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Jun 30, 2023
Black Stone Minerals Q2 2023 Earnings Report
Black Stone Minerals' financial performance decreased due to lower production volumes and realized prices, but the company maintained a strong balance sheet and distributable cash flow.
Key Takeaways
Black Stone Minerals reported a decrease in mineral and royalty production, totaling 33.6 MBoe/d, alongside a net income of $78.4 million and adjusted EBITDA of $109.2 million for the second quarter of 2023. Despite lower realized prices and revenues, the company maintained a strong financial position with zero outstanding debt and a distributable cash flow of $103.6 million.
Mineral and royalty production decreased by 9% to 33.6 MBoe/d.
Net income was reported at $78.4 million, with adjusted EBITDA totaling $109.2 million.
Distributable cash flow remained strong at $103.6 million, marking the fifth consecutive quarter above $100 million.
A distribution of $0.475 per unit was announced, representing a 13% increase over the previous year.
Revenue by Segment
Forward Guidance
The Company expects full-year 2023 production volumes to be within the original guidance range of 37 - 39 MBoe/d, driven by increased drilling activity in the Shelby Trough and Austin Chalk plays.
Positive Outlook
- Full year 2023 production volumes expected to be within original guidance.
- Production volumes anticipated to ramp up throughout the year.
- Increase in drilling activity in the Shelby Trough.
- Increase in drilling activity in the Austin Chalk plays.
- Aethon continues to perform with drilling and completing wells according to development agreements.
Challenges Ahead
- No specific negatives were mentioned in the provided report.
- No specific negatives were mentioned in the provided report.
- No specific negatives were mentioned in the provided report.
- No specific negatives were mentioned in the provided report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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