Black Stone Minerals, L.P (BSM) News
Market Cap: $2.98B
Avg Volume: 435.70K
Industry: Oil & Gas Exploration & Production
Sector: Energy
Black Stone Minerals: Focusing On Natural Gas Acquisitions
Black Stone Minerals spent $110 million on acquisitions in 2024, funded primarily with cash on hand. It now has a slight amount of net debt and may add to that debt with continued acquisitions and the redemption of some Series A Preferred Units. I project its distribution coverage at 1.07x in 2025 at current strip.
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Black Stone Minerals, L.P. Announces Distribution and Schedules Earnings Call to Discuss First Quarter 2025 Results
HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Partnership”) today declared the distribution attributable to the first quarter of 2025. Additionally, the Partnership announced the date of its first quarter 2025 earnings call. Common Distribution The Board of Directors of the general partner has approved a cash distribution of $0.375 per common unit attributable to the first quarter of 2025, consistent with the prior quarter. Distributions will be.
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Black Stone Minerals: A 10% Distribution For This Natural Gas Royalty Play (Rating Upgrade)
Upgrading Black Stone Minerals to a BUY due to improving natural gas prices, a robust hedging program, and a renegotiated production agreement with Aethon. BSM's 2024 challenges included weak natural gas prices and a dividend cut, but the company maintained a distribution coverage greater than 1x distributable cash flow throughout the year. For 2025, BSM expects a 2% production increase, with natural gas making up 77% of total volumes, driven by new wells and rising prices.
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Black Stone Minerals, L.P. Common Units (BSM) Q4 2024 Earnings Call Transcript
Black Stone Minerals, L.P. Common Units (BSM) Q4 2024 Earnings Call Transcript
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Black Stone Minerals (BSM) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates
While the top- and bottom-line numbers for Black Stone Minerals (BSM) give a sense of how the business performed in the quarter ended December 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
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Black Stone Minerals, L.P. Announces Fourth Quarter and Full Year 2024 Results; Provides Guidance for 2025
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 fourth quarter and full year of 2024 and provides guidance for 2025. Fourth Quarter 2024 Highlights Mineral and royalty production for the fourth quarter of 2024 equaled 34.8 MBoe/d; total production, including working interest volumes, was 36.1 MBoe/d for the quarter Net income for the quarter was $46.3 million. A.
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Stay Ahead of the Game With Black Stone Minerals (BSM) Q4 Earnings: Wall Street's Insights on Key Metrics
Evaluate the expected performance of Black Stone Minerals (BSM) for the quarter ended December 2024, looking beyond the conventional Wall Street top-and-bottom-line estimates and examining some of its key metrics for better insight.
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Black Stone Minerals' Double-Digit Yield Looks To Benefit From Expanding Electricity Demand
Since its IPO in 2015, Black Stone Minerals performance has matched Exxon and Chevron on an annualized total return basis. Management's interest are closely aligned with unitholders and insider buying volume has been significant in 2025. Improving supply/demand balance for natural gas means more production volume, likely returning the distribution to high water level.
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5 'Safe' Buys In 35 February Dividend Power Dogs
The Dividend Power strategy focuses on stocks with high earnings and dividend yields, creating a resilient portfolio for both downturns and bull markets. Top five Dividend Power stocks for February 2025 include Black Stone Minerals, AG Mortgage Investment, Golden Ocean, ARMOUR Residential, and Invesco Mortgage Capital. Analysts project significant net gains for top Dividend Power stocks, with AG Mortgage and Seanergy Maritime showing the highest potential returns by February 2026.
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Black Stone Minerals, L.P. Announces Distribution and Schedules Earnings Call to Discuss Fourth Quarter and Full-Year 2024 Results
HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” “the Company,” or “the Partnership”) today declared the distribution attributable to the fourth quarter of 2024. Additionally, the Partnership announced the date of its fourth quarter and full-year 2024 earnings call. Common Distribution The Board of Directors of the general partner has approved a cash distribution of $0.375 per common unit attributable to the fourth quarter of 2024, consistent with the prio.
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Is the Options Market Predicting a Spike in Black Stone Minerals (BSM) Stock?
Investors need to pay close attention to Black Stone Minerals (BSM) stock based on the movements in the options market lately.
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Black Stone Minerals: Distribution Coverage Should Improve From Q3 2024 Levels
Black Stone Minerals reported 1x distribution coverage for Q3 2024. It saw an 8% quarter-over-quarter production decline. BSM's Q4 2024 distribution coverage should increase slightly even if its production declines a bit further in the near term.
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High Yield Oil And Gas Ranked By Relative Quality
With oil near its one-year low and natural gas near its five-year low, oil and gas producers are on sale; with offering yields over 4%. Thirty-nine energy producers were evaluated by means of a multi-factor relative value matrix and ranked from most to least favorable. Based on this evaluation, EQNR, VRN, MGYOY, PCCYF, and CHRD appear to be the best prospects.
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Black Stone Minerals, L.P. Common Units (BSM) Q3 2024 Earnings Call Transcript
Black Stone Minerals, L.P. Common Units (NYSE:BSM ) Q3 2024 Earnings Conference Call November 5, 2024 10:00 AM ET Company Participants Mark Meaux - Director of Finance Thomas Carter - Chairman, President and Chief Executive Officer Taylor DeWalch - Senior Vice President and Chief Financial Officer Conference Call Participants Timothy Rezvan - KeyBanc Capital Markets Inc. Operator Hello, everyone, and thank you for joining us today for this Black Stone Minerals Q3 2024 Earnings Conference Call.
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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 working-interest volumes, was 37.4 MBoe/d for the quarter. Net income for the third quarter was $92.7 million, and Adjusted EBITDA for the quarter.
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Black Stone Minerals, L.P. Announces Distribution and Schedules Earnings Call to Discuss Third-Quarter 2024 Results
HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” “the Company,” or “the Partnership”) today declared the distribution attributable to the third quarter of 2024 and announced the date of its third-quarter earnings call. Common Distribution The Board of Directors of the general partner has approved a cash distribution of $0.375 per common unit attributable to the third quarter of 2024, consistent with the prior quarter. Distributions will be payable on Novem.
