Black Stone Minerals, L.P. Declares Distribution for Common Units and Schedules Earnings Call to Discuss First Quarter 2024 Results

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 on May 17, 2024 to unitholders of record on May 10, 2024.

The distribution reduction primarily results from continuing pressure on natural gas prices, which the Company expects to lead to production curtailments and delays in drilling and completion of new wells. But the Company believes that the weak price environment also presents additional acquisition opportunities, so the Company will preserve cash flow to continue its ongoing mineral acquisitions in its core areas. The Company expects to announce distribution coverage of approximately 1.2x for the first quarter and to deploy the excess cash to make acquisitions that build on strategic advantages associated with the unique asset base that distinguishes Black Stone from its peers, without incurring significant debt.

Thomas L. Carter, Jr., Black Stone Minerals’ Chairman, Chief Executive Officer, and President, commented: “In the face of delays in natural gas price recovery, we are maintaining our commitment to a returns-based commercial strategy focused on disciplined capital deployment. We remain encouraged by the long-term natural gas outlook and the strength of our asset base, which combines a large, diverse portfolio of mineral, royalty and working interests across the Lower 48 with significant inventory and concentrated higher net interests in the Gulf Coast region. We believe that these assets will provide meaningful supply to support the ongoing development of infrastructure to meet growing global demand for liquefied natural gas. The Board of Directors and management team are focused on capital discipline and targeted commercial strategy that capitalizes on our asset base to return distributions to our previous high-water mark by 2026. We have set out a defined path to grow production and distributions as natural gas prices are expected to strengthen in late 2025 and beyond and look forward to providing more detail in our May 6 earnings announcement and on the May 7 earnings call.”