Financial Performance - Total revenue for Q3 2024 was $134.856 million, an increase of 22.8% compared to $109.797 million in Q3 2023, primarily due to a gain on commodity derivative instruments[132]. - Adjusted EBITDA for Q3 2024 was $86.442 million, down from $130.015 million in Q3 2023, reflecting a decrease of 33.5%[129]. - Distributable cash flow for Q3 2024 was $78.622 million, compared to $124.405 million in Q3 2023, a decrease of 36.8%[129]. - Total revenue for the nine months ended September 30, 2024, decreased by 12.8% to $349,973,000 from $401,375,000 in the prior period, mainly due to reduced gains on commodity derivative instruments and lower natural gas and NGL sales[144]. - Oil and condensate sales slightly increased by 0.4% to $209,112,000 for the nine months ended September 30, 2024, driven by higher production volumes[147]. - Natural gas and NGL sales decreased by 21.9% to $115,543,000 for the nine months ended September 30, 2024, attributed to lower realized commodity prices[148]. - The company recognized $36.4 million of realized gains and $21.6 million of unrealized losses from commodity derivative instruments for the nine months ended September 30, 2024, compared to $65.7 million of realized gains and $29.0 million of unrealized losses in the same period in 2023[149]. - Cash flows provided by operating activities decreased by $89,048,000 to $298,087,000 for the nine months ended September 30, 2024, compared to $387,135,000 in the prior period[164]. Production and Sales - Oil and condensate production decreased by 19.9% to 875 MBbls in Q3 2024 from 1,092 MBbls in Q3 2023, while natural gas production decreased by 9.5% to 15,369 MMcf[131]. - The realized price for oil and condensate decreased by 6.8% to $73.15 per Bbl in Q3 2024 from $78.50 per Bbl in Q3 2023[131]. - Natural gas prices at Henry Hub averaged $2.65 per MMBtu in the third quarter of 2024, compared to $2.42 in the second quarter[105]. - Net natural gas exports averaged 11.5 Bcf per day during the third quarter of 2024, a 3% decrease from the 2023 average[111]. Expenses and Costs - Lease operating expenses decreased by 7.4% to $2.422 million in Q3 2024 from $2.615 million in Q3 2023, primarily due to lower nonrecurring service-related expenses[138]. - Production costs and ad valorem taxes decreased by 24.8% to $12.369 million in Q3 2024 from $16.441 million in Q3 2023, driven by lower production taxes and decreased production volumes[139]. - General and administrative expenses increased by 3.4% to $40,286,000 for the nine months ended September 30, 2024, primarily due to higher professional costs and cash compensation[154]. Investments and Acquisitions - The company acquired mineral and royalty interests for a total of $65.2 million, funded by $64.2 million in cash and $1.0 million in equity[167]. - An asset exchange was completed in Q3 2024, involving approximately 8,000 net leasehold acres in East Texas in exchange for 51,000 undeveloped net mineral and royalty acres in Mississippi[169]. - The capital expenditure budget for 2024 associated with non-operated working interests is expected to be approximately $2.3 million, with $0.7 million already invested by September 30, 2024[166]. Debt and Financing - The company maintains a senior secured revolving credit facility with a maximum credit amount of $1.0 billion, reaffirmed at a borrowing base of $580.0 million as of October 2023[170]. - As of September 30, 2024, the company was in compliance with all debt covenants[171]. - The company had $1.8 million in weighted average outstanding borrowings under its credit facility, with an interest rate of 8.04%[178]. - The next semi-annual borrowing base redetermination is scheduled for April 2025[170]. Market Conditions and Strategies - The average WTI spot oil price for the third quarter of 2024 was $68.75 per barrel, a decrease from $82.83 in the second quarter[105]. - The company utilizes various derivative instruments to manage cash flow variability associated with oil and natural gas production[102]. - The company hedged 75% of its available oil and condensate hedge volumes for 2024 and 71% for 2025, and 77% and 79% of its natural gas hedge volumes for the same years, respectively[124]. - The company uses commodity derivative financial instruments to mitigate exposure to price volatility in oil and natural gas[174]. - All seven counterparties to the company's derivative contracts were rated Baa2 or better by Moody's as of September 30, 2024[176]. - The company believes the credit risk associated with its operators and customers is acceptable despite potential exposure from receivables[177]. Exploration and Future Plans - The company continues to explore opportunities in renewable energy and carbon sequestration as part of its strategy for energy transition[99]. - Exploration expenses for the nine months ended September 30, 2024, increased by 50.0% to $2,579,000 compared to $1,719,000 in the same period in 2023, primarily due to increased seismic purchases and delay rentals[144]. - The company plans to continuously monitor production and the commodity price environment to adjust hedging strategies accordingly[125]. Inventory and Reserves - Natural gas inventories at the end of October 2024 were estimated at 3.9 Tcf, which is 4% higher than the five-year average[109]. - The total U.S. rotary rig count was 587 at the end of the third quarter of 2024, showing a decrease from 621 in the first quarter[107]. - A 10% discount applied to SEC commodity pricing resulted in an approximate 2.5% reduction of proved reserve volumes as of September 30, 2024[175].

