Workflow
Black Stone Minerals(BSM) - 2024 Q2 - Quarterly Results
BSMBlack Stone Minerals(BSM)2024-08-05 22:24

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 110.4million,down3110.4 million, down 3% from Q1 2024[5] - Total revenue for Q2 2024 was 109,624, a decrease of 6.4% from 117,000inQ22023[20]−Oilandcondensatesalesincreasedto117,000 in Q2 2023[20] - Oil and condensate sales increased to 73,889 in Q2 2024 from 61,551inQ22023,representingagrowthof20.561,551 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 41,619inQ22023,adeclineof12.841,619 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 100.2million[2][6]−DistributablecashflowforQ22024was100.2 million[2][6] - Distributable cash flow for Q2 2024 was 92.5 million, with a distribution of 0.375perunitandcoverageof1.17x[2][8]−NetincomeforQ22024was0.375 per unit and coverage of 1.17x[2][8] - Net income for Q2 2024 was 68,322, down 13.7% from 78,392inQ22023[20]−AdjustedEBITDAandDistributablecashflowareusedtoassessfinancialperformance,butspecificfiguresforthesemeasureswerenotprovidedinthedocuments[25]−Netincomefor2024is78,392 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 78,392,000in2023[26]−AdjustedEBITDAfor2024is78,392,000 in 2023[26] - Adjusted EBITDA for 2024 is 100,247,000, down 8.9% from 109,245,000in2023[26]−Distributablecashflowfor2024is109,245,000 in 2023[26] - Distributable cash flow for 2024 is 92,522,000, a decline of 10.7% compared to 103,606,000in2023[26]−Distributablecashflowperunitfor2024is103,606,000 in 2023[26] - Distributable cash flow per unit for 2024 is 0.439, down 10.9% from 0.493in2023[26]ExpensesandLosses−Thecompanyreportedalossoncommodityderivativeinstrumentsof0.493 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,anincreaseof7.441,134, an increase of 7.4% from 38,239 in Q2 2023[20] - The company reported a loss on commodity derivative instruments of 5,547inQ22024,comparedtoagainof5,547 in Q2 2024, compared to a gain of 11,303 in Q2 2023[20] - Depreciation, depletion, and amortization increased to 11,356,000in2024from11,356,000 in 2024 from 10,421,000 in 2023[26] - Interest expense decreased slightly to 626,000in2024from626,000 in 2024 from 645,000 in 2023[26] - Preferred unit distributions increased to 7,366,000in2024from7,366,000 in 2024 from 5,250,000 in 2023[26] - Unrealized loss on commodity derivative instruments for 2024 is 17,366,000,comparedtoagainof17,366,000, compared to a gain of 16,881,000 in 2023[26] Strategic Acquisitions and Operations - Black Stone acquired 26.5millioninmineralandroyaltyinterestsinQ22024,totaling26.5 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,adecreaseof330.01, 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]