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Sep 30, 2024
Black Stone Minerals Q3 2024 Earnings Report
Black Stone Minerals reported a net income of $92.7 million and total revenue of $134.86 million for Q3 2024.
Key Takeaways
Black Stone Minerals reported a net income of $92.7 million for the third quarter of 2024. The company's total production averaged 37.4 MBoe/d, with mineral and royalty volumes at 35.3 MBoe/d. A distribution of $0.375 per unit was announced. The company acquired additional mineral, royalty, and leasehold interests totaling $14.7 million in the third quarter.
Mineral and royalty production equaled 35.3 MBoe/d, while total production was 37.4 MBoe/d.
Net income reached $92.7 million, and Adjusted EBITDA totaled $86.4 million.
Distributable cash flow amounted to $78.6 million.
A distribution of $0.375 per unit was announced, with a distribution coverage of approximately 1.00x.
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 is focused on organic growth, partnering with operators, and promoting development on their acreage. They also plan to continue targeted mineral and royalty acquisitions.
Positive Outlook
- Continuing to advance active, targeted mineral acquisition program.
- Took a lease on acreage expected to provide a solid foundation for long-term development activity.
- Amended existing joint exploration agreements with Aethon, providing comfort on the pace of future drilling plans.
- Releasing acreage back to Black Stone for other opportunities after amending Aethon agreements.
- Focusing on organic growth strategy across all assets and pursuing opportunities to partner with operators.
Challenges Ahead
- Headwinds from the volatile commodity environment.
- Continued decline year over year in working-interest volumes.
- Decrease of 8% from $110.4 million in oil and gas revenue in the second quarter of 2024
- Decrease of 14% from $34.30 in the third quarter of 2023
- Adjusted EBITDA for the third quarter of 2024 was $86.4 million, which compares to $100.2 million in the second quarter of 2024 and $130.0 million in the third quarter of 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income