Black Stone Minerals, L.P. Reports Second Quarter Results

HOUSTON–(BUSINESS WIRE)–Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone Minerals,” “Black Stone,” or “the Company”) today announces its financial and operating results for the second quarter of 2022 and updated earnings call information.

Financial and Operational Highlights

  • Mineral and royalty production for the second quarter of 2022 equaled 30.3 MBoe/d, an increase of 2% over the prior quarter; total production, including working interest volumes, was 33.5 MBoe/d for the quarter.
  • Net income for the second quarter was $131.8 million. Adjusted EBITDA for the quarter totaled $112.8 million, an increase of 14% over the prior quarter and the highest level recorded by Black Stone as a public company.
  • Distributable cash flow was $106.6 million for the second quarter, an increase of 15% relative to the first quarter of 2022 and also a record high for the Company.
  • Announced a distribution of $0.42 per unit with respect to the second quarter of 2022, which represents a 5% increase from the distribution paid with respect to the first quarter of 2022. Distribution coverage for all units was 1.21x.
  • Total debt at the end of the second quarter was $86.0 million; total debt to trailing twelve-month Adjusted EBITDA was 0.2x at quarter-end. As of July 29, 2022, total debt had been reduced to $54.0 million.

Conference Call

Black Stone Minerals will host a conference call and webcast for investors and analysts to discuss its results for the second quarter of 2022 on Tuesday, August 2, 2022 at 9:00 a.m. Central Time. Black Stone recommends participants who do not anticipate asking questions to listen to the call via the live broadcast available at http://investor.blackstoneminerals.com. Analysts and investors who wish to ask questions should dial (800) 715-9871 for domestic participants and (646) 307-1963 for international participants. The conference code for the call is 2386291. A recording of the conference call will be available on Black Stone’s website.

Management Commentary

Thomas L. Carter, Jr., Black Stone Minerals’ Chief Executive Officer and Chairman commented, “The efforts to attract capital to our acreage are delivering results. We have a clear line of sight on significant increases in drilling activity from producers on some of our concentrated positions. In the Shelby Trough, where royalty production peaked at over 11,000 Boe per day under BP and XTO’s drilling programs, Aethon is ramping up to annual well counts that should allow us to surpass those levels in the coming years. In addition, we continue to be encouraged by drilling results in the East Texas Austin Chalk and by what that implies for future activity levels there. We have a deep inventory with over 20 years of drilling locations in these areas, and believe we are well-positioned to return to multi-year production growth.”

Quarterly Financial and Operating Results

Production

Black Stone Minerals reported mineral and royalty volumes of 30.3 MBoe/d (70% natural gas) for the second quarter of 2022, compared to 29.6 MBoe/d for the first quarter of 2022 and 32.5 MBoe/d for the second quarter of 2021.

Working interest production for the second quarter of 2022 was 3.2 MBoe/d, representing a decrease of 3% from the levels generated in the quarter ended March 31, 2022 and a decrease of 44% from the quarter ended June 30, 2021. The continued decline in working interest volumes is consistent with the Company’s decision to farm out its working-interest participation to third-party capital providers.

Total reported production averaged 33.5 MBoe/d (90% mineral and royalty, 71% natural gas) for the second quarter of 2022 compared to 32.9 MBoe/d and 38.2 MBoe/d for the quarters ended March 31, 2022 and June 30, 2021, respectively.

Realized Prices, Revenues, and Net Income

The Company’s average realized price per Boe, excluding the effect of derivative settlements, was $67.41 for the quarter ended June 30, 2022. This is an increase of 32% from $51.25 per Boe from the first quarter of 2022 and a 112% increase compared to $31.79 for the second quarter of 2021.

Black Stone reported oil and gas revenue of $205.5 million (46% oil and condensate) for the second quarter of 2022, an increase of 36% from $151.6 million in the first quarter of 2022. Oil and gas revenue in the second quarter of 2021 was $110.4 million.

