Black Stone Minerals(US:BSM)2019-05-15 15:27Company Overview - Black Stone Minerals, L.P is the largest pure-play oil and gas mineral and royalty owner in the United States[5] - The company possesses over 20 million mineral and royalty acres (7.4 million net) across 41 states[5] - The company's adjusted enterprise value is approximately $4.4 billion[5] - Insiders own over 25% of the company, with legacy owners holding over 80%[5] Financial Performance - The company's 1Q19 production was 46.8 Mboe/d[5] - The distribution yield is approximately 8.3%, and the DCF yield is approximately 8.9%[5] - In 1Q19, the common distribution was $0.37 per unit, annualized to $1.48 per unit[5, 11] - Distributable Cash Flow in 1Q19 was $81.7 million[11] Market and Strategy - The total minerals market size is estimated at ~$500 billion, with public companies representing only 2% of the total enterprise value[8] - The company has returned over $3 billion to investors through distributions over the past 20 years[12] - The company maintains a strong balance sheet, with $100 to $200 million of dry powder available[23] - The company has meaningful exposure to the rapid development occurring in the Midland and Delaware basins, with over $440 million of assets purchased since IPO[26]