Financial Data and Key Metrics Changes - Net income for Q3 2024 was $92.7 million, with adjusted EBITDA at $86.4 million, reflecting a stable financial performance despite market volatility [15] - Mineral and royalty production was 35,300 BOE per day, while total production volumes were 37,400 BOE per day, both showing a slight decrease from the previous quarter [14] - Distributable cash flow for the quarter was $78.6 million, representing approximately 1x coverage for the quarter [15] - The company maintained its distribution at $0.375 per unit for the quarter, equating to an annualized distribution of $1.50 [15] Business Line Data and Key Metrics Changes - The company added approximately $15 million in minerals and royalty assets during the quarter, contributing to a total of about $80 million in acquisitions since Q4 2023 [9][10] - The focus remains on a targeted acquisition strategy to enhance existing development opportunities [8] Market Data and Key Metrics Changes - The company is actively monitoring the commodity environment, particularly in East Texas and Louisiana, where multiple operators are engaged in development [11] - Initial production rates from new wells in the Shelby Trough and Toledo Bend areas were reported at 20 to 25 million cubic feet per day [11][12] Company Strategy and Development Direction - The company is committed to maintaining a strategic objective of working with operators to achieve full development across all assets, aiming for accretive production growth [13] - The acquisition strategy is designed to drive long-term value for shareholders, with a focus on high-interest development opportunities [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook across their acreage position and the anticipated improvements in the natural gas market [8][11] - The company is well-hedged for the remainder of 2024, with natural gas hedges at approximately $3.55 per MMBtu, compared to an average price of $2.16 for Q3 [17] Other Important Information - The credit facility was reaffirmed at $580 million, with total commitments remaining at $375 million and no outstanding borrowings on the revolver [16] - The company had approximately $43 million in cash as of the end of the last week [17] Q&A Session Summary Question: Update on Aethon activity and future visibility - Management indicated ongoing collaboration with Aethon and a commitment to maintaining activity levels in the area, with a focus on the Shelby Trough [20][21] Question: Acquisition cadence and spending capacity - Management clarified that the current acquisition pace reflects a thoughtful approach to the market, with the potential to increase spending if attractive opportunities arise [22][23]

Exhibit 99.1 News For Immediate Release Black Stone Minerals, L.P. Reports Third 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 third quarter of 2024. Financial and Operational Highlights • Mineral and royalty production for the third quarter of 2024 equaled 35.3 MBoe/d; total production, including workinginterest volumes, was 37.4 MBoe/d for the quarter. ...

