures include the **$150.1 million** sale of Permian Basin assets, a **$51.0 million** impairment charge, and a reduction of the credit facility's borrowing base to **$460.0 million** - In June 2020, the Partnership entered into agreements to sell certain Permian Basin mineral and royalty properties for total proceeds of **$150.1 million**, which closed in July 2020[39](index=39&type=chunk) - A **$51.0 million** impairment of oil and natural gas properties was recognized for the six months ended June 30, 2020, due to the collapse in oil prices during the first quarter[53](index=53&type=chunk)[54](index=54&type=chunk) - The credit facility borrowing base was reduced from **$650.0 million** to **$460.0 million** effective May 1, 2020, and further reduced to **$430.0 million** effective July 21, 2020, following asset sales[83](index=83&type=chunk) - A distribution of **$0.15** per common unit for Q2 2020 was approved and scheduled for payment in August 2020[113](index=113&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The MD&A discusses Q2 2020 revenue decrease due to lower commodity prices and COVID-19, detailing **$150.1 million** in asset sales, new development agreements, and a **$51.0 million** impairment charge [Recent Developments](index=26&type=section&id=Recent%20Developments) Key events include the **$150.1 million** sale of Permian Basin assets, a **$51.0 million** impairment due to COVID-19, and new development agreements in the Shelby Trough - Closed two asset sales in the Permian Basin for total proceeds of **$150.1 million**, which were used to reduce outstanding borrowings; the divested properties produced approximately **1,800 Boe per day**[124](index=124&type=chunk)[125](index=125&type=chunk) - The COVID-19 pandemic and sharp decline in oil prices led to a **$51.0 million** impairment charge and a reduction in the credit facility's borrowing base[128](index=128&type=chunk) - Entered into a new development agreement with Aethon Energy for undeveloped Shelby Trough acreage and an incentive agreement with XTO Energy for **13** drilled but uncompleted (DUC) wells in the same area[129](index=129&type=chunk)[130](index=130&type=chunk) [Business Environment](index=27&type=section&id=Business%20Environment) The business environment was highly volatile due to COVID-19, with WTI oil prices dropping to **$20.51/Barrel** and the U.S. rotary rig count falling to **265** Benchmark Price and Rig Count Trends | Metric | June 30, 2020 | March 31, 2020 | June 30, 2019 | | :--- | :--- | :--- | :--- | | WTI spot oil price (US dollars per Barrel) | $39.27 | $20.51 | $58.20 | | Henry Hub spot natural gas (US dollars per Million British Thermal Units) | $1.76 | $1.71 | $2.42 | | Total U.S. Rotary Rig Count | 265 | 728 | 967 | [How We Evaluate Our Operations](index=28&type=section&id=How%20We%20Evaluate%20Our%20Operations) Management evaluates performance using key metrics like Adjusted EBITDA (**$72.4 million**) and Distributable Cash Flow (**$64.4 million**), employing derivatives to mitigate commodity price volatility Non-GAAP Financial Measures (Three Months Ended June 30, in thousands of US dollars) | Metric | 2020 | 2019 | | :--- | :--- | :--- | | Net income (loss) | $(8,371) | $95,087 | | Adjusted EBITDA | $72,390 | $108,336 | | Distributable cash flow | $64,429 | $97,988 | - As of June 30, 2020, the company had hedged all of its available oil and condensate hedge volumes and **83%** of its available natural gas hedge volumes for the remainder of 2020[157](index=157&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) For Q2 2020, total revenue fell **76.5%** to **$38.5 million** due to lower realized oil prices and production volumes, resulting in a net loss Q2 2020 vs. Q2 2019 Performance | Metric (Three Months Ended June 30) | 2020 | 2019 | % Change | | :--- | :--- | :--- | :--- | | Total Production (Thousand Barrels of Oil Equivalent per day) | 42.6 | 52.2 | (18.4)% | | Realized Oil Price (US dollars per Barrel) | $29.42 | $56.30 | (47.7)% | | Total Revenue (in thousands of US dollars) | $38,529 | $163,618 | (76.5)% | - For the six months ended June 30, 2020, total revenue decreased **10.4%** to **$221.6 million**, cushioned by a **$70.8 million** gain on commodity derivative instruments, compared to a **$12.0 million** loss in the prior-year period[184](index=184&type=chunk)[185](index=185&type=chunk) - General and administrative expenses for the six months ended June 30, 2020 decreased by **$12.2 million** (**34.3%**) compared to 2019, primarily due to lower equity-based compensation and workforce reductions[184](index=184&type=chunk)[196](index=196&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) Primary liquidity sources are cash from operations and the credit facility, with **$323.0 million** outstanding as of June 30, 2020, reduced to **$153.0 million** post-asset sales, and a **$430.0 million** borrowing base - As of July 31, 2020, after applying proceeds from asset sales, outstanding borrowings under the Credit Facility were reduced to **$153.0 million**[199](index=199&type=chunk) - The credit facility borrowing base was reduced to **$430.0 million** effective July 21, 2020, providing liquidity but reflecting a lower asset valuation by lenders[199](index=199&type=chunk)[209](index=209&type=chunk) - The 2020 total development capital expenditure budget is expected to be approximately **$3.5 million**, net of farmout reimbursements, indicating minimal capital spending[207](index=207&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is commodity price volatility for oil, natural gas, and NGLs, mitigated by derivatives, with a hypothetical **10%** price reduction leading to a **4.3%** decrease in proved reserve volumes - The company's major market risk exposure is the pricing of oil, natural gas, and NGLs; this risk is managed through the use of commodity derivative instruments[219](index=219&type=chunk) - A hypothetical **10%** reduction in SEC commodity pricing as of June 30, 2020, would result in an approximate **4.3%** reduction of proved reserve volumes[223](index=223&type=chunk) - As of June 30, 2020, a **1%** increase in interest rates on the **$323.0 million** of outstanding debt would have increased interest expense by **$1.6 million** for the six-month period[226](index=226&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2020, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of June 30, 