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Insiders turn bullish on these stocks ahead of U.S elections
Ahead of the United States elections, which have long been associated with market volatility, a section of corporate insiders are increasingly bullish on their stocks, spending significant amounts on purchases.
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Black Stone Minerals: Preferred Unit Redemption May Increase Distributable Cash Flow
Black Stone Minerals has been acquiring Gulf Coast mineral and royalty interests. These acquisitions are primarily non-producing currently, but are expected to benefit future production results once natural gas prices improve. Black Stone also has the opportunity to redeem its Series B preferred units at par in late 2025.
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Want $1,200 in Annual Passive Income? Invest $1,200 in Each Of These 9 Stocks
In recent years, many conservative investors relying on fixed-income securities for their income needs have found their buying power cut anywhere from 15% to over 100% on some items, due to inflation.
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New Strong Sell Stocks for August 19th
ARRY, BSM and CNMD have been added to the Zacks Rank #5 (Strong Sell) List on August 19, 2024.
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Black Stone Minerals: Well Covered 10.5% Yield And Debt Free Balance Sheet Make This A Buy
BSM is a high free cash flow royalty-driven MLP with no debt, offering a 10.5% yield and potential upside with improved natural gas prices. The company's business model involves collecting royalty payments on revenue from producers operating on their acreage. BSM offers solid coverage of their distribution and potential for buybacks or acquisitions, making it a bargain investment opportunity.
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Black Stone Minerals, L.P. (BSM) Q2 2024 Earnings Call Transcript
Black Stone Minerals, L.P. (NYSE:BSM ) Q2 2024 Results Conference Call August 6, 2024 10:00 AM ET Company Participants Mark Meaux - Director of Finance Tom Carter - Chairman, CEO and President Taylor DeWalch - Senior Vice President, Chief Financial Officer and Treasurer Carrie Clark - Senior Vice President, Chief Commercial Officer Steve Putman - Senior Vice President and General Counsel.
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Black Stone Minerals, L.P. Reports Second 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 second quarter of 2024. Financial and Operational Highlights Mineral and royalty production for the second quarter of 2024 equaled 38.2 MBoe/d; total production, including working-interest volumes, was 40.4 MBoe/d for the quarter. Net income for the second quarter was $68.3 million, and Adjusted EBITDA for the quar.
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Want $10,000 In Passive Income? Invest $8,000 Into These 12 Dividend Stocks
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored) Are you ready for retirement?
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Two High Quality 8-9% Yielding Stocks Worth Considering
Black Stone Minerals beat EBITDA estimates handily and decreased the distribution by 22%, generally as we expected. The company's coverage ratio is now at 1.22x and offers a 9% yield. Healthcare Realty beat AFFO per share estimates by 1c and announced a joint venture with KKR, selling an 80% stake in assets for $300 million.
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For $10,000 in Passive Income, Invest $7,500 in These 12 Dividend Stocks
One way for investors to work smarter, not harder, is with passive income.
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Black Stone Minerals, L.P. Reports First 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 first quarter of 2024. Financial and Operational Highlights Mineral and royalty production for the first quarter of 2024 equaled 38.1 MBoe/d, a decrease of 2% from the prior quarter; total production, including working-interest volumes, was 40.3 MBoe/d for the quarter. Net income for the first quarter was $63.9 mil.
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7 Affordable Energy Stocks to Buy Under $20
With the geopolitical winds churning, the concept of cheap energy stocks has become even more critical. Basically, the window of opportunity may be fading.
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Black Stone Minerals, L.P. Declares Distribution for Common Units and Schedules Earnings Call to Discuss First Quarter 2024 Results
HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” “the Company”, or “the Partnership”) today declared the distribution attributable to the first quarter of 2024. Additionally, the Partnership announced the date of its first quarter 2024 earnings call. Common Distribution The Board of Directors of the general partner has approved a cash distribution for common units attributable to the first quarter of 2024 of $0.375 per unit. Distributions will be payable o.
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Black Stone Minerals, L.P. Announced Participation in Upcoming Investor Relations Event
HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” “the Company”, or “the Partnership”) today announced its participation in an upcoming investor relations event. Members of management will be participating in the following: KeyBanc Capital Markets Minerals Spotlight – March 26, 2024 Management will conduct virtual meetings with investors at this conference. Updated presentation materials will be made available in the Investor Relations section of the Black.
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Black Stone Minerals: 2024 Distribution Coverage Projected At Near 1.0x
Black Stone Minerals, L.P. expects 3% total production growth in 2024, although with lower oil production. This is despite Aethon's decision to reduce near-term Shelby Trough drilling, although that decision may affect 2025 production more. Completion of Aethon's DUCs will minimize the 2024 impact.
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Want $10,000 in Passive Income? Invest $2,000 in Each of These Dividend Stocks
No Commission Fees, No Minimums, No Velvet Ropes.
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Black Stone Minerals, L.P. (BSM) Q4 2023 Earnings Call Transcript
Black Stone Minerals, L.P. (BSM) Q4 2023 Earnings Call Transcript
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Black Stone Minerals (BSM) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates
While the top- and bottom-line numbers for Black Stone Minerals (BSM) give a sense of how the business performed in the quarter ended December 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
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Black Stone Minerals, L.P. Announces Fourth Quarter and Full Year 2023 Results; Provides Guidance for 2024
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 fourth quarter and full year of 2023 and provides guidance for 2024. Fourth Quarter 2023 Highlights Mineral and royalty production for the fourth quarter of 2023 equaled 38.9 MBoe/d, a decrease of 3% over the prior quarter; total production, including working interest volumes, was 41.1 MBoe/d for the quarter Net in.
