Black Stone Minerals(US:BSM)2025-11-03 23:54Production and Sales - Mineral and royalty production for Q3 2025 was 34.7 MBoe/d, a 5% increase from the previous quarter, with total production at 36.3 MBoe/d[7] - Total revenue for Q3 2025 was $132.47 million, a slight decrease of 1.1% compared to $134.86 million in Q3 2024[33] - Oil and condensate sales amounted to $57.09 million in Q3 2025, down 10.5% from $63.99 million in Q3 2024[34] - Natural gas and natural gas liquids sales increased by 16.3% to $43.09 million in Q3 2025 from $37.04 million in Q3 2024[34] - Production of oil and condensate for Q3 2025 was 912 MBbls, an increase of 4.2% from 875 MBbls in Q3 2024[34] Financial Performance - Net income for Q3 2025 was $91.7 million, down from $120.0 million in the previous quarter, while Adjusted EBITDA was $86.3 million[14][15] - Distributable cash flow for Q3 2025 was $76.8 million, compared to $74.8 million in Q2 2025[15] - Total debt at the end of Q3 2025 was $95.0 million, reduced to $73.0 million by October 31, 2025[7][16] - Net income for Q3 2025 was $91.73 million, a decrease of 1.1% compared to $92.73 million in Q3 2024[39] - Adjusted EBITDA for the nine months ended September 30, 2025, was $252.59 million, down 13.1% from $290.81 million in the same period of 2024[39] - Distributable cash flow for Q3 2025 was $76.76 million, a decrease of 2.3% from $78.62 million in Q3 2024[39] Pricing and Distribution - The average realized price per Boe for Q3 2025 was $30.01, a 7% decrease from $32.40 in Q2 2025[11] - The realized price for oil and condensate decreased to $62.60 per Bbl in Q3 2025 from $73.15 per Bbl in Q3 2024, a decline of 14.1%[34] - Black Stone announced a distribution of $0.30 per unit for Q3 2025, maintaining a distribution coverage of 1.21x[18] Acquisitions and Investments - Black Stone acquired $20.3 million in additional mineral and royalty interests during Q3 2025, totaling $193.2 million in acquisitions since September 2023[25] - Aethon Energy is on track to drill 15 wells in the current program year, with 3 wells already spud[19] - Black Stone's agreement with Revenant Energy includes a commitment to drill a minimum of 6 wells in 2026, increasing to 25 wells annually over the next five years[21] Market Conditions - The partnership's ability to execute its business strategies remains influenced by factors such as oil and natural gas price volatility and competition in the industry[31] - The Partnership has a hedge position covering portions of its anticipated production for 2025-2027, including oil swaps at prices ranging from $59.90 to $71.22 per barrel[26]