2020[227](index=227&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2020[228](index=228&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine litigation, which management believes will not materially adversely affect its financial condition or operations - Management does not expect pending litigation, which arises in the ordinary course of business, to have a material adverse effect on its financial condition, cash flows, or results of operations[231](index=231&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) Updated risk factors primarily focus on the significant adverse effects of the COVID-19 pandemic and sharp decline in commodity prices, including reduced demand, potential impairments, and borrowing base reductions - The COVID-19 pandemic and the significant decline in commodity prices in the first half of 2020 have adversely affected the business, with the ultimate effect remaining highly uncertain[233](index=233&type=chunk) - The challenging price environment led to a **$51.0 million** impairment charge and a reduction in the credit facility's borrowing base, with the risk of further reductions if low prices persist[236](index=236&type=chunk) - The company's ability to hedge future production could be limited by declines in production or production forecasts resulting from the low commodity price environment[238](index=238&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities and no purchases of its equity securities by the issuer or its affiliates during the period - There were no unregistered sales of equity securities or issuer purchases of equity securities during the reporting period[241](index=241&type=chunk)[242](index=242&type=chunk) [Other Information](index=44&type=section&id=Item%205.%20Other%20Information) There was no other information to report for the period - None[243](index=243&type=chunk) [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the 10-Q report, including amendments to the partnership agreement, credit agreement, and certifications by the CEO and CFO as required by the Sarbanes-Oxley Act - Lists various corporate governance documents, credit agreements, and officer certifications filed as exhibits with the report[245](index=245&type=chunk) [Signatures](index=47&type=section&id=Signatures) - The report was duly signed on August 4, 2020, by Thomas L. Carter, Jr. (Chief Executive Officer) and Jeffrey P. Wood (President and Chief Financial Officer)[249](index=249&type=chunk)[251](index=251&type=chunk)[252](index=252&type=chunk)

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $72.4 million for Q2 2020, slightly up from Q1 [18] - Distributable cash flow for the quarter was $64.4 million, down slightly from the previous quarter, with a payout ratio of approximately 2.1 times at the announced distribution of $0.15 per unit [18] - Total debt was reduced by over $230 million or 60% from the end of Q1, bringing outstanding debt down to $153 million as of July 31 [12][18] Business Line Data and Key Metrics Changes - The company generated 34,000 BOE per day of mineral and royalty production in Q2, down 7% from the previous quarter, and total production volumes were 42.6 MBOE per day [16] - The company added 2.9 net wells during Q2, a decrease of 25% from the previous quarter, with the majority of the decrease occurring in the Midland and Delaware basins [9][10] Market Data and Key Metrics Changes - There was a 40% to 50% decrease in permitting activity, new well additions, and active rigs across the company's acreage compared to the previous quarter [9] - The company had 29 drilling rigs operating at the end of Q2, down from 50 at the end of Q1 and about 100 a year ago [10] Company Strategy and Development Direction - The company has focused on reducing internal costs, significantly lowering outstanding debt, and driving new activity on existing acreage in response to lower commodity prices and reduced producer activity [8] - A new development agreement was signed with Aethon Energy for the Shelby Trough, with the first well expected to be spud in October [13] - The company is optimistic about future natural gas prices, with expectations from major equity research firms indicating prices above the strip for 2021 [12] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging environment with significant reductions in rig activity and production, but expressed optimism about future development and cash flow returns to unitholders [15] - The company expects continued production declines through the rest of the year, with revised guidance indicating production levels in the mid 30,000 BOE per day range for the latter half of 2020 [19][20] Other Important Information - The company lowered its lease bonus guidance from $20 million to $30 million to under $10 million for the year due to reduced operator willingness to pay large upfront bonuses [21] - G&A expenses are on track to meet or reduce original guidance of $39 million to $43 million, with total G&A through the first half of 2021 at $23.4 million [22] Q&A Session Summary Question: Level of shut-ins in Q2 - Management modeled about 30% shut-ins, primarily concentrated in the Bakken [23][24] Question: Plans for cash payout closer to 100% - The company aims to balance returns for investors with debt repayment, indicating a cautious approach to increasing payout ratios [24] Question: Direction of natural gas volumes in the next year - The Aethon program is expected to ramp up in 2021, with positive developments anticipated in gas volumes [26][27] Question: Reason for slower development in San Augustine - Development pace is influenced by contractual relations with operators, with potential for bringing in additional operators soon [32] Question: Metrics for assessing balance sheet health - The company considers absolute debt levels, borrowing base cushion, and leverage ratios, maintaining a conservative approach in the current environment [39]

Black Stone Minerals, L.P. (NYSE:BSM) Q1 2020 Results Conference Call May 5, 2020 10:00 AM ET Company Participants Jeff Wood - President and Chief Financial Officer Tom Carter - Chairman and CEO Steve Putman - Senior Vice President and General Counsel Garrett Gremillion - Director of Engineering Conference Call Participants Steve Decker - KeyBanc Brian Downey - Citigroup Pearce Hammond - Simmons Derek Whitfield - Stifel Operator Good day, ladies and gentlemen, and welcome to the Q1 2020 Black Stone Minerals ...