Black Stone Minerals(BSM) - 2024 Q2 - Quarterly Results

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]