The Company reported a loss on commodity derivative instruments of $27.3 million for the second quarter of 2022, composed of a $62.5 million loss from realized settlements and a non-cash $35.1 million unrealized gain due to the change in value of Black Stone’s derivative positions during the quarter. Black Stone reported a loss of $120.0 million and a loss of $59.5 million on commodity derivative instruments for the quarters ended March 31, 2022 and June 30, 2021, respectively.

Lease bonus and other income was $2.2 million for the second quarter of 2022, primarily related to leasing activity in the Austin Chalk. Lease bonus and other income for the quarters ended March 31, 2022 and June 30, 2021 was $4.9 million and $7.5 million, respectively.

The Company reported net income of $131.8 million for the quarter ended June 30, 2022, compared to a net loss of $7.0 million in the preceding quarter. For the quarter ended June 30, 2021, the Company reported net income of $15.4 million.

Adjusted EBITDA and Distributable Cash Flow

Adjusted EBITDA for the second quarter of 2022 was $112.8 million, which compares to $98.8 million in the first quarter of 2022 and $78.4 million in the second quarter of 2021. Distributable cash flow for the quarter ended June 30, 2022 was $106.6 million. For the quarters ended March 31, 2022 and June 30, 2021, distributable cash flow was $92.6 million and $72.1 million, respectively.

Financial Position and Activities

As of June 30, 2022, Black Stone Minerals had $12.2 million in cash and $86.0 million outstanding under its credit facility. At June 30, 2022, the ratio of total debt to trailing twelve-month Adjusted EBITDA was 0.2x. As of July 29, 2022, $54.0 million was outstanding under the credit facility and the Company had $13.9 million in cash.

During the second quarter of 2022, Black Stone’s borrowing base was reaffirmed at $400 million. Black Stone is in compliance with all financial covenants associated with its credit facility.

During the second quarter of 2022, the Company made no repurchases of units under the Board-approved $75 million unit repurchase program.

Second Quarter 2022 Distributions

As previously announced, the Board approved a cash distribution of $0.42 for each common unit attributable to the second quarter of 2022. The quarterly distribution coverage ratio attributable to the second quarter of 2022 was approximately 1.21x. These distributions will be payable on August 19, 2022 to unitholders of record as of the close of business on August 12, 2022.

Activity Update

Rig Activity

As of June 30, 2022, Black Stone had 81 rigs operating across its acreage position, a slight decrease relative to the 88 rigs on the Company’s acreage as of March 31, 2022 and an increase compared to the 64 rigs operating on the Company’s acreage as of June 30, 2021. The quarter over quarter decrease in rig count was associated primarily with rigs located in Louisiana.

Drilling Inventory on Existing Acreage

As part of Black Stone’s ongoing efforts to attract capital and spur development of its undeveloped acreage, the Company has analyzed the potential viable drilling locations across its major plays. Based on the Company’s estimates of its net locations (representing the sum of Black Stone’s fractional interests owned in gross locations), which involve various levels of geologic risk and economic viability, and the rate of development over the last twelve months, Black Stone believes it has sufficient location inventory in many of its core plays, including the Shelby Trough, East Texas Austin Chalk, and Louisiana Haynesville, to support over 20 years of drilling activity. The Company’s organic growth efforts target accelerating development of these plays.

Shelby Trough Development Update

Aethon has successfully turned eight wells to sales and has commenced operations on six additional wells under the development agreement covering Angelina County. Aethon is currently drilling two wells and completing four wells under the separate development agreement covering San Augustine County. Aethon’s completions are more intensive than those of prior operators in the area and result in higher initial flowback rates. Additionally, XTO Energy has finished drilling operations and started completing the three wells on Black Stone’s Shelby Trough acreage in San Augustine County that were originally spud in 2019.

Aethon is on pace to meet or exceed its combined well commitments under the Shelby Trough development agreements of 15 wells for the program years which end in September 2022, and is projected to meet or exceed the 25 well commitment for the program years which end in September 2023. Assuming Aethon stays with its current drilling plans and well performance is in line with recent results, Black Stone expects its royalty volumes from the Shelby Trough in the second half of 2023 to surpass the previous highs of approximately 11,000 Boe/d in 2020 under the XTO Energy and BP Energy drilling programs.

