Black Stone Minerals, L.P. Declares Distribution for Common Units and Schedules Earnings Call to Discuss First Quarter 2024 Results
17 Abril 2024 - 4:30PM
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
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.”
Earnings Conference Call
The Partnership is scheduled to release details regarding its
results for the first quarter 2024 after the close of trading on
May 6, 2024. A conference call to discuss these results is
scheduled for May 7, 2024 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) 343-5419 for
domestic participants and (203) 518-9731 for international
participants. The conference ID for the call is BSMQ124. 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.
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 wells as the Risk Factors section in our most
recent annual report on Form 10-K:
- the Company’s ability to execute its business strategies;
- 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, and regional
supply and demand factors, delays, or interruptions of
production;
- conservation measures 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;
- general economic, business, or industry conditions including
slowdowns, domestically and internationally, and volatility in the
securities, capital, or credit markets;
- cybersecurity incidents, including data security breaches or
computer viruses;
- competition in the oil and natural gas industry;
- the availability or cost of rigs, equipment, raw materials,
supplies, oilfield services or personnel; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240417776785/en/
Evan Kiefer Chief Financial Officer and Treasurer Telephone:
(713) 445-3200 investorrelations@blackstoneminerals.com
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