Black Stone Minerals, L.P. Announces Strong 2024 Results and Positive Outlook for 2025

Black Stone Minerals, L.P. (NYSE: BSM) recently announced its financial and operating results for the fourth quarter and full year of 2024, as well as guidance for 2025. The company reported strong performance across various metrics, reflecting its strategic focus on mineral acquisitions and development activity.

Fourth Quarter and Full Year 2024 Highlights

* Mineral and royalty production for the fourth quarter of 2024 equaled 34.8 MBoe/d, with total production, including working interest volumes, at 36.1 MBoe/d for the quarter.
* Net income for the quarter was $46.3 million, and Adjusted EBITDA for the quarter totaled $90.1 million.
* Distributable cash flow was $81.9 million for the fourth quarter.
* Black Stone announced a distribution of $0.375 per common unit with respect to the fourth quarter of 2024, with distribution coverage for all units at 1.03x.
* Total debt at the end of the quarter was $25.0 million, with $6.9 million of cash on hand as of February 21, 2025.

Full Year Financial and Operational Highlights

* Mineral and royalty volumes in 2024 decreased 2% over the prior year to average 36.6 MBoe/d; average full year 2024 production was 38.5 MBoe/d.
* Reported 2024 net income and Adjusted EBITDA of $271.3 million and $380.9 million, respectively.
* Cash distributions attributable to the full year 2024 were $1.50 per common unit.

Management Commentary and Guidance for 2025

Thomas L. Carter, Jr., Black Stone Minerals’ Chairman, Chief Executive Officer, and President, commented on the company's performance and outlook for 2025:

> We ended last year and started this year with stronger gas pricing and fundamentals, which when coupled with our solid oil assets, sets up for what we anticipate to be a positive 2025. For 2024, we remained within our production guidance at 38.5 MBoe/d, despite the headwinds experienced during the year from lower natural gas pricing and production resulting in a slight decrease in year-over-year production. Additionally, we were able to maintain our quarterly distribution of $0.375 per unit, or $1.50 for the full year, with excess coverage and a conservative leverage position of 0.07x. Throughout 2024, we executed on our strategic, long-term focus by adding $110 million in grass-roots mineral acquisitions, while also working with partners to solidify development and manage our assets across all basins. In 2025, we expect to benefit from increased activity on high-interest acreage in multiple areas, including the Shelby Trough, Louisiana Haynesville, and Permian, in addition to activity across our broad acreage position, and an overall increase in development on our gas-weighted assets driven by strong natural gas prices, leading to full year production guidance of 38 - 41 MBoe/d, representing ~2% growth over 2024. Finally, we plan to further advance our targeted mineral acquisition program and are encouraged by the long-term prospects the program provides our shareholders.



Black Stone Minerals' strategic focus on mineral acquisitions and development activity has contributed to its long-term growth and value creation. The company's conservative leverage position and excess distribution coverage have further enhanced its financial stability and resilience. As the company looks ahead to 2025, investors can expect continued growth and strong performance driven by increased activity on high-interest acreage and an overall increase in development on its gas-weighted assets.