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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