Black Stone Minerals(US:BSM)2025-02-25 00:11Production and Reserves - Black Stone Minerals reported fourth quarter 2024 production of 36.1 MBoe/d, a decrease from 37.4 MBoe/d in the previous quarter and 41.1 MBoe/d in Q4 2023[6]. - Full year 2024 production averaged 38.5 MBoe/d, with mineral and royalty volumes decreasing by 2% year-over-year to 36.6 MBoe/d[7]. - Black Stone expects full year 2025 production guidance of 38 - 41 MBoe/d, representing approximately 2% growth over 2024[3]. - Estimated proved reserves at year-end 2024 were 57.4 MMBoe, an 11% decrease from 64.5 MMBoe at year-end 2023[12]. - Total proved reserves at December 31, 2024, decreased to 57,380 MBoe from 64,474 MBoe at the end of 2023, reflecting a reduction of 10.9%[45]. - Net proved developed reserves fell from 57,101 MBoe at December 31, 2023, to 54,283 MBoe at December 31, 2024, a decrease of 4.9%[45]. - The company experienced a production decline of 14,103 MBoe for the year ended December 31, 2024, compared to 14,103 MBoe in 2023[45]. - The company made extensions, discoveries, and other additions of 11,402 MBoe during the year ended December 31, 2024[45]. Financial Performance - Net income for Q4 2024 was $46.3 million, down from $92.7 million in Q3 2024 and $147.6 million in Q4 2023[11]. - Total revenue for Q4 2024 was $83.726 million, a decrease of 56% compared to $190.841 million in Q4 2023[34]. - Oil and condensate sales amounted to $59.949 million in Q4 2024, down from $80.112 million in Q4 2023, representing a 25% decline[34]. - Natural gas and natural gas liquids sales were $42.364 million in Q4 2024, a decrease of 19% from $52.440 million in Q4 2023[34]. - Net income for Q4 2024 was $46.346 million, compared to $147.647 million in Q4 2023, reflecting a 69% drop[34]. - Adjusted EBITDA for Q4 2024 totaled $90.1 million, compared to $86.4 million in Q3 2024 and $125.5 million in Q4 2023[11]. - Adjusted EBITDA for the year ended December 31, 2024, was $380,946,000, down 19.7% from $474,710,000 in 2023[43]. - Distributable cash flow for the three months ended December 31, 2024, was $81,914,000, a decline of 31.1% from $119,085,000 in the same quarter of 2023[43]. - Distributable cash flow per unit for the quarter ended December 31, 2024, was $0.388, down 31.5% from $0.566 in the same quarter of 2023[43]. - The company reported a total operating expense of $36.204 million in Q4 2024, down from $43.239 million in Q4 2023[34]. Distribution and Cash Flow - The company maintained a quarterly distribution of $0.375 per unit for Q4 2024, with a distribution coverage ratio of 1.03x[16]. - Adjusted EBITDA and Distributable cash flow are used to assess financial performance, but should not replace GAAP measures[39][41]. Acquisitions and Investments - The company acquired $45.2 million in mineral, royalty, and leasehold interests in Q4 2024, totaling $130.5 million since September 2023[22]. - Black Stone plans to continue its targeted mineral acquisition program, focusing on high-interest areas in the Gulf Coast region[22]. Market Conditions and Outlook - The company anticipates continued volatility in oil and natural gas prices, impacting future performance[32]. - The company has a hedge position for oil and natural gas covering portions of its anticipated production for 2025 and 2026[27][28]. Unit and Share Information - The weighted average common units outstanding (basic) was 210,694 in Q4 2024, slightly up from 209,991 in Q4 2023[34]. - The number of total units outstanding increased slightly from 210,313,000 in 2023 to 211,138,000 in 2024[43]. Unrealized Gains and Losses - The company reported a significant unrealized gain on commodity derivative instruments of $29,302,000 for the three months ended December 31, 2024, compared to an unrealized loss of $37,400,000 in the same period of 2023[43].