Financial Performance - For the three months ended June 30, 2024, net income was $68,322, a decrease of 12.7% compared to $78,392 for the same period in 2023[108]. - Adjusted EBITDA for the quarter was $100,247, down 8.9% from $109,245 in the prior year[108]. - Total revenue for the quarter decreased by 6.3% to $109,624 from $117,000 in the same quarter of 2023, primarily due to a loss on commodity derivative instruments[111]. - Total revenue for the six months ended June 30, 2024, decreased by 26.2% to $215,117,000 compared to $291,578,000 in the same period in 2023, primarily due to a loss on commodity derivative instruments and a decrease in natural gas and NGL sales[122][126]. - General and administrative expenses increased by 12.2% to $27,485,000 for the six months ended June 30, 2024, primarily due to higher professional costs and cash compensation[129]. - Cash flows provided by operating activities decreased by 24.3% to $204,845,000 for the six months ended June 30, 2024, compared to $270,425,000 in the same period in 2023[136]. Revenue Breakdown - Oil and condensate sales increased by 20.0% to $73,889, driven by higher production volumes and realized prices[110]. - Natural gas and NGL sales decreased by 12.3% to $36,493, attributed to lower realized commodity prices despite increased production volumes[113]. - Oil and condensate sales increased by 18.5% to $145,113,000 for the six months ended June 30, 2024, driven by higher production volumes and realized commodity prices[124]. - Natural gas and NGL sales decreased by 20.7% to $78,504,000 for the six months ended June 30, 2024, due to lower realized commodity prices despite higher production volumes[125]. Production and Operations - As of June 30, 2024, the company holds mineral and royalty interests in 41 states, including approximately 68,000 producing wells[84]. - Production volumes for oil and condensate increased by 14.5% to 1,876 MBbls, and natural gas production increased by 5.5% to 32,820 MMcf for the six months ended June 30, 2024[121]. - The company recognized a loss of $5,547 on commodity derivative instruments for the quarter, compared to a gain of $11,303 in the same period last year[110]. - The company recognized a loss of $16,837,000 on commodity derivative instruments for the six months ended June 30, 2024, compared to a gain of $63,574,000 in the same period in 2023[126]. - Exploration expenses remained minimal for the quarter, consistent with the prior period[118]. Market Conditions - The average WTI spot oil price for the second quarter of 2024 was $82.83 per barrel, compared to $70.66 per barrel in the second quarter of 2023, reflecting a significant increase[90]. - The average Henry Hub spot natural gas price for the second quarter of 2024 was $2.42 per MMBtu, up from $2.10 per MMBtu in the second quarter of 2023[90]. - The total U.S. rotary rig count decreased to 581 in the second quarter of 2024 from 674 in the second quarter of 2023, indicating a decline in drilling activity[92]. - Natural gas storage levels are projected to rise to 4.0 Tcf by the end of October 2024, which is 6% higher than the five-year average[95]. - Net natural gas exports averaged 11.9 Bcf per day in the first half of 2024, consistent with the average for the full year of 2023[97]. Strategic Initiatives - The company continues to explore opportunities in renewable energy and carbon sequestration as part of its strategy for energy transition[83]. - Aethon Energy has invoked a time-out provision under Joint Exploration Agreements, potentially delaying drilling obligations until September 2024[86]. - The company utilizes various derivative instruments to manage cash flow variability associated with oil and natural gas production[88]. - The company uses commodity derivative financial instruments to mitigate exposure to price volatility in oil and natural gas[143]. - All counterparties to derivative contracts were rated Baa2 or better by Moody's as of June 30, 2024[145]. Financial Position and Capital Expenditures - The company’s capital expenditure budget for 2024 is expected to be approximately $2.3 million, with $0.4 million already invested in the first half of the year[138]. - Cash flows used in investing activities increased significantly to $(51,681,000) for the six months ended June 30, 2024, compared to $(2,633,000) in the same period in 2023, primarily due to acquisitions of oil and natural gas properties[134]. - The company acquired mineral and royalty interests for a total of $50.5 million, funded by $49.5 million in cash and $1.0 million in equity[139]. - The senior secured revolving credit facility has a maximum credit amount of $1.0 billion, with a reaffirmed borrowing base of $580.0 million as of October 2023[140]. - The company maintained cash commitments at $375.0 million after each borrowing base redetermination[140]. - As of June 30, 2024, the company was in compliance with all debt covenants[141]. - The company had $0.2 million in weighted average outstanding borrowings under the credit facility, with a weighted average interest rate of 7.96%[146]. - The next semi-annual borrowing base redetermination is scheduled for October 2024[140]. Asset Valuation - A 10% discount applied to SEC commodity pricing resulted in an approximate 2.5% reduction of proved reserve volumes[144]. - The company has not designated any of its contracts as fair value or cash flow hedges, impacting net income in the period of change[144].