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Black Stone Minerals And The Hard Truth Behind The Aethon 'Time-Out'
Black Stone Minerals And The Hard Truth Behind The Aethon 'Time-Out'
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Black Stone Minerals Remains A Great Energy Play
Black Stone Minerals is a large owner and manager of oil and natural gas mineral interests in the US. The company's earnings are arguably more predictable than energy producers as they have a relatively small cost base and no leverage currently. BSM's valuation suggests it is attractively priced as a debt-free royalty play on US energy.
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Black Stone Minerals, L.P. Maintains Fourth Quarter Distribution for Common Units and Schedules Earnings Call to Discuss Fourth Quarter and Year-End 2023 Results
HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” “the Company,” or “the Partnership”) today declared the distribution attributable to the fourth quarter of 2023. Additionally, the Partnership announced the date of its fourth quarter and full-year 2023 earnings call. Common Distribution The Board of Directors of the general partner has approved a cash distribution for common units attributable to the fourth quarter of 2023 of $0.475 per unit. The $0.475 per.
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Black Stone Minerals, L.P. Announces Shelby Trough Operational Update
HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Company”) today announced that it had received notice that Aethon Energy (“Aethon”) was exercising the “time-out” provisions under its joint exploration agreements with the Company in Angelina and San Augustine counties in East Texas (the “Agreements”). When natural-gas prices fall below specified thresholds, those provisions allow Aethon to temporarily suspend its drilling obligations for up to 9 co.
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Black Stone Minerals, L.P. (BSM) Q3 2023 Earnings Call Transcript
Black Stone Minerals, L.P. (NYSE:BSM ) Q3 2023 Earnings Conference Call October 31, 2023 10:00 AM ET Company Participants Mark Meaux - Director, Finance Tom Carter - Chairman, Chief Executive Officer and President Evan Kiefer - Chief Financial Officer and Treasurer Carrie Clark - Senior Vice President, Land and Commercial Steve Putman - Senior Vice President and General Counsel Thad Montgomery - Vice President Conference Call Participants Tim Rezvan - KeyBanc Capital Markets Derrick Whitfield - Stifel Operator Good day, everyone and welcome to the Black Stone Minerals 3Q Earnings Conference Call.
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Black Stone Minerals (BSM) Reports Q3 Earnings: What Key Metrics Have to Say
The headline numbers for Black Stone Minerals (BSM) give insight into how the company performed in the quarter ended September 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
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Is Black Stone (BSM) Poised for an Earnings Beat in Q3?
Robust oil realizations and production are likely to have boosted Black Stone Minerals' (BSM) profit levels in the third quarter.
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Black Stone Minerals, L.P. Maintains Third Quarter Distribution for Common Units and Schedules Earnings Call to Discuss Third Quarter 2023 Results
HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” “the Company”, or “the Partnership”) today declared the distribution attributable to the third quarter of 2023. Additionally, the Partnership announced the date of its third quarter 2023 earnings call. Common Distribution The Board of Directors of the general partner has approved a cash distribution for common units attributable to the third quarter of 2023 of $0.475 per unit. The $0.475 per unit maintains t.
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Are Oils-Energy Stocks Lagging Black Stone Minerals (BSM) This Year?
Here is how Black Stone Minerals (BSM) and PBF Energy (PBF) have performed compared to their sector so far this year.
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3 Top-Ranked Stocks to Buy for High-Yield
Everybody loves dividends, as they provide a passive income stream and more than one way to reap a return from an investment.
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Best Income Stocks to Buy for October 3rd
OFS, BSM and ALX made it to the Zacks Rank #1 (Strong Buy) income stocks list on October 3, 2023.
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Black Stone Minerals: Preferred Unit Distribution May Be Adjusted Above 10%
Improved oil prices boosts Black Stone's projected 2024 distributable cash flow to $1.81 per unit at the current strip. With flat production growth, this would improve to $1.94 per unit in distributable cash flow based on the 2025 strip. Black Stone's preferred units may see their distribution rate adjusted to above 10% in November 2023.
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3 Energy Stocks to Buy for Crude Oil Surge & Stellar Dividends
With WTI crude oil prices spiking 4% today and currently near $94 a barrel it's noteworthy that several Zacks Oils and Energy sector stocks are standing out with stellar dividend yields and the ability to benefit from the surging commodity price.
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Best Income Stocks to Buy for September 26th
BSM, ALX and APAM made it to the Zacks Rank #1 (Strong Buy) income stocks list on September 26, 2023.
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The Dividend Investor's Natural Gas Export Playbook - Part 1
Multiple natural gas export terminals are set to begin operations, increasing LNG exports from 14 BCF/d to over 26.5 BCF/day by 2030. Projects such as Golden Pass, Plaquemines, and Corpus Christi will come online in the next few years, adding 5 BCF/d of capacity. Investors can benefit from investing in producers, midstream companies, export terminals, and maritime transportation companies in the natural gas value chain.
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Seeking Income? 3 High-Yield Stocks to Buy
Everybody loves dividends, as they provide a passive income stream and more than one way to reap a return from an investment. In addition, dividend-paying stocks are generally less volatile by nature, another positive benefit.
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Best Momentum Stocks to Buy for September 6th
CAMT, CWCO and BSM made it to the Zacks Rank #1 (Strong Buy) momentum stocks list on September 6, 2023.
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New Strong Buy Stocks for September 6th
BSM, BSRR, TIMB, CAMT and CWCO have been added to the Zacks Rank #1 (Strong Buy) List on September 6, 2023.
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Best Income Stocks to Buy for September 6th
BSM, BSRR and TIMB made it to the Zacks Rank #1 (Strong Buy) income stocks list on September 6, 2023.
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New Strong Buy Stocks for August 31st
BSM, SXI, ROCK, KNSL and STLA have been added to the Zacks Rank #1 (Strong Buy) List on August 31, 2023.
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Oil Prices Pushed Up by Supply Outages, Big Inventory Draw
With oil remaining above $80 a barrel, it would be prudent to add energy stocks like Black Stone Minerals (BSM), CVR Energy (CVI) and Helix Energy Solutions Group (HLX).
