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Black Stone Minerals, L.P. (BSM) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

BSM Quarterly Reports

Black Stone Minerals, L.P.

CIK: 1621434 Ticker: BSM


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Exhibit 99.1
 
 
News
For Immediate Release
 
Black Stone Minerals, L.P. Reports First Quarter Results



HOUSTON - (BUSINESS WIRE) - Black Stone Minerals, L.P. (NYSE: BSM) ("Black Stone Minerals," "Black Stone," or "the Company") today announces its financial and operating results for the first quarter of 2020.

Highlights

Total mineral and royalty production for the first quarter of 2020 equaled 36.7 MBoe/d, an increase of 4.5% over the prior quarter; total production, including working interest volumes, were 46.9 MBoe/d for the quarter.
Net income and Adjusted EBITDA for the quarter totaled $76.1 million and $71.1 million, respectively.
Distributable cash flow was $66.2 million for the first quarter, resulting in distribution coverage for all units of 4.0x based on the announced cash distribution of $0.08 per unit.
General and administrative expenses totaled $11.9 million, including $4.8 million of restructuring charges recorded in the first quarter related to staff reductions. Management expects full-year G&A expense to be at or below its guidance range of $39 million to $43 million, excluding the restructuring charge.
Total debt at the end of the first quarter was $388 million; total debt to trailing twelve-month Adjusted EBITDA was 1.0x at quarter-end. As of May 1, 2020, total debt had been reduced to $352 million.
Successfully transitioned all work flows to a remote work environment as part of the Company’s response to the COVID-19 pandemic.

Management Commentary

Thomas L. Carter, Jr., Black Stone Minerals’