Financial Data and Key Metrics Changes - Total production for Q2 2024 was 40,400 BOE per day, consistent with Q1 2024, generating $68 million in net income and over $100 million in adjusted EBITDA [5][9] - The distribution was maintained at $0.375 per unit, with excess coverage utilized for growth opportunities [5][10] - Distributable cash flow for the quarter was $92.5 million, representing a coverage ratio of 1.17x [9][10] Business Line Data and Key Metrics Changes - Mineral and royalty production was 38,200 BOE per day, flat compared to the previous quarter [9] - An increase in oil volumes helped offset the downturn in the gas market [9] Market Data and Key Metrics Changes - The company has hedged over 60% of expected volumes for the remainder of 2024, with natural gas hedges at approximately $3.55 per MMBtu compared to an average price of about $2 per MMBtu at Henry Hub for Q2 [10][11] Company Strategy and Development Direction - The company is focused on organic growth and targeted acquisitions to enhance its asset base and development opportunities [5][7] - A targeted grassroots acquisition program was initiated to enhance existing asset positions, with $26.5 million in minerals and royalty acquisitions added during the quarter [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term decision-making opportunities and a constructive outlook for natural gas [6] - The company is preparing for anticipated improvements in the natural gas market while maintaining a strong balance sheet [6][10] Other Important Information - The company has added 8 wells in the second quarter with initial production rates between 25 million to 30 million cubic feet per day [8] - The company continues to work with multiple operators to promote development on its acreage [7] Q&A Session Summary Question: Clarification on delayed initial production from Aethon wells - Management clarified that the delayed production refers to previously announced wells, with 8 of 10 expected to come online in the second half of the year [12] Question: Status of Aethon coming out of timeout - Management indicated ongoing discussions with Aethon regarding their status, with new wells having come online but no definitive updates available [13][14] Question: Details on undisclosed Gulf Coast mineral acquisitions - Management stated that they are not disclosing details publicly as they are still assimilating a position that is accretive to their existing assets [15]