Austin Chalk Update

Black Stone has entered into agreements with multiple operators to drill wells in the Austin Chalk in East Texas, where the Company has significant acreage positions. The results of our three-well test program in the Brookeland Field demonstrate that modern completion technology can greatly improve production rates and increase reserves when compared to the vintage, unstimulated wells in the Austin Chalk formation. In addition to the test well program, twelve new horizontal wells have been drilled on Black Stone acreage to test various portions of the field across a four-county area. Although production results have varied on those wells, the play is becoming better delineated, with consistent well performance on new completions in the same portions of the field. Seven operators are actively engaged in redevelopment of the field, with four rigs currently running in the play and an additional six wells currently either being drilled or completed. One of the most recent Austin Chalk completions in Tyler County has been on line for a little over a month, and is producing over 2,200 barrels and almost 12 MMcf per day.

Black Stone continues to work with existing and potential operators to increase the pace of development across its East Texas Austin Chalk position. Based on current producer interest in the area and ongoing negotiations of contractual developments agreements, Black Stone anticipates up to 30 horizontal wells could be spud in the area over the next twelve months.

Update to 2022 Guidance

The Company now expects full year 2022 production volumes to be at the low end of the original guidance range of 34-37 MBoe/d, due partly to increased cycle times for multiple well pads on high-interest acreage, and due partly to delays resulting from global supply chain interruptions, particularly as they impact smaller operators. Management anticipates that production volumes will ramp up throughout 2023 and will approach 40 MBoe/d by the end of next year, driven primarily by the increases in drilling activity in the Shelby Trough and Austin Chalk plays as discussed above.

Update to Hedge Position

Black Stone has commodity derivative contracts in place covering portions of its anticipated production for 2022 and 2023. The Company’s hedge position as of July 29, 2022 is summarized in the following tables:

Oil Hedge Position

 

 

 

 

 

 

Oil Swap

 

Oil Swap Price

 

 

MBbl

 

$/Bbl

2Q22

 

220

 

$66.47

3Q22

 

660

 

$66.47

4Q22

 

660

 

$66.47

1Q23

 

180

 

$80.40

2Q23

 

90

 

$89.50

3Q23

 

90

 

$89.50

4Q23

 

90

 

$89.50

Natural Gas Hedge Position

 

 

Gas Swap

 

Gas Swap Price

 

 

BBtu

 

$/MMbtu

3Q22

 

9,000

 

$3.12

4Q22

 

9,000

 

$3.12

1Q23

 

7,200

 

$4.72

2Q23

 

6,370

 

$4.78

3Q23

 

6,440

 

$4.78

4Q23

 

6,440

 

$4.78

More detailed information about the Company’s existing hedging program can be found in the Quarterly Report on Form 10-Q for the second quarter of 2022, which is expected to be filed on or around August 2, 2022.

About Black Stone Minerals, L.P.

Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.

Forward-Looking Statements

This news release includes forward-looking statements. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “may,” “should,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms, or other comparable terminology often identify forward-looking statements. Except as required by law, Black Stone Minerals undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by these cautionary statements. These forward-looking statements involve risks and uncertainties, many of which are beyond the control of Black Stone Minerals, which may cause the Company’s actual results to differ materially from those implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below, as well as the Risk Factors section in our most recent annual report on Form 10-K and quarterly report on Form 10-Q:

  • the Company’s ability to execute its business strategies;
  • the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other parties in response to the pandemic;
  • the conflict in Ukraine and actions taken, and that may in the future be taken, against Russia or otherwise as a result;
  • the availability of U.S. liquified natural gas (“LNG”) export capacity and the level of demand for LNG exports;
  • the volatility of realized oil and natural gas prices;
  • the level of production on the Company’s properties;
  • overall supply and demand for oil and natural gas, as well as regional supply and demand factors, delays, or interruptions of production;
  • conservation measures, technological advances, and general concern about the environmental impact of the production and use of fossil fuels;
  • the Company’s ability to replace its oil and natural gas reserves;
  • the Company’s ability to identify, complete, and integrate acquisitions;
  • general economic, business, or industry conditions;
  • cybersecurity incidents, including data security breaches or computer viruses;
  • competition in the oil and natural gas industry;
  • the unavailability, high cost, or shortages of rigs, equipment, raw materials, supplies, or personnel to develop and operate our properties; and
  • the level of drilling activity by the Company’s operators, particularly in areas such as the Shelby Trough where the Company has concentrated acreage positions.

