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July 28, 2015 8:59 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Black Stone Minerals, L.P.

Company Overview

Black Stone Minerals, L.P., together with its subsidiaries, owns oil and natural gas mineral interests in the United States. The company owns mineral interests in approximately 14.5 million acres; nonparticipating royalty interests in 1.2 million acres; and overriding royalty interests in 1.4 million acres in the Bakken/Three Forks plays, Eagle Ford Shale, Wolfcamp play, Haynesville/Bossier plays, Granite Wash play, and Fayetteville Shale, as well as in the Tuscaloosa Marine Shale and the Canyon Lime play located in 41 states and in 62 onshore basins in the continental United States. It also owns other working interests, unrelated to mineral and royalty assets primarily in the Anadarko Basin...

1001 Fannin Street

Suite 2020

Houston, TX 77002

United States

Founded in 1876

Phone:

713-445-3200

Fax:

713-658-0943

Key Executives for Black Stone Minerals, L.P.

Chairman of Black Stone Minerals GP LLC, Chief Executive Officer of Black Stone Minerals GP LLC and President of Black Stone Minerals GP LLC
Age: 63
Total Annual Compensation: $669.5K
Chief Financial Officer of Black Stone Minerals GP LLC and Senior Vice President of Black Stone Minerals GP LLC
Age: 45
Total Annual Compensation: $386.3K
Senior Vice President of Business Development for Black Stone Minerals GP LLC
Age: 38
Total Annual Compensation: $334.8K
Compensation as of Fiscal Year 2014.

Black Stone Minerals, L.P. Key Developments

Black Stone Minerals, L.P. Announces Executive Changes

Black Stone Minerals, L.P. announced that Brent Collins has joined the company as Vice President, Investor Relations. The company also announced that Richard N. Papert has decided to step down as a director, effective June 15, 2015.

Black Stone Minerals, L.P. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2015; Reports Impairment Charges for the First Quarter Ended March 31, 2015; Revised Production Guidance for the Twelve Months Ending March 31, 2016

Black Stone Minerals, L.P. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenue of $91,061,000 against $127,412,000 a year ago. Income from operations was $20,193,000 against $73,225,000 a year ago. Net income attributable to the general partner and limited partners was $14,381,000 against $66,005,000 a year ago. Net income attributable to limited partners per basic and diluted common limited partner unit was $0.09 against $0.40 a year ago. EBITDA was $48,135,000 against $96,451,000 a year ago. Adjusted EBITDA was $60,919,000 against $104,008,000 a year ago. Capital expenditures, net were $13,206,000 against $38,018,000 a year ago. Cash generated from operations was $58,111,000 against $98,300,000 a year ago. The decline in net income was due mostly to lower revenues and impairments on the partnership’s oil and gas assets resulting from lower commodity prices. For the quarter, the company reported oil and condensate production of 827 MBbls against 662 MBbls a year ago. Natural gas production was 10,785 MMcf against 9,741 MMcf a year ago. Average daily production was 29.2 MBoe per day, an increase of 14.8% over average daily production of 25.4 MBoe per day for the corresponding period in 2014. The increase in production was primarily attributable to increased drilling activity in the Bakken/Three Forks, Eagle Ford, Haynesville/Bossier, and Wilcox plays. For the quarter, the company reported impairment of oil and natural gas properties of $13,467,000. The strong first-quarter production comfortably exceeded average daily production target of 26.3 MBoe per day that the company provided in prospectus for the twelve months ending March 31, 2016, despite comparatively low commodity prices during the period. The company is optimistic that it will meet or exceed production forecast for the next twelve months.

Black Stone Minerals, L.P., Q1 2015 Earnings Call, Jun 04, 2015

Black Stone Minerals, L.P., Q1 2015 Earnings Call, Jun 04, 2015

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