Production and Revenue - Mineral and royalty production for Q2 2024 was 38.2 MBoe/d, with total production at 40.4 MBoe/d[2] - Oil and gas revenue for Q2 2024 was $110.4 million, down 3% from Q1 2024[5] - Total revenue for Q2 2024 was $109,624, a decrease of 6.4% from $117,000 in Q2 2023[20] - Oil and condensate sales increased to $73,889 in Q2 2024 from $61,551 in Q2 2023, representing a growth of 20.5%[20] - Natural gas and natural gas liquids sales decreased to $36,493 in Q2 2024 from $41,619 in Q2 2023, a decline of 12.8%[20] - Production of oil and condensate increased to 953 MBbls in Q2 2024 from 846 MBbls in Q2 2023, a rise of 12.7%[22] Financial Performance - Net income for Q2 2024 was $68.3 million, and Adjusted EBITDA totaled $100.2 million[2][6] - Distributable cash flow for Q2 2024 was $92.5 million, with a distribution of $0.375 per unit and coverage of 1.17x[2][8] - Net income for Q2 2024 was $68,322, down 13.7% from $78,392 in Q2 2023[20] - Adjusted EBITDA and Distributable cash flow are used to assess financial performance, but specific figures for these measures were not provided in the documents[25] - Net income for 2024 is $68,322,000, a decrease of 12.6% from $78,392,000 in 2023[26] - Adjusted EBITDA for 2024 is $100,247,000, down 8.9% from $109,245,000 in 2023[26] - Distributable cash flow for 2024 is $92,522,000, a decline of 10.7% compared to $103,606,000 in 2023[26] - Distributable cash flow per unit for 2024 is $0.439, down 10.9% from $0.493 in 2023[26] Expenses and Losses - The company reported a loss on commodity derivative instruments of $5.5 million for Q2 2024[6] - Total operating expenses for Q2 2024 were $41,134, an increase of 7.4% from $38,239 in Q2 2023[20] - The company reported a loss on commodity derivative instruments of $5,547 in Q2 2024, compared to a gain of $11,303 in Q2 2023[20] - Depreciation, depletion, and amortization increased to $11,356,000 in 2024 from $10,421,000 in 2023[26] - Interest expense decreased slightly to $626,000 in 2024 from $645,000 in 2023[26] - Preferred unit distributions increased to $7,366,000 in 2024 from $5,250,000 in 2023[26] - Unrealized loss on commodity derivative instruments for 2024 is $17,366,000, compared to a gain of $16,881,000 in 2023[26] Strategic Acquisitions and Operations - Black Stone acquired $26.5 million in mineral and royalty interests in Q2 2024, totaling $65.1 million since September 2023[12] - The company continues to focus on strategic mineral and royalty interest acquisitions to enhance its asset base[3][12] - As of June 30, 2024, Black Stone had 62 rigs operating, down from 78 in Q1 2024[9] Pricing and Market Trends - Average realized price per Boe was $30.01, a decrease of 3% from Q1 2024 and 4% from Q2 2023[4] - Realized prices for oil and condensate were $77.53 per Bbl in Q2 2024, compared to $72.76 per Bbl in Q2 2023, an increase of 10.5%[22] - The weighted average common units outstanding (basic) was 210,703 in Q2 2024, slightly up from 209,967 in Q2 2023[20] - Total units outstanding increased to 210,689 in 2024 from 209,986 in 2023[26] - The estimated distribution for the three months ended June 30, 2024, is based on 210,689,203 common units[26]

mysticenergy For the March quarter, Black Stone Minerals beat estimates nicely, with EBITDA of $104 million (vs $93 million Street estimates). The company earned Distributable Cash Flow (DCF) of $0.46 per share. That was down from $0.59 in the fourth quarter of 2023. The company cut the distribution by 22%, but we generally knew that between 1) lower natural gas prices and 2) some expiring gas hedges, that earnings and the distribution would fall. With coverage now at 1.22x and a 9% yield, we continue to li ...

In December 2023, we received notice that Aethon was exercising the "time-out" provisions under these JEAs. When natural gas prices fall below specified thresholds, Aethon may elect to temporarily suspend its drilling obligations for up to nine consecutive months and a maximum of 18 total months in any 48-month period. Aethon has not previously invoked the time-out provisions under the JEAs. We continue working closely with Aethon to finalize development plans going forward and assess the effect of the temp ...

Black Stone Minerals, L.P. Common Units (NYSE:BSM) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET Corporate Participants Mark Meaux - Director, Finance Tom Carter - Chairman, Chief Executive Officer and President Evan Kiefer - Senior Vice President, Chief Financial Officer and Treasurer Conference Call Participants Derrick Whitfield - Stifel Jon Mardini - KeyBanc Capital Markets Operator Good day and welcome to the Black Stone Minerals First Quarter Earnings Call. At this time, all participants ar ...

As previously announced, the Board approved a cash distribution of $0.375 for each common unit attributable to the first quarter of 2024. The quarterly distribution coverage ratio attributable to the first quarter of 2024 was approximately 1.22x. The distribution will be paid on May 17, 2024 to unitholders of record as of the close of business on May 10, 2024. The Company reported a loss on commodity derivative instruments of $11.3 million for the first quarter of 2024, composed of a $13.8 million gain from ...