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, 2021 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 ...

Black Stone Minerals, L.P. (NYSE:BSM) Q3 2021 Earnings Conference Call November 2, 2021 10:00 AM ET Company Participants Evan Kiefer – Vice President, Finance and Investor Relations Tom Carter – Chairman and Chief Executive Officer Jeff Wood – President and Chief Financial Officer Conference Call Participants Steve Decker – KeyBanc Derrick Whitfield – Stifel Operator Good morning, ladies and gentlemen, and welcome to the Black Stone Minerals Third Quarter Earnings Conference Call. [Operator Instructions] As ...

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 September 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, L.P. (NYSE:BSM) Q2 2021 Results Conference Call August 3, 2021 10:00 AM ET Company Participants Evan Kiefer - VP, Finance and IR Tom Carter - Chairman and CEO Jeff Wood - President and CFO Conference Call Participants Brian Downey - Citigroup Pearce Hammond - Piper Sandler Operator Good day and thank year for standing by. Welcome to the Black Stone Minerals Second Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presen ...

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q2 2021 financial statements reflect a shift to net income from higher commodity prices, increased liabilities from derivatives, and decreased operating cash flow [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets remained stable at **$1.24 billion** as of June 30, 2021, while total liabilities significantly increased to **$218.2 million** due to higher commodity derivative liabilities | (In millions) | June 30, 2021 ($M) | December 31, 2020 ($M) | | :--- | :--- | :--- | | **Total Assets** | **$1,242.2** | **$1,244.0** | | Total Current Assets | $71.5 | $66.5 | | Net Property and Equipment | $1,163.1 | $1,172.1 | | **Total Liabilities** | **$218.2** | **$185.0** | | Total Current Liabilities | $95.1 | $39.9 | | Credit Facility | $96.0 | $121.0 | | Commodity derivative liabilities (Current + Long-term) | $85.5 | $21.2 | | **Total Equity** | **$725.7** | **$760.6** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2021 saw **net income of $15.4 million** driven by a **104% increase in contract revenue** from higher commodity prices, despite derivative losses, while H1 net income decreased due to derivative impacts | (In millions, except per unit) | Three Months Ended June 30, 2021 ($M) | Three Months Ended June 30, 2020 ($M) | Six Months Ended June 30, 2021 ($M) | Six Months Ended June 30, 2020 ($M) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$58.4** | **$38.5** | **$120.0** | **$221.6** | | Revenue from contracts | $117.9 | $57.7 | $207.4 | $150.7 | | Gain (loss) on derivatives | $(59.5) | $(19.2) | $(87.4) | $70.8 | | **Income (Loss) from Operations** | **$17.0** | **$(5.3)** | **$34.2** | **$75.2** | | **Net Income (Loss)** | **$15.4** | **$(8.4)** | **$31.6** | **$67.7** | | Net Income (Loss) per common unit (basic) | $0.05 | $(0.07) | $0.10 | $0.28 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) H1 2021 net cash from operations decreased to **$125.6 million** due to derivative settlements, with **$12.8 million** used in investing and **$113.6 million** in financing activities | (In millions) | Six Months Ended June 30, 2021 ($M) | Six Months Ended June 30, 2020 ($M) | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | **$125.6** | **$158.0** | | Net Cash Provided by (Used in) Investing Activities | $(12.8) | $0.4 | | Net Cash Used in Financing Activities | $(113.6) | $(164.9) | | **Net Change in Cash and Cash Equivalents** | **$(0.8)** | **$(6.5)** | [Notes to Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail key accounting policies and events, including a **$20.8 million** Midland Basin acquisition, derivative positions, reaffirmed **$400 million** credit facility, and a **$0.25** per common unit quarterly distribution - In Q2 2021, the Partnership acquired mineral and royalty acreage in the northern Midland Basin for **$20.8 million**, consisting of **$10.0 million** in cash and **$10.8 million** in common units[35](index=35&type=chunk) - The Partnership uses fixed-price swap contracts to mitigate commodity price risk, with a net fair value liability of **$85.5 million** as of June 30, 2021[52](index=52&type=chunk)[53](index=53&type=chunk)[60](index=60&type=chunk) - The credit facility's borrowing base was reaffirmed at **$400.0 million** in April 2021, with **$96.0 million** outstanding and **$304.0 million** unused capacity as of June 30, 2021[78](index=78&type=chunk)[84](index=84&type=chunk) - On July 26, 2021, the Board approved a Q2 2021 distribution of **$0.25** per common unit, comprising a **$0.20** base and **$0.05** special distribution[105](index=105&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes improved Q2 2021 performance to higher commodity prices offsetting lower production and derivative losses, highlighting strategic acquisitions and strong liquidity despite ongoing COVID-19 uncertainty [Overview and Recent Developments](index=23&type=section&id=Overview%20and%20Recent%20Developments) The Partnership focuses on maximizing its mineral and royalty asset base, with recent activities including a **$20.8 million** Midland Basin acquisition, new development agreements, and a sustainability initiative - Closed a **$20.8 million** acquisition of mineral and royalty acreage in the northern Midland Basin, funded with **$10.0 million** cash and **$10.8 million** in common units[116](index=116&type=chunk) - Entered new development agreements with Aethon in the Shelby Trough and with operators to test