BLACK STONE MINERALS, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per unit amounts)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

REVENUE

 

 

 

 

 

 

 

Oil and condensate sales

$

94,296

 

 

$

53,936

 

 

$

170,127

 

 

$

98,112

 

Natural gas and natural gas liquids sales

 

111,181

 

 

 

56,481

 

 

 

186,935

 

 

 

99,370

 

Lease bonus and other income

 

2,244

 

 

 

7,505

 

 

 

7,103

 

 

 

9,890

 

Revenue from contracts with customers

 

207,721

 

 

 

117,922

 

 

 

364,165

 

 

 

207,372

 

Gain (loss) on commodity derivative instruments

 

(27,349

)

 

 

(59,480

)

 

 

(147,369

)

 

 

(87,362

)

TOTAL REVENUE

 

180,372

 

 

 

58,442

 

 

 

216,796

 

 

 

120,010

 

OPERATING (INCOME) EXPENSE

 

 

 

 

 

 

 

Lease operating expense

 

3,199

 

 

 

3,837

 

 

 

6,360

 

 

 

6,501

 

Production costs and ad valorem taxes

 

19,504

 

 

 

9,296

 

 

 

33,453

 

 

 

21,138

 

Exploration expense

 

2

 

 

 

2

 

 

 

182

 

 

 

1,075

 

Depreciation, depletion, and amortization

 

11,893

 

 

 

15,796

 

 

 

22,810

 

 

 

31,428

 

General and administrative

 

12,519

 

 

 

12,187

 

 

 

26,282

 

 

 

25,039

 

Accretion of asset retirement obligations

 

205

 

 

 

298

 

 

 

407

 

 

 

590

 

(Gain) loss on sale of assets, net

 

(17

)

 

 

 

 

 

(17

)

 

 

 

TOTAL OPERATING EXPENSE

 

47,305

 

 

 

41,416

 

 

 

89,477

 

 

 

85,771

 

INCOME (LOSS) FROM OPERATIONS

 

133,067

 

 

 

17,026

 

 

 

127,319

 

 

 

34,239

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

Interest and investment income

 

2

 

 

 

 

 

 

2

 

 

 

 

Interest expense

 

(1,362

)

 

 

(1,628

)

 

 

(2,571

)

 

 

(2,838

)

Other income (expense)

 

81

 

 

 

31

 

 

 

36

 

 

 

214

 

TOTAL OTHER EXPENSE

 

(1,279

)

 

 

(1,597

)

 

 

(2,533

)

 

 

(2,624

)

NET INCOME (LOSS)

 

131,788

 

 

 

15,429

 

 

 

124,786

 

 

 

31,615

 

Distributions on Series B cumulative convertible preferred units

 

(5,250

)

 

 

(5,250

)

 

 

(10,500

)

 

 

(10,500

)

NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS

$

126,538

 

 

$

10,179

 

 

$

114,286

 

 

$

21,115

 

ALLOCATION OF NET INCOME (LOSS):

 

 

 

 

 

 

 

General partner interest

$

 

 

$

 

 

$

 

 

$

 

Common units

 

126,538

 

 

 

10,179

 

 

 

114,286

 

 

 

21,115

 

 

$

126,538

 

 

$

10,179

 

 

$

114,286

 

 

$

21,115

 

NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT:

 

 

 

 

 

 

 

Per common unit (basic)

$

0.60

 

 

$

0.05

 

 

$

0.55

 

 

$

0.10

 

Per common unit (diluted)

$

0.59

 

 

$

0.05

 

 

$

0.55

 

 

$

0.10

 

WEIGHTED AVERAGE COMMON UNITS OUTSTANDING:

 

 

 

 

 

 

 

Weighted average common units outstanding (basic)

 

209,397

 

 

 

207,945

 

 

 

209,360

 

 

 

207,695

 

Weighted average common units outstanding (diluted)

 

224,366

 

 

 

207,945

 

 

 

209,360

 

 

 

207,695

 

The following table shows the Company’s production, revenues, pricing, and expenses for the periods presented:

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2022

 

2021

 

2022

 

2021

 

 

(Unaudited)

(Dollars in thousands, except for realized prices and per Boe data)

Production:

 

 

 

 

 

 

 

 

Oil and condensate (MBbls)

 

 

899

 

 

 

860

 

 

 

1,730

 

 

 

1,689

 

Natural gas (MMcf)1

 

 

12,895

 

 

 

15,676

 

 

 

25,654

 

 

 

30,586

 

Equivalents (MBoe)

 

 

3,048

 

 

 

3,473

 

 

 

6,006

 

 

 

6,787

 

Equivalents/day (MBoe)

 

 

33.5

 

 

 

38.2

 

 

 

33.2

 

 

 

37.5

 

Realized prices, without derivatives:

 

 

 

 

 

 

 

 

Oil and condensate ($/Bbl)

 

$

104.89

 

 

$

62.72

 

 

$

98.34

 

 

$

58.09

 

Natural gas ($/Mcf)1

 

 

8.62

 

 

 

3.60

 

 

 

7.29

 

 

 

3.25

 

Equivalents ($/Boe)

 

$

67.41

 

 

$

31.79

 

 

$

59.45

 

 

$

29.10

 

Revenue:

 

 

 

 

 

 

 

 

Oil and condensate sales

 

$

94,296

 

 

$

53,936

 

 

$

170,127

 

 

$

98,112

 

Natural gas and natural gas liquids sales1

 

 

111,181

 

 

 

56,481

 

 

 

186,935

 

 

 

99,370

 

Lease bonus and other income

 

 

2,244

 

 

 

7,505

 

 

 

7,103

 

 

 

9,890

 

Revenue from contracts with customers

 

 

207,721

 

 

 

117,922

 

 

 

364,165

 

 

 

207,372

 

Gain (loss) on commodity derivative instruments

 

 

(27,349

)

 

 

(59,480

)

 

 

(147,369

)

 

 

(87,362

)

Total revenue

 

$

180,372

 

 

$

58,442

 

 

$

216,796

 

 

$

120,010

 

Operating expenses:

 

 

 

 

 

 

 

 

Lease operating expense

 

$

3,199

 

 

$

3,837

 

 

$

6,360

 

 

$

6,501

 

Production costs and ad valorem taxes

 

 

19,504

 

 

 

9,296

 

 

 

33,453

 

 

 

21,138

 

Exploration expense

 

 

2

 

 

 

2

 

 

 

182

 

 

 

1,075

 

Depreciation, depletion, and amortization

 

 

11,893

 

 

 

15,796

 

 

 

22,810

 

 

 

31,428

 

General and administrative

 

 

12,519

 

 

 

12,187

 

 

 

26,282

 

 

 

25,039

 

Other expense:

 

 

 

 

 

 

 

 

Interest expense

 

 

1,362

 

 

 

1,628

 

 

 

2,571

 

 

 

2,838

 

Per Boe:

 

 

 

 

 

 

 

 

Lease operating expense (per working interest Boe)

 

$

11.03

 

 

$

7.39

 

 

$

10.89

 

 

$

6.27

 

Production costs and ad valorem taxes

 

 

6.40

 

 

 

2.68

 

 

 

5.57

 

 

 

3.11

 

Depreciation, depletion, and amortization

 

 

3.90

 

 

 

4.55

 

 

 

3.80

 

 

 

4.63

 

General and administrative

 

 

4.11

 

 

 

3.51

 

 

 

4.38

 

 

 

3.69

 

1

As a mineral-and-royalty-interest owner, Black Stone Minerals is often provided insufficient and inconsistent data on natural gas liquid (“NGL”) volumes by its operators. As a result, the Company is unable to reliably determine the total volumes of NGLs associated with the production of natural gas on its acreage. Accordingly, no NGL volumes are included in reported production; however, revenue attributable to NGLs is included in natural gas revenue and the calculation of realized prices for natural gas.

