Depreciation, depletion, and amortization. Depletion is the amount of cost basis of oil and natural gas properties attributable to the volume of hydrocarbons extracted during a period, calculated on a units-of-production basis. Estimates of proved developed producing reserves are a major component of the calculation of depletion. We adjust our depletion rates semi-annually based upon mid-year and year-end reserve reports, except when circumstances indicate that there has been a significant change in reserve ...

Black Stone Minerals, L.P. (NYSE:BSM) Q2 2023 Earnings Conference Call August 1, 2023 10:00 AM ET Company Participants Mark Meaux – Director-Finance Tom Carter – Chairman and Chief Executive Officer Evan Kiefer – Interim Chief Financial Officer and Treasurer Carrie Clark – Senior Vice President-Land and Commercial Conference Call Participants Tim Rezvan – KeyBanc Capital Markets Derrick Whitfield – Stifel Trafford Lamar – Raymond James Operator Good day, everyone, and welcome to today's Black Stone Minerals ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |----------------------------------------------------------------------------|--------------------------|------------------------------------------| | | | | | For the transition period _______________ to _______________ | | | | Commission File Number: 001-37362 | | | | Black Stone | Minerals, | L.P. | | (Exact name of registrant as specified | in its charter) | | | Delaware | | 47-184669 ...

Financial Data and Key Metrics Changes - The company reported total production volumes of 39.3 MBoe/d for the first quarter, an 8% decrease from the fourth quarter [16] - Adjusted EBITDA was $109 million and distributable cash flow was $104 million, both up 11% to 12% from the first quarter of 2022 [19] - Realized prices per Boe for the first quarter were approximately $33 per barrel, a decrease of 35% from $51 per barrel in the fourth quarter [10] - The borrowing base for the revolving credit facility was reaffirmed at $550 million, with $375 million in commitments [11] Business Line Data and Key Metrics Changes - Royalty volumes for the first quarter were 36.8 MBoe/d, which is 24% above the first quarter of 2022 [17] - The company turned to sales 20 wells in the Shelby Trough under development agreements, with six new wells since the beginning of the year [6] - The company has 21 new generation multistage completion wells turned to sales in the East Texas Austin Chalk, with potential for an additional 14 wells this year [6][21] Market Data and Key Metrics Changes - The company experienced a decrease in rig activity on its acreage, down from 108 rigs at the end of the previous year to 78 rigs as of March 31 [18][35] - Permitted activity in the first quarter remained consistent with the fourth quarter, with over 400 horizontal permits added on the company's acreage [7] Company Strategy and Development Direction - The company aims to continue developing through commodity cycles, expecting to add long-term value to its unit holders [19] - The company is focused on organic initiatives and long-term development deals to accelerate production with minimal capital requirements [32] Management's Comments on Operating Environment and Future Outlook - Management noted challenges with natural gas prices but expressed confidence in maintaining the highest distribution level as a public company at $0.475 per unit [19] - The company expects to see growing volumes from Aethon and the Austin Chalk, which may mitigate risks from other areas [28] Other Important Information - The company’s hedging strategy brought in over $13 million for the quarter, with hedge natural gas prices over $5 per MMBtu [33][36] - The total debt balance was $0 at the end of the quarter, with $66 million in cash on the balance sheet [22] Q&A Session All Questions and Answers Question: Update on 2023 guidance - Management indicated that they typically update guidance mid-year and are currently assessing the gas price environment and rig counts before making any updates [23] Question: Payout ratio and distribution policy - Management stated they are comfortable maintaining a lower coverage in the near term and aim for a stable to slightly growing distribution [27] Question: Oil cuts and production impact from the Austin Chalk - Management expects to see significant volume ramp-up in Q3 and Q4 from the Austin Chalk area [29] Question: Buybacks and capital structure - Management is considering buybacks but does not have aggressive plans currently, focusing on maintaining a clean balance sheet [46][50]

Evaluation of Disclosure Controls and Procedures As required by Rule 13a-15(b) under the Securities Exchange Act of 1934 (the "Exchange Act"), we have evaluated, under the supervision and with the participation of management of our general partner, including our general partner's principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end ...

Black Stone Minerals, L.P. (NYSE:BSM) Q4 2022 Earnings Conference Call February 22, 2023 10:00 AM ET Company Participants Steve Putman - Senior Vice President and General Counsel Tom Carter - Chairman and Chief Executive Officer Evan Kiefer - Vice President, Finance, and Investor Relations Conference Call Participants Derrick Whitfield - Stifel Tim Rezvan - KeyBanc Monroe Helm - Clemensen Capital Operator Good day, everyone, and welcome to today's Black Stone Minerals Fourth Quarter and Earnings Release Con ...

Development well. A well drilled within the proved area of an oil and natural gas reservoir to the depth of a stratigraphic horizon known to be productive. Exploitation. A drilling or other project which may target proven or unproven reserves (such as probable or possible reserves), but which generally has a lower risk than that associated with exploration projects. Extension well. A well drilled to extend the limits of a known reservoir. Gross acres or gross wells. The total acres or wells, as the case may ...

Black Stone Minerals, L.P. (NYSE:BSM) Q3 2022 Results Conference Call November 1, 2022 10:00 AM ET Company Participants Evan Kiefer - VP, Finance and IR Tom Carter - Chairman and CEO Jeff Wood - President and CFO Conference Call Participants Derrick Whitfield - Stifel Operator Ladies and gentlemen, thank you for standing by. Welcome to the Black Stone Minerals Q3 2022 Earnings Release. At this time, all lines are currently in a listen-only mode. There will be a question-and-answer session at the end of the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | --- | |----------------------------------------------------------------------------|-------------------------------------------------------------|--------------|-- ...

Black Stone Minerals, L.P. (NYSE:BSM) Q2 2022 Earnings Conference Call August 2, 2022 10:00 AM ET Company Participants Evan Kiefer - Vice President, Finance & Investor Relations. Tom Carter - Chairman & Chief Executive Officer Jeff Wood - President & Chief Financial Officer Conference Call Participants Trafford Lamar - Raymond James Operator Good morning and welcome to the Black Stone Minerals Second Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. A ...