The following is a summary of the Black Stone Minerals, L.P. (BSM) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Black Stone Minerals reported a net income of $68 million with an adjusted EBITDA of $100 million for Q2 2024.

• Distribution maintained at $0.375 per unit, with distributable cash flow at $92.5 million, representing 1.17x coverage.

• Total production for Q2 2024 remained stable at 40,400 BOE per day compared to the previous quarter.

Business Progress:

• Continued focus on organic growth and targeted acquisitions, enhancing long-term value.

• Strong production from multiple basins with constructive natural gas outlook.

• Initiated targeted grassroot acquisition program, adding $26.5 million in minerals and royalty acquisitions this quarter.

• Advanced development in East Texas, Louisiana, and Shelby Trough with new wells coming online.

Opportunities:

• Expansion through targeted acquisitions in growth areas, enhancing asset base and development opportunities.

• Plans for future development across all assets, backed by strong oil and condensate production.

Risks:

• Continued downturn in the gas market despite hedging.

• Potential delays in production and development timing.

More details: Black Stone Minerals IR

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