Non-GAAP Financial Measures

Adjusted EBITDA and Distributable cash flow are supplemental non-GAAP financial measures used by Black Stone’s management and external users of the Company’s financial statements such as investors, research analysts, and others, to assess the financial performance of its assets and its ability to sustain distributions over the long term without regard to financing methods, capital structure, or historical cost basis.

The Company defines Adjusted EBITDA as net income (loss) before interest expense, income taxes, and depreciation, depletion, and amortization adjusted for impairment of oil and natural gas properties, if any, accretion of asset retirement obligations, unrealized gains and losses on commodity derivative instruments, non-cash equity-based compensation, and gains and losses on sales of assets, if any. Black Stone defines Distributable cash flow as Adjusted EBITDA plus or minus amounts for certain non-cash operating activities, cash interest expense, and restructuring charges, if any.

Adjusted EBITDA and Distributable cash flow should not be considered an alternative to, or more meaningful than, net income (loss), income (loss) from operations, cash flows from operating activities, or any other measure of financial performance presented in accordance with generally accepted accounting principles (“GAAP”) in the United States as measures of the Company’s financial performance.

Adjusted EBITDA and Distributable cash flow have important limitations as analytical tools because they exclude some but not all items that affect net income (loss), the most directly comparable U.S. GAAP financial measure. The Company’s computation of Adjusted EBITDA and Distributable cash flow may differ from computations of similarly titled measures of other companies.

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2022

 

2021

 

2022

 

2021

 

 

(Unaudited)

(In thousands, except per unit amounts)

Net income (loss)

 

$

131,788

 

 

$

15,429

 

 

$

124,786

 

 

$

31,615

 

Adjustments to reconcile to Adjusted EBITDA:

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

11,893

 

 

 

15,796

 

 

 

22,810

 

 

 

31,428

 

Interest expense

 

 

1,362

 

 

 

1,628

 

 

 

2,571

 

 

 

2,838

 

Income tax expense (benefit)

 

 

(14

)

 

 

6

 

 

 

89

 

 

 

(151

)

Accretion of asset retirement obligations

 

 

205

 

 

 

298

 

 

 

407

 

 

 

590

 

Equity–based compensation

 

 

2,724

 

 

 

3,071

 

 

 

7,275

 

 

 

6,533

 

Unrealized (gain) loss on commodity derivative instruments

 

 

(35,103

)

 

 

42,135

 

 

 

53,673

 

 

 

65,494

 

(Gain) loss on sale of assets, net

 

 

(17

)

 

 

 

 

 

(17

)

 

 

 

Adjusted EBITDA

 

 

112,838

 

 

 

78,363

 

 

 

211,594

 

 

 

138,347

 

Adjustments to reconcile to Distributable cash flow:

 

 

 

 

 

 

 

 

Change in deferred revenue

 

 

(6

)

 

 

(5

)

 

 

(15

)

 

 

(14

)

Cash interest expense

 

 

(1,015

)

 

 

(1,001

)

 

 

(1,877

)

 

 

(1,954

)

Preferred unit distributions

 

 

(5,250

)

 

 

(5,250

)

 

 

(10,500

)

 

 

(10,500

)

Distributable cash flow

 

$

106,567

 

 

$

72,107

 

 

$

199,202

 

 

$

125,879

 

 

 

 

 

 

 

 

 

 

Total units outstanding1

 

 

209,402

 

 

 

207,552

 

 

 

 

 

Distributable cash flow per unit

 

$

0.509

 

 

$

0.347

 

 

 

 

 

Contacts

Black Stone Minerals, L.P. Contacts
Jeff Wood

President and Chief Financial Officer

Evan Kiefer

Vice President, Finance and Investor Relations

Telephone: (713) 445-3200

investorrelations@blackstoneminerals.com

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