the Austin Chalk formation in East Texas[119](index=119&type=chunk)[121](index=121&type=chunk) - Announced a sustainability initiative to use proceeds from solar development waivers to purchase carbon credits, offsetting mineral production emissions[124](index=124&type=chunk) [Business Environment](index=25&type=section&id=Business%20Environment) The business environment improved significantly in 2021 with commodity prices recovering to 2018 levels by July, and the U.S. rig count increasing, though COVID-19 uncertainty persists | Benchmark Prices | Q2 2021 ($) | Q2 2020 ($) | | :--- | :--- | :--- | | WTI spot oil price ($/Bbl) | $73.52 | $39.27 | | Henry Hub spot natural gas ($/MMBtu) | $3.79 | $1.76 | | U.S. Rotary Rig Count | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Oil | 372 | 188 | | Natural gas | 98 | 75 | | **Total** | **470** | **265** | - Commodity prices improved in late 2020 and fully recovered to 2018 levels by July 2021, reflecting rising demand and ongoing OPEC+ crude oil production limits[133](index=133&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q2 2021 total revenue increased **51.7%** to **$58.4 million** due to higher realized commodity prices, offsetting lower production, while H1 total revenue decreased **45.8%** due to negative derivative impacts Q2 2021 vs Q2 2020 Performance | Metric | Q2 2021 | Q2 2020 | % Change | | :--- | :--- | :--- | :--- | | Production (MBoe/d) | 38.2 | 42.6 | (10.3)% | | Realized Oil Price ($/Bbl) | $62.72 | $29.42 | 113.2% | | Realized Gas Price ($/Mcf) | $3.60 | $1.68 | 114.3% | | Revenue from contracts ($M) | $117.9 | $57.7 | 104.4% | | Gain (loss) on derivatives ($M) | $(59.5) | $(19.2) | 210.2% | | **Total Revenue ($M)** | **$58.4** | **$38.5** | **51.7%** | H1 2021 vs H1 2020 Performance | Metric | H1 2021 | H1 2020 | % Change | | :--- | :--- | :--- | :--- | | Production (MBoe/d) | 37.5 | 44.7 | (16.1)% | | Realized Oil Price ($/Bbl) | $58.09 | $38.24 | 51.9% | | Realized Gas Price ($/Mcf) | $3.25 | $1.82 | 78.6% | | Revenue from contracts ($M) | $207.4 | $150.7 | 37.6% | | Gain (loss) on derivatives ($M) | $(87.4) | $70.8 | NM | | **Total Revenue ($M)** | **$120.0** | **$221.6** | **(45.8)%** | - For the six months ended June 30, 2020, the company recognized a **$51.0 million** impairment on oil and natural gas properties due to sharp oil price decline, with no impairment in 2021[191](index=191&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) Primary liquidity sources are cash from operations and the credit facility, with **$304.0 million** available capacity and a **$5.0 million** capital expenditure budget for 2021, despite decreased operating cash flow - As of June 30, 2021, the company had **$96.0 million** outstanding on its credit facility, with an available borrowing capacity of **$304.0 million**[195](index=195&type=chunk)[84](index=84&type=chunk) - The 2021 capital expenditure budget for non-operated working interests is approximately **$5.0 million**, net of farmout reimbursements[202](index=202&type=chunk) - The decrease in operating cash flow for H1 2021 compared to H1 2020 was primarily due to net cash paid on derivative settlements versus net cash received in the prior year period[199](index=199&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The Partnership manages commodity price volatility through derivatives, while also addressing counterparty credit risk and interest rate risk on its variable-rate credit facility - The company's major market risk is the pricing of oil, natural gas, and NGLs, mitigated by commodity derivative instruments to reduce price volatility[214](index=214&type=chunk) - As of June 30, 2021, the company had seven derivative counterparties, all rated Baa1 or better by Moody's[216](index=216&type=chunk) - The company is exposed to interest rate risk on its **$96.0 million** of outstanding variable-rate debt; a hypothetical **1%** increase would raise interest expense by **$0.5 million** for H1 2021[218](index=218&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting during the quarter - The principal executive and financial officers concluded that the company's disclosure controls and procedures were effective as of June 30, 2021[219](index=219&type=chunk) - No material changes occurred in internal control over financial reporting during Q2 2021[221](index=221&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine litigation, but management believes no pending legal matters will materially adversely affect its financial condition or operations - Management believes no pending litigation, disputes, or claims will have a material adverse effect on the company's financial condition or operations[224](index=224&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the company's risk factors from those previously disclosed in the 2020 Annual Report on Form 10-K - No material changes have occurred in the company's risk factors from those described in the 2020 Annual Report on Form 10-K[225](index=225&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On May 28, 2021, the company issued **1,087,498** common units valued at **$10.8 million** as partial consideration for a mineral interest acquisition, exempt from registration - On May 28, 2021, the company issued **1,087,498** common units valued at **$10.8 million** to partially fund a mineral interest acquisition[226](index=226&type=chunk) - The issuance was exempt from registration requirements under Section 4(a)(2) of the Securities Act, as it was made to accredited investors for investment purposes[227](index=227&type=chunk)

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 _____________ ...