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Sep 30, 2023
Black Stone Minerals Q3 2023 Earnings Report
Black Stone Minerals reported a strong third quarter driven by increased production and improved commodity prices.
Key Takeaways
Black Stone Minerals reported a strong third quarter with mineral and royalty production increasing by 20% over the prior quarter, reaching 40.3 MBoe/d. Net income was $62.1 million, and distributable cash flow was $124.4 million. The company announced a distribution of $0.475 per unit and has zero outstanding debt. They have also approved a $150 million common unit repurchase program.
Mineral and royalty production increased by 20% over the prior quarter, reaching 40.3 MBoe/d.
Net income for the third quarter was $62.1 million.
Distributable cash flow was $124.4 million.
The company announced a distribution of $0.475 per unit, a 6% increase over Q3 2022.
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
The Company now expects total production for 2023 to be at the upper end of the guidance range of 37 to 39 Mboe/d. The Company expects lease operating expenses to be in line with the revised guidance range of $11 to $12 million and production costs as a percentage of oil and gas revenues to be in line with the revised guidance range of 10% to 12%. Black Stone expects cash G&A to be on the low end of the guidance range of $42 to $44 million. The Company expects non-cash G&A to be at the low end of the revised guidance range of $11 to $13 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income