Production and Sales - As of March 31, 2025, the company holds mineral and royalty interests in 41 states, including ownership in approximately 71,000 producing wells[83]. - During Q1 2025, Aethon successfully turned to sales 11 gross (0.7 net) wells, with an estimated 17 gross (1.0 net) additional wells expected to turn to sales in the remainder of 2025[84]. - In the Louisiana Haynesville, two gross (0.2 net) wells were turned to sales under Accelerated Drilling Agreements (ADAs) during Q1 2025[85]. - The company anticipates nine gross wells to turn to sales in Q4 2025 in the Permian Basin, with the remainder expected in the first half of 2026[87]. - Oil and condensate sales dropped by 29.7% to $50,093,000, primarily due to lower production volumes and realized commodity prices[113]. - Natural gas and NGL sales increased by 38.6% to $58,235,000, driven by higher realized commodity prices despite reduced production volumes[116]. - Production of oil and condensate decreased by 22.4% to 716 MBbls, while natural gas production fell by 9.8% to 14,853 MMcf[113]. Financial Performance - For the three months ended March 31, 2025, total revenue decreased by 43.8% to $59,252,000 compared to $105,493,000 for the same period in 2024[113]. - Adjusted EBITDA for the quarter was $82,167,000, down from $104,117,000 in the prior year, reflecting a decrease of 21.1%[111]. - Distributable cash flow decreased to $73,677,000 from $96,388,000, representing a decline of 23.6%[111]. - The company recognized $52.4 million in unrealized losses from commodity derivative instruments during the first quarter of 2025, compared to $25.1 million in the same period in 2024[117]. - General and administrative expenses rose by 7.7% to $15,172,000, primarily due to increased cash and equity-based compensation[123]. - Interest expense increased by 122.1% to $1,397,000, driven by higher borrowings under the Credit Facility[124]. Cash Flow and Investments - Cash flows provided by operating activities decreased to $64.8 million for the three months ended March 31, 2025, down from $104.5 million in the same period of 2024, representing a decline of approximately 38.0%[130]. - Cash flows used in investing activities improved to $(13.1) million for the three months ended March 31, 2025, compared to $(24.0) million in the same period of 2024, a decrease of approximately 45.5%[131]. - Cash flows used in financing activities decreased to $(51.9) million for the three months ended March 31, 2025, down from $(110.3) million in the same period of 2024, a reduction of approximately 53.0%[132]. - The company spent $2.3 million on capital expenditures for non-operated working interests in 2025, with $0.1 million invested in the first quarter of 2025[133]. - The company acquired mineral and royalty interests for $14.2 million during the three months ended March 31, 2025, funded by $10.3 million in cash and $3.9 million in equity[134]. Market Conditions - The average WTI spot oil price decreased to $71.87 per barrel in Q1 2025 from $83.96 in Q1 2024, while Henry Hub spot natural gas rose to $4.11 per MMBtu from $1.54[91]. - Net natural gas exports averaged 14.4 Bcf per day in Q1 2025, a 21% increase from the 2024 average, with forecasts of 15.5 Bcf per day for the remainder of 2025[95]. - Natural gas storage levels are projected to rise to 3.7 Tcf by the end of October 2025, which would be 3% lower than the five-year average[94]. - The U.S. rotary rig count decreased to 592 in Q1 2025 from 621 in Q1 2024, with oil rigs at 484 and natural gas rigs at 103[92]. Risk Management - The company utilizes fixed-price swap contracts to mitigate the impact of commodity price volatility on cash generated from operations[101]. - The company has hedged a portion of expected future volumes for the remainder of 2025 and 2026, in accordance with its Credit Facility terms[105]. Debt and Financing - The company maintains a Credit Facility with a maximum credit amount of $1.0 billion, with a reaffirmed borrowing base of $580.0 million as of April 2025[144]. - The company had $47.1 million in weighted average outstanding borrowings under the Credit Facility, with a weighted average interest rate of 6.92% for the three months ended March 31, 2025[152]. - The company authorized a $150.0 million unit repurchase program, which will be funded from cash on hand or borrowings under the Credit Facility[128]. - Aethon Energy has commitments to drill a minimum of nine wells in the current program year ending May 2025 under the San Augustine Joint Exploration Agreement[141]. - As of March 31, 2025, the company was in compliance with all debt covenants associated with its Credit Facility[145].

