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Mar 31
Black Stone Minerals Q1 2025 Earnings Report
Black Stone Minerals, L.P. reported its financial and operating results for the first quarter of 2025, with a net income of $15.9 million and total revenue of $59.252 million.
Key Takeaways
Black Stone Minerals, L.P. reported a net income of $15.9 million for the first quarter of 2025, with total revenue of $59.252 million. The company's total production, including working-interest volumes, was 35.5 MBoe/d. Adjusted EBITDA for the quarter totaled $82.2 million, and distributable cash flow was $73.7 million. The company maintained its quarterly distribution of $0.375 per unit, with a distribution coverage of approximately 0.93x.
Net income for Q1 2025 was $15.9 million, a decrease from $63.9 million in Q1 2024.
Total production, including working-interest volumes, was 35.5 MBoe/d for the quarter.
Adjusted EBITDA for Q1 2025 was $82.2 million, and distributable cash flow was $73.7 million.
The company announced a distribution of $0.375 per unit for Q1 2025, with distribution coverage of approximately 0.93x.
Black Stone Minerals
Black Stone Minerals
Black Stone Minerals Revenue by Segment
Revenue by Segment
Oil & Condensate Revenue
CapyFin.comNatural Gas & NGL Revenue
CapyFin.comLease & Other Income Revenue
CapyFin.comCommodity Derivatives Revenue
CapyFin.com Forward Guidance
Black Stone Minerals expects to continue benefiting from near-term development activity and production on high-interest acreage. The company is progressing on targeted mineral acquisitions and remains confident in long-term growth opportunities. They anticipate additional wells to turn to sales in 2025 and 2026.
Positive Outlook
- Financial position and asset outlook remain strong despite market volatility.
- Continued progress on targeted mineral acquisitions, providing long-term growth opportunities.
- Expectation to benefit from near-term development activity and production on unique, high-interest acreage.
- Estimated 17 gross (1.0 net) additional wells expected to turn to sales during the remainder of 2025 in the Shelby Trough area.
- Anticipate nine gross wells to turn to sales in Q4 2025 in Culberson County, Texas, with the remainder in H1 2026.
Challenges Ahead
- Lower distribution coverage of 0.93x, partially driven by an expenditure related to a seismic license.
- Continued year-over-year decline in working-interest volumes.
- The company's ability to execute its business strategies may be impacted by external factors.
- Volatility of realized oil and natural gas prices could negatively affect financial results.
- Overall supply and demand for oil and natural gas, as well as regional supply and demand factors, delays, or interruptions of production, could impact performance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income