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Best Income Stocks to Buy for August 31st
BSM, GSBD and SMMF made it to the Zacks Rank #1 (Strong Buy) income stocks list on August 31, 2023.
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3 Oil Exploration Stocks To Cushion WTI Swings
Oil prices have swung from over $100 per barrel to under $80 per barrel in a year. Indeed, some portfolios need to be optimally built to cushion such swings and what effects these have on the economy.
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3 Very Oversold Dividend Stocks to Buy Right Now
Dividend stocks are a vital component of any investment portfolio, ensuring a solid source of passive income. But buyer beware.
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Black Stone Minerals: The 11% Yield Appears Sustainable In Current Environment
Black Stone Minerals, L.P. has a $0.475 per unit quarterly distribution. Distribution coverage is projected at 1.1x at current strip for 2H 2023. Distribution coverage may fall slightly below 1.0x at current 2024 strip, partly due to weaker hedges.
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Black Stone Minerals, L.P. (BSM) Q2 2023 Earnings Call Transcript
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' 2Q Earnings Conference Call.
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Black Stone Minerals (BSM) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
While the top- and bottom-line numbers for Black Stone Minerals (BSM) give a sense of how the business performed in the quarter ended June 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
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Black Stone Minerals, L.P. Maintains Second Quarter Distribution for Common Units and Schedules Earnings Call to Discuss Second Quarter 2023 Results
HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” “the Company”, or “the Partnership”) today declared the distribution attributable to the second quarter of 2023. Additionally, the Partnership announced the date of its second quarter 2023 earnings call. Common Distribution The Board of Directors of the general partner has approved a cash distribution for common units attributable to the second quarter of 2023 of $0.475 per unit. The $0.475 per unit maintain.
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Black Stone Minerals and Longroad Energy Sign Exclusive, Multi-State Mineral Rights Agreement
BOSTON , July 18, 2023 /PRNewswire/ -- Longroad Energy [Longroad], a U.S. based renewable energy developer, owner, and operator, and Black Stone Minerals, L.P. (NYSE:BSM) ["Black Stone Minerals," "Black Stone"], announced today a multi-year transaction to promote the development of renewable energy.
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Black Stone Minerals: Can This 11.8%-Yielding Oil And Gas Play Sustain Its Cash Distribution?
Black Stone Minerals currently offers a yield of 11.8%. Can the pure-play owner of oil and gas mineral rights and royalties sustain its cash distribution? In this article, I take an in-depth look at the operations to answer the above question. I believe that the expected near-term production growth and a favorable hedge program support the company's commitment to maintaining or slightly increasing cash distributions.
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New Strong Sell Stocks for July 7th
ASC, BSM and HP have been added to the Zacks Rank #5 (Strong Sell) List on July 7, 2023.
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July Fireworks: Nifty-60 Divvy Dogs
Months ago, I first queried YCharts for U.S. dividend stocks yielding greater than 5% annually and solely pegged “attractive” in Y-ratings (ranging from “not-rated” to “avoid,” “neutral,” or “attractive”). My recent query produced this list of July Divvy Nifty-60 stocks; of which, 58 measure-up to the dogcatcher ideal of promising dividend payouts, from $1k invested, greater than their single-share prices. How're they doin' now? The top-ten of 60 divvy 58 for July ranged 12.08% to 29.96% in annual-yield and ranged 27.39% to 43.48% in one-year price-target-upsides per brokers as-of 6/30/23.
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The Dividend Investor's Oil Playbook - Part 4
In this four-part series, I will review how to structure a dividend investor's oil and energy portfolio with my oil and energy playbook. Part 4 will discuss the general strategy and our fourth position, special teams. Both companies have unlocked the potential to spur growth over the long run.
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Did You Go Away In May? Here's A Nifty 50 Divvy Dog Cure
Months ago, I first queried YCharts for U.S. dividend stocks yielding greater than 5% annually and solely pegged “attractive” in Y-ratings (ranging from “not-rated” to “avoid”, “neutral”, or “attractive”). My recent query revealed June's divvy nifty 53 stocks; of which, 50 measure up to the dogcatcher-ideal of promising dividend payouts, from $1k invested, greater-than their single-share prices. How're they doin' now? The top ten ranged 12.08% to 43.78% in annual yield and ranged 37.59% to 53.11% in one-year price-target-upsides per brokers as of 6/1/23.
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48 Easy Pickin' Divvy Nifty 51 Stocks To Buy Now
On a whim, I queried YCharts for U.S. dividend stocks yielding greater than 5% annually and only pegged “attractive” in their Y-ratings (ranging from “not-rated” to “avoid,” “neutral”, or “attractive”.). My query produced this list of May Divvy Nifty 51 stocks; of which, 48 measure up to the dogcatcher ideal: dividend payouts, from $1k invested, greater than their single-share prices.
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Black Stone Minerals, L.P. Declares First Quarter 2023 Distribution for Common Units and Schedules Earnings Call to Discuss First Quarter 2023 Results
HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Company”) today declared the distribution attributable to the first quarter of 2023. Additionally, the Partnership announced the date of its first quarter 2023 earnings call. Common Distribution The Board of Directors of the general partner has approved a cash distribution for common units attributable to the first quarter of 2023 of $0.475 per unit. The $0.
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Energy Income Weekly: Improving Oil Market Fundamentals To Drive Energy Outperformance
The energy sector gained 6.3% in response to surging oil prices and improving oil-market fundamentals. Oilfield services was the best-performing energy sub-sector.
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10 Biggest Energy Companies With Very High Dividend Yields
The dividend yield of a stock is the ratio of the share price and the dividend paid over the past twelve months.
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Better Buy: Black Stone Minerals Or Kimbell Royalty
In this head-to-head, I am going to see which royalty play - Black Stone Minerals or Kimbell Royalty Partners - is competing for the hardest for our investment dollars. Each company will be evaluated on Dividends, Debt & Dollars, and Dirt (yes, DIRT!).
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Black Stone Minerals: The Company Is Well Hedged
Black Stone Minerals provided a well amount of free cash flow at the end of 2022, which can solidify its capacity for more reliable distributions. Natural gas prices dropped in the first quarter of 2023 and are not expected to record a considerable increase in the following months.
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Black Stone Minerals: Hints Of A 13% Yield For 2023
Black Stone Minerals saw very lucrative operating conditions during 2022 as oil and gas prices surged to levels not seen in years. Apart from pushing their distributions higher, they also essentially eliminated their net debt.
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Energy Income Weekly: Guiding For Growth In 2023
Energy income equities were largely flat in an ugly week for the stock market. Fourth-quarter earnings results and forward guidance continue to come in strong.
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Black Stone Minerals, L.P. (BSM) Q4 2022 Earnings Call Transcript
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 Conference Call.
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Black Stone Minerals, L.P. Announces Record Fourth Quarter and Full Year 2022 Results; Provides Guidance for 2023
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 fourth quarter and full year of 2022 and provides guidance for 2023. Fourth Quarter 2022 Highlights Mineral and royalty production for the fourth quarter of 2022 equaled 40.
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Energy Income Weekly: Caught In Macro Trade Crossfire
Energy stocks tumbled in a move that was disconnected from long-term commodity fundamentals. E&Ps were hit the hardest, while midstream was spared.
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Black Stone Minerals: Hedges And Shelby Trough To Power Upside
High-priced nat gas hedges will power results in 2023 and 2024. Shelby Trough development deals to increase production.
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Black Stone Minerals, L.P. Announces Further Distribution Increase and Schedules Earnings Call to Discuss Fourth Quarter and Full-Year 2022 Results
HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Company”) today declared the distribution attributable to the fourth quarter of 2022. Additionally, the Partnership announced the date of its fourth quarter and full-year 2022 earnings call. Common Distribution The Board of Directors of the general partner has approved a cash distribution for common units attributable to the third quarter of 2022 of $0.475 per unit. This is the fifth consecutive quarterly increase. The $0.475 per unit represents an increase of 5% over the common distribution paid with respect to the prior quarter and an increase of 76% over the common distribution paid with respect to the fourth quarter of 2021. Distributions will be payable on February 23, 2023 to unitholders of record on February 16, 2023. Earnings Conference Call The Partnership is scheduled to release details regarding its results for the fourth quarter and full-year 2022 results after the close of trading on February 21, 2023. A conference call to discuss these results is scheduled for February 22, 2023 at 9:00 a.m. Central time (10:00 a.m. Eastern time). The conference call will be broadcast live in listen-only mode on the Company’s investor relations website at www.blackstoneminerals.com. If you would like to ask a question, the dial-in number for the conference call is (800) 343-5172 for domestic participants and (203) 518-9856 for international participants. The conference ID for the call is BSMQ422. Call participants are advised to call in 10 minutes in advance of the call start time. A replay of the conference call will be available approximately two hours after the call through a link on the Company’s investor relations website. About Black Stone Minerals, L.P. Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.
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Black Stone Minerals: High Yield Value
Black Stone Minerals LP ( BSM , Financial) is one of the largest owners of oil and natural gas mineral interests in the United States. The company's current financials are exceptional with sales coming in at $612 million and net income of $406 million for the recent quarter.
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Black Stone Minerals, L.P. Announces Leadership Change
HOUSTON--( BUSINESS WIRE )--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Company”) today announced that Jeff Wood, the President, Chief Financial Officer, and Treasurer of Black Stone's general partner, will leave the company effective February 28, 2023. Upon Mr. Wood's departure, Evan Kiefer, who currently serves as Vice President, Finance and Investor Relations, will assume the role of Interim Chief Financial Officer and Treasurer.
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Black Stone Minerals: Natural Gas Trade Is Not Over Yet
Black Stone Minerals has avoided much of the malaise in the underlying natural gas futures market, given its constructive hedges, providing clarity for investors. The company has also secured more attractive swap prices for its hedges in 2023.
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Black Stone Minerals: 2023 Hedges Partially Reduce The Impact Of Lower Gas Prices
Black Stone has hedges covering around 52% of its natural gas production and 60% of its oil production (based on my model) for 2023. These hedges have around $60 million in positive value at current strip.
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Black Stone Minerals (BSM) Flat As Market Sinks: What You Should Know
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Black Stone Minerals: Distributions Poised To Increase In 2023
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Executives Buy at Align Technology and Black Stone Minerals
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Go With The Flow: Two 9 - 12% Energy Yields With Low Debt, Big Growth, Outperformance
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Black Stone Minerals, L.P. (BSM) Q3 2022 Earnings Call Transcript
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.
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Black Stone Minerals, L.P. Reports Record Financial Results for Third Quarter
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 2022. Financial and Operational Highlights Mineral and royalty production for the third quarter of 2022 equaled 37.3 MBoe/d, an increase of 23% over the prior quarter; total production, including working interest volumes, was 40.0 MBoe/d for the quarter. Net income for the third quarter was $168.5 million. Adjusted EBITDA for the quarter totaled $123.1 million, an increase of 9% over the prior quarter and the highest level recorded by Black Stone as a public company. Distributable cash flow was $116.5 million for the third quarter, an increase of 9% relative to the second quarter of 2022 and also a record high for the Company. Announced a distribution of $0.45 per unit with respect to the third quarter of 2022, which represents a 7% increase from the distribution paid with respect to the second quarter of 2022. Distribution coverage for all units was 1.24x. Total debt at the end of the third quarter was $60.0 million; total debt to trailing twelve-month Adjusted EBITDA was 0.15x at quarter-end. As of October 28, 2022, total debt had been reduced to $19.0 million. Management Commentary Thomas L. Carter, Jr., Black Stone Minerals’ Chief Executive Officer and Chairman commented, “Production for the quarter exceeded our expectations as operators ramped up activity and initial flow rates in the Haynesville play and Permian Basin to take advantage of the favorable commodity price environment. As a result, combined with the continued increase in activity in our Haynesville Shelby Trough acreage, we now believe our production for the full year will come in at or above the midpoint of our original guidance range of 34 to 37 MBoe per day, with further upside to that estimate should similar new well activity continue in the fourth quarter.” Quarterly Financial and Operating Results Production Black Stone Minerals reported mineral and royalty volumes of 37.3 MBoe/d (77% natural gas) for the third quarter of 2022, compared to 30.3 MBoe/d for the second quarter of 2022 and 33.0 MBoe/d for the third quarter of 2021. Royalty volumes benefitted from new wells brought on line by XTO Energy and Aethon Energy ("Aethon") on high interest acreage in the Shelby Trough, as well as from numerous first payments received on new wells brought on line at high initial flow rates. The initial payment Black Stone receives from an operator typically covers multiple months of production, and as such, wells on high net acreage positions or those with robust initial production rates can have a significant impact on reported production volumes. In the third quarter, Black Stone received the first payment on several such new wells, the majority of which were located in the Louisiana Haynesville. The Company has received or expects to receive additional initial payments on wells already drilled that should increase reported fourth quarter 2022 production volumes by an estimated 1.5 – 2.5 MBoe/d over original estimates. Working interest production for the third quarter of 2022 was 2.6 MBoe/d, representing a decrease of 19% from the levels generated in the quarter ended June 30, 2022 and a decrease of 49% from the quarter ended September 30, 2021. The continued decline in working interest volumes is consistent with the Company's decision to farm out its working-interest participation to third-party capital providers. Total reported production averaged 40.0 MBoe/d (93% mineral and royalty, 77% natural gas) for the third quarter of 2022 compared to 33.5 MBoe/d and 38.0 MBoe/d for the quarters ended June 30, 2022 and September 30, 2021, respectively. Realized Prices, Revenues, and Net Income The Company’s average realized price per Boe, excluding the effect of derivative settlements, was $59.30 for the quarter ended September 30, 2022. This is a decrease of 12% from $67.41 per Boe from the second quarter of 2022 and a 54% increase compared to $38.60 for the third quarter of 2021. Black Stone reported oil and gas revenue of $218.0 million (37% oil and condensate) for the third quarter of 2022, an increase of 6% from $205.5 million in the second quarter of 2022. Oil and gas revenue in the third quarter of 2021 was $135.1 million. The Company reported a loss on commodity derivative instruments of $4.7 million for the third quarter of 2022, composed of a $68.9 million loss from realized settlements and a non-cash $64.1 million unrealized gain due to the change in value of Black Stone’s derivative positions during the quarter. Black Stone reported a loss of $27.3 million and a loss of $77.6 million on commodity derivative instruments for the quarters ended June 30, 2022 and September 30, 2021, respectively. Lease bonus and other income was $3.2 million for the third quarter of 2022, primarily related to leasing activity in the Haynesville and Permian. Lease bonus and other income for the quarters ended June 30, 2022 and September 30, 2021 was $2.2 million and $2.3 million, respectively. The Company reported net income of $168.5 million for the quarter ended September 30, 2022, compared to net income of $131.8 million in the preceding quarter. For the quarter ended September 30, 2021, the Company reported net income of $16.2 million. Adjusted EBITDA and Distributable Cash Flow Adjusted EBITDA for the third quarter of 2022 was $123.1 million, which compares to $112.8 million in the second quarter of 2022 and $76.5 million in the third quarter of 2021. Distributable cash flow for the quarter ended September 30, 2022 was $116.5 million. For the quarters ended June 30, 2022 and September 30, 2021, distributable cash flow was $106.6 million and $70.2 million, respectively. Financial Position and Activities As of September 30, 2022, Black Stone Minerals had $0.8 million in cash and $60.0 million outstanding under its credit facility. At September 30, 2022, the ratio of total debt to trailing twelve-month Adjusted EBITDA was 0.15x. As of October 28, 2022, $19.0 million was outstanding under the credit facility and the Company had $2.1 million in cash. Subsequent to quarter-end, Black Stone revised and amended its credit facility to extend the maturity date from November 1, 2024 to October 31, 2027. Concurrent with the amendment, the borrowing base under the credit facility was increased from $400 million to $550 million, and the Company elected to lower total commitments under the credit facility from $400 million to $375 million. During the third quarter of 2022, the Company made no repurchases of units under the Board-approved $75 million unit repurchase program. Third Quarter 2022 Distributions As previously announced, the Board approved a cash distribution of $0.45 for each common unit attributable to the third quarter of 2022. The quarterly distribution coverage ratio attributable to the third quarter of 2022 was approximately 1.24x. These distributions will be payable on November 17, 2022 to unitholders of record as of the close of business on November 10, 2022. Activity Update Rig Activity As of September 30, 2022, Black Stone had 92 rigs operating across its acreage position, an increase relative to the 81 rigs on the Company's acreage as of June 30, 2022 and to the 59 rigs operating on the Company's acreage as of September 30, 2021. The quarter over quarter increase in rig count was associated primarily with rigs located in the Haynesville and Permian Basin. Shelby Trough Development Update Aethon has successfully turned ten wells to sales and has commenced operations on eight additional wells under the development agreement covering Angelina County. Aethon has turned four wells to sales and is currently drilling one well with another waiting on completion under the separate development agreement covering San Augustine County. Aethon’s completions are more intensive than those of prior operators in the area and result in higher initial flowback rates. Additionally, XTO Energy has turned to sales the three wells on our Shelby Trough acreage in San Augustine County that were originally spud in 2019. Austin Chalk Update Black Stone has entered into agreements with multiple operators to drill wells in the Austin Chalk in East Texas, where the Company has significant acreage positions. The results of the three well test program in the Brookeland Field demonstrates that modern completion technology can greatly improve production rates and increase reserves when compared to the vintage, unstimulated wells in the Austin Chalk formation. In addition to the test well program, eighteen new horizontal wells have been drilled on Black Stone acreage to test various portions of the field across a four-county area. Although production results have varied on those wells, the play is becoming better delineated, with consistent well performance across certain areas. Seven operators are actively engaged in redevelopment of the field, with three rigs currently running in the play. To date, twenty-two wells with modern completions are now producing in the area, and an additional five are currently either being drilled or completed. Update to 2022 Guidance The Company now expects total production for 2022 to be at or above the midpoint of its original guidance range of 34.0 to 37.0 MBoe/d. The Company expects lease operating expenses to be at the high end of the guidance range of $10-$12 million and production costs as a percentage of oil and gas revenues to be below the guidance range of 10%-12%. Black Stone expects cash G&A to be in line with the guidance range of $36-$38 million. The Company expects non-cash G&A to be at the high end of the guidance range of $13-$15 million, due primarily to the impact of the increase in Black Stone’s unit price during the year on the Company's long-term incentive compensation expense. Update to Hedge Position Black Stone has commodity derivative contracts in place covering portions of its anticipated production for 2022 and 2023. The Company's hedge position as of October 28, 2022 is summarized in the following tables: Oil Swap Contracts Volume Bbl $/Bbl 3Q22 220,000 $66.47 4Q22 660,000 $66.47 1Q23 570,000 $78.99 2Q23 480,000 $80.42 3Q23 480,000 $80.42 4Q23 480,000 $80.42 Natural Gas Swap Contracts Volume MMBtu $/MMbtu 4Q22 9,000,000 $3.12 1Q23 9,000,000 $5.07 2Q23 8,190,000 $5.15 3Q23 8,280,000 $5.15 4Q23 8,280,000 $5.15 More detailed information about the Company's existing hedging program can be found in the Quarterly Report on Form 10-Q for the third quarter of 2022, which is expected to be filed on or around November 1, 2022. Conference Call Black Stone Minerals will host a conference call and webcast for investors and analysts to discuss its results for the third quarter of 2022 on Tuesday, November 1, 2022 at 9:00 a.m. Central Time. Black Stone recommends participants who do not anticipate asking questions to listen to the call via the live broadcast available at http://investor.blackstoneminerals.com. Analysts and investors who wish to ask questions should dial (800) 343-4849 for domestic participants and (203) 518-9848 for international participants. The conference ID for the call is BSMQ322. A recording of the conference call will be available on Black Stone's website. About Black Stone Minerals, L.P. Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders. Forward-Looking Statements This news release includes forward-looking statements. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “may,” “should,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms, or other comparable terminology often identify forward-looking statements. Except as required by law, Black Stone Minerals undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by these cautionary statements. These forward-looking statements involve risks and uncertainties, many of which are beyond the control of Black Stone Minerals, which may cause the Company’s actual results to differ materially from those implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below, as well as the Risk Factors section in our most recent annual report on Form 10-K and quarterly report on Form 10-Q: the Company’s ability to execute its business strategies; the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other parties in response to the pandemic; the conflict in Ukraine and actions taken, and that may in the future be taken, against Russia or otherwise as a result; the availability of U.S. liquified natural gas ("LNG") export capacity and the level of demand for LNG exports; the volatility of realized oil and natural gas prices; the level of production on the Company’s properties; overall supply and demand for oil and natural gas, as well as regional supply and demand factors, delays, or interruptions of production; conservation measures, technological advances, and general concern about the environmental impact of the production and use of fossil fuels; the Company’s ability to replace its oil and natural gas reserves; the Company’s ability to identify, complete, and integrate acquisitions; general economic, business, or industry conditions; cybersecurity incidents, including data security breaches or computer viruses; competition in the oil and natural gas industry; the unavailability, high cost, or shortages of rigs, equipment, raw materials, supplies, or personnel to develop and operate our properties; and the level of drilling activity by the Company's operators, particularly in areas such as the Shelby Trough where the Company has concentrated acreage positions. BLACK STONE MINERALS, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per unit amounts) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 REVENUE Oil and condensate sales $ 80,240 $ 61,916 $ 250,367 $ 160,028 Natural gas and natural gas liquids sales 137,756 73,167 324,691 172,537 Lease bonus and other income 3,159 2,305 10,262 12,195 Revenue from contracts with customers 221,155 137,388 585,320 344,760 Gain (loss) on commodity derivative instruments (4,726 ) (77,561 ) (152,095 ) (164,923 ) TOTAL REVENUE 216,429 59,827 433,225 179,837 OPERATING (INCOME) EXPENSE Lease operating expense 2,896 3,303 9,256 9,804 Production costs and ad valorem taxes 17,856 14,331 51,309 35,469 Exploration expense 10 5 192 1,080 Depreciation, depletion, and amortization 12,208 14,925 35,018 46,353 General and administrative 13,044 12,320 39,326 37,359 Accretion of asset retirement obligations 209 273 616 863 (Gain) loss on sale of assets, net — (2,850 ) (17 ) (2,850 ) TOTAL OPERATING EXPENSE 46,223 42,307 135,700 128,078 INCOME (LOSS) FROM OPERATIONS 170,206 17,520 297,525 51,759 OTHER INCOME (EXPENSE) Interest and investment income 20 — 22 — Interest expense (1,693 ) (1,359 ) (4,264 ) (4,197 ) Other income (expense) (58 ) 17 (22 ) 231 TOTAL OTHER EXPENSE (1,731 ) (1,342 ) (4,264 ) (3,966 ) NET INCOME (LOSS) 168,475 16,178 293,261 47,793 Distributions on Series B cumulative convertible preferred units (5,250 ) (5,250 ) (15,750 ) (15,750 ) NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS $ 163,225 $ 10,928 $ 277,511 $ 32,043 ALLOCATION OF NET INCOME (LOSS): General partner interest $ — $ — $ — $ — Common units 163,225 10,928 277,511 32,043 $ 163,225 $ 10,928 $ 277,511 $ 32,043 NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT: Per common unit (basic) $ 0.78 $ 0.05 $ 1.33 $ 0.15 Per common unit (diluted) $ 0.75 $ 0.05 $ 1.31 $ 0.15 WEIGHTED AVERAGE COMMON UNITS OUTSTANDING: Weighted average common units outstanding (basic) 209,402 208,653 209,374 208,018 Weighted average common units outstanding (diluted) 224,371 208,653 224,343 208,018 The following table shows the Company’s production, revenues, pricing, and expenses for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Unaudited) (Dollars in thousands, except for realized prices and per Boe data) Production: Oil and condensate (MBbls) 844 922 2,574 2,610 Natural gas (MMcf)1 16,994 15,467 42,648 46,053 Equivalents (MBoe) 3,676 3,500 9,682 10,286 Equivalents/day (MBoe) 40.0 38.0 35.5 37.7 Realized prices, without derivatives: Oil and condensate ($/Bbl) $ 95.07 $ 67.15 $ 97.27 $ 61.31 Natural gas ($/Mcf)1 8.11 4.73 7.61 3.75 Equivalents ($/Boe) $ 59.30 $ 38.60 $ 59.39 $ 32.33 Revenue: Oil and condensate sales $ 80,240 $ 61,916 $ 250,367 $ 160,028 Natural gas and natural gas liquids sales1 137,756 73,167 324,691 172,537 Lease bonus and other income 3,159 2,305 10,262 12,195 Revenue from contracts with customers 221,155 137,388 585,320 344,760 Gain (loss) on commodity derivative instruments (4,726 ) (77,561 ) (152,095 ) (164,923 ) Total revenue $ 216,429 $ 59,827 $ 433,225 $ 179,837 Operating expenses: Lease operating expense $ 2,896 $ 3,303 $ 9,256 $ 9,804 Production costs and ad valorem taxes 17,856 14,331 51,309 35,469 Exploration expense 10 5 192 1,080 Depreciation, depletion, and amortization 12,208 14,925 35,018 46,353 General and administrative 13,044 12,320 39,326 37,359 Other expense: Interest expense 1,693 1,359 4,264 4,197 Per Boe: Lease operating expense (per working interest Boe) $ 11.97 $ 7.10 $ 11.21 $ 6.53 Production costs and ad valorem taxes 4.86 4.09 5.30 3.45 Depreciation, depletion, and amortization 3.32 4.26 3.62 4.51 General and administrative 3.55 3.52 4.06 3.63 1 As a mineral-and-royalty interest owner, Black Stone Minerals is often provided insufficient and inconsistent data on natural gas liquid ("NGL") volumes by its operators. As a result, the Company is unable to reliably determine the total volumes of NGLs associated with the production of natural gas on its acreage. Accordingly, no NGL volumes are included in reported production; however, revenue attributable to NGLs is included in natural gas revenue and the calculation of realized prices for natural gas. Non-GAAP Financial Measures Adjusted EBITDA and Distributable cash flow are supplemental non-GAAP financial measures used by Black Stone's management and external users of the Company's financial statements such as investors, research analysts, and others, to assess the financial performance of its assets and its ability to sustain distributions over the long term without regard to financing methods, capital structure, or historical cost basis. The Company defines Adjusted EBITDA as net income (loss) before interest expense, income taxes, and depreciation, depletion, and amortization adjusted for impairment of oil and natural gas properties, if any, accretion of asset retirement obligations, unrealized gains and losses on commodity derivative instruments, non-cash equity-based compensation, and gains and losses on sales of assets, if any. Black Stone defines Distributable cash flow as Adjusted EBITDA plus or minus amounts for certain non-cash operating activities, cash interest expense, and restructuring charges, if any. Adjusted EBITDA and Distributable cash flow should not be considered an alternative to, or more meaningful than, net income (loss), income (loss) from operations, cash flows from operating activities, or any other measure of financial performance presented in accordance with generally accepted accounting principles ("GAAP") in the United States as measures of the Company's financial performance. Adjusted EBITDA and Distributable cash flow have important limitations as analytical tools because they exclude some but not all items that affect net income (loss), the most directly comparable U.S. GAAP financial measure. The Company's computation of Adjusted EBITDA and Distributable cash flow may differ from computations of similarly titled measures of other companies. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Unaudited) (In thousands, except per unit amounts) Net income (loss) $ 168,475 $ 16,178 $ 293,261 $ 47,793 Adjustments to reconcile to Adjusted EBITDA: Depreciation, depletion, and amortization 12,208 14,925 35,018 46,353 Interest expense 1,693 1,359 4,264 4,197 Income tax expense (benefit) 140 20 229 (131 ) Accretion of asset retirement obligations 209 273 616 863 Equity–based compensation 4,534 3,172 11,809 9,705 Unrealized (gain) loss on commodity derivative instruments (64,145 ) 43,421 (10,472 ) 108,915 (Gain) loss on sale of assets, net — (2,850 ) (17 ) (2,850 ) Adjusted EBITDA 123,114 76,498 334,708 214,845 Adjustments to reconcile to Distributable cash flow: Change in deferred revenue (8 ) (2 ) (23 ) (16 ) Cash interest expense (1,346 ) (1,011 ) (3,223 ) (2,965 ) Preferred unit distributions (5,250 ) (5,250 ) (15,750 ) (15,750 ) Distributable cash flow $ 116,510 $ 70,235 $ 315,712 $ 196,114 Total units outstanding1 209,407 208,666 Distributable cash flow per unit $ 0.556 $ 0.337 1 The distribution attributable to the three months ended September 30, 2022 is estimated using 209,406,927 common units as of October 28, 2022; the exact amount of the distribution attributable to the three months ended September 30, 2022 will be determined based on units outstanding as of the record date of November 10, 2022. Distributions attributable to the three months ended September 30, 2021 were calculated using 208,665,648 common units as of the record date of November 12, 2021.
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