Black Stone Minerals (BSM) Q1 2025 Earnings Call May 06, 2025 10:00 AM ET Company Participants Mark Meaux - Director of FinanceTaylor DeWalch - SVP & CFOJohn Annis - Vice President Operator Thank you for standing by. My name is Demi, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Blackstone Minerals First Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, ther ...

Black Stone Minerals (BSM) Q1 2025 Earnings Call May 06, 2025 10:00 AM ET Speaker0 Thank you for standing by. My name is Demi, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Blackstone Minerals First Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. I would now like to turn the conference over to Mark Moe, Director ...

Quarterly Financial and Operating Results Exhibit 99.1 News For Immediate Release Black Stone Minerals, L.P. Reports First-Quarter Results HOUSTON - (BUSINESS WIRE) - Black Stone Minerals, L.P. (NYSE: BSM) ("Black Stone," "BSM", or "the Partnership") today reports its financial and operating results for the first quarter of 2025. Financial and Operational Highlights Management Commentary Thomas L. Carter, Jr., Black Stone's Chairman, Chief Executive Officer and President, commented, "Despite recent market v ...

Financial Performance - Net income for the year ended December 31, 2024, was $271,326, a decrease of 35.8% compared to $422,549 in 2023[315]. - Total revenue for 2024 decreased by 26.8% to $433,699 from $592,216 in 2023, primarily due to lower oil and condensate sales and a loss on commodity derivative instruments[316][317]. - Adjusted EBITDA for 2024 was $380,946, down 19.7% from $474,710 in 2023[315]. - Distributable cash flow for 2024 was $349,446, a decrease of 22.6% compared to $451,210 in 2023[315]. - Cash flows provided by operating activities decreased by 25.4% to $389,043 in 2024 from $521,251 in 2023[332]. Production and Sales - Oil and condensate production decreased by 4.0% to 3,606 MBbls in 2024 from 3,757 MBbls in 2023[316]. - Natural gas production decreased by 2.6% to 62,984 MMcf in 2024 from 64,647 MMcf in 2023[316]. - The average net natural gas exports in 2024 were 12.0 Bcf per day, a 1% increase from 2023, with forecasts of 14.1 Bcf per day for early 2025, an 18% increase[299]. Commodity Prices and Market Conditions - The average WTI spot crude oil price in Q4 2024 was $72.44 per barrel, while the Henry Hub spot natural gas price was $3.40 per MMBtu[293]. - The company operates in a volatile commodity price environment, with oil prices rising early in 2024 but declining later due to market oversupply concerns[292]. - A 10% discount applied to commodity prices resulted in an approximate 1.5% reduction in estimated proved reserve volumes as of December 31, 2024[355]. Hedging and Risk Management - The company hedged 77% of its available oil and condensate hedge volumes and 82% of its available natural gas hedge volumes for 2025 as of December 31, 2024[309]. - The company utilizes various derivative instruments to manage cash flow variability, including fixed-price swap contracts and costless collar contracts[291]. - The company utilizes commodity derivative financial instruments to mitigate exposure to price volatility in oil and natural gas, with contracts settling monthly in cash[362]. - The company does not currently have any interest rate hedges in place[366]. - The company may consider using derivative instruments to hedge exposure to variable interest rates in the future[366]. Capital Expenditures and Investments - The 2025 capital expenditure budget for non-operated working interests is expected to be approximately $2.3 million, primarily for workovers and recompletions on existing wells[335]. - Expenditures for drilling, completion, and recompletion costs were $0.8 million in 2024 and $4.2 million in 2023, with lease acquisitions costing $3.4 million in 2024 and $0.6 million in 2023[336]. - In 2024, the company acquired mineral and royalty interests for an aggregate of $110.4 million, funded by $109.4 million in borrowings and $1.0 million through common units issuance[337]. Debt and Financing - The senior secured revolving credit facility has a maximum credit amount of $1.0 billion, with a borrowing base reaffirmed at $550.0 million in April 2023 and increased to $580.0 million in October 2023[340]. - The company had weighted average outstanding borrowings of $7.7 million under its Credit Facility[366]. - The weighted-average interest rate on the borrowings was 7.5%[366]. - A 1% increase in the interest rate would result in an increase in interest expense of less than $0.1 million for the year ended December 31, 2024[366]. - Interest expense increased by 12.9% to $3,109 in 2024 from $2,754 in 2023[327]. Future Outlook and Plans - In 2024, the company entered into Accelerated Drilling Agreements with large operators, resulting in 2 gross (0.4 net) wells turned-to-sales (TTS) and an expectation of 11 gross (0.6 net) additional wells TTS in 2025[286]. - The company expects Aethon to turn-to-sales 17 gross (1.1 net) additional wells during 2025, with initial rates between 20 – 30 MMcf/d[285]. - The company plans to continue targeted mineral and royalty acquisitions to complement existing positions[337]. - The next semi-annual borrowing base redetermination is scheduled for April 2025[340].

Black Stone Minerals, L.P. Common Units (NYSE:BSM) Q4 2024 Earnings Conference Call February 25, 2024 10:00 AM ET Company Participants Mark Meaux - Director, Finance Thomas Carter - Chairman, President and CEO Taylor DeWalch - SVP and CFO Carrie Clark - SVP and CCO Conference Call Participants John Annis - Texas Capital Tim Rezvan - KeyBanc Capital Markets Operator Hello and thank you for standing by. My name is Regina and I will be your conference operator today. At this time, I would like to welcome every ...

Core Insights - Black Stone Minerals (BSM) reported a significant decline in revenue and earnings per share (EPS) for the quarter ended December 2024, with revenue of $83.73 million, down 56.1% year-over-year, and EPS of $0.18 compared to $0.65 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $115.46 million by 27.48%, while the EPS also missed the consensus estimate of $0.39 by 53.85% [1] Financial Performance - The company’s production metrics showed a decrease in oil equivalent production to 36.1 million barrels per day, below the analyst estimate of 37.37 million barrels [4] - Natural gas production was reported at 14,794 MMcf, which was lower than the average estimate of 15,561.19 MMcf [4] - Oil and condensate production was slightly above the analyst estimate, reported at 855 MBBL compared to 844.63 MBBL [4] Revenue Breakdown - Revenue from lease bonuses and other income was $1.98 million, significantly lower than the estimated $2.71 million, marking a 48.2% decline year-over-year [4] - Oil and condensate sales generated $59.95 million, falling short of the $62.56 million estimate and representing a 25.2% decrease from the previous year [4] - Revenue from natural gas and natural gas liquids sales was reported at $42.36 million, below the estimated $48.16 million, reflecting a 19.2% year-over-year decline [4] Stock Performance - Over the past month, shares of Black Stone Minerals have returned -2%, compared to a -0.5% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Production 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].

Core Insights - Black Stone Minerals (BSM) is expected to report quarterly earnings of $0.39 per share, reflecting a year-over-year decline of 40% [1] - Revenue is anticipated to be $115.46 million, down 39.5% from the same quarter last year [1] - The consensus EPS estimate has been revised upward by 1.9% in the past 30 days, indicating analysts' reassessment of their initial estimates [1][2] Revenue Estimates - Analysts project 'Revenue- Lease bonus and other income' to be $2.71 million, indicating a year-over-year decline of 29.1% [4] - 'Revenue- Oil and condensate sales' is expected to reach $62.56 million, down 21.9% from the previous year [4] - 'Revenue- Natural gas and natural gas liquids sales' is estimated at $48.16 million, reflecting an 8.2% decrease from the prior-year quarter [5] Production Estimates - The estimated 'Production - Equivalents/day' is 37.37 million barrels of oil equivalent per day, down from 41.1 million barrels of oil equivalent per day in the previous year [5] - 'Production - Natural gas' is forecasted to be 15,561.19 MMcf, compared to 16,546 MMcf a year ago [6] - 'Production - Oil and condensate' is expected to reach 844.63 MBBL, down from 1,026 MBBL in the prior year [6] Market Performance - Over the past month, shares of Black Stone Minerals have returned -3%, contrasting with the Zacks S&P 500 composite's +4.7% change [7] - BSM holds a Zacks Rank 3 (Hold), suggesting it is expected to mirror overall market performance in the near future [7]

Group 1 - The current implied volatility for Black Stone Minerals indicates a potential trading opportunity, particularly with the Jan 17, 2025 $2.50 Call option showing some of the highest implied volatility among equity options [2][3] - Implied volatility reflects market expectations for future stock movement, suggesting that investors anticipate significant price changes, possibly due to an upcoming event [4] - Black Stone Minerals holds a Zacks Rank of 3 (Hold) within the Energy and Pipeline - Master Limited Partnerships industry, which is in the bottom 10% of the Zacks Industry Rank [5] Group 2 - Over the past 30 days, one analyst has raised earnings estimates for Black Stone Minerals for the current quarter, resulting in a consensus estimate increase from 37 cents to 38 cents per share [5]