The following is a summary of the Black Stone Minerals, L.P. Common Units (BSM) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Black Stone Minerals reported net income of $92.7 million and adjusted EBITDA of $86.4 million for Q3 2024.

• Mineral and royalty production was 35,300 BOE per day, and total production volumes were 37,400 BOE per day.

• Maintained distribution at $0.375 per share for Q3, with distributable cash flow of $78.6 million, representing approximately 1x coverage.

• The company is well hedged for natural gas for the remainder of the year, with hedges at approximately $3.55 per MMBtu.

Business Progress:

• Continued expansion in mineral and royalty acquisitions, adding about $15 million in assets during the quarter.

• Enhanced operator collaborations, particularly in East Texas and Louisiana, to promote asset development.

• Active asset management and targeted acquisitions continue as key operational strategies.

Opportunities:

• The company has over 60% of its expected gas and oil volumes hedged for the remainder of 2024 which helps insulate cash flows from near-term price volatility.

• Additional hedges in place for 2025 and plans to continue adding hedges for 2026.

Risks:

• Continued commodity price volatility affects production levels and financial performance.

• Potential ongoing fluctuations in natural gas market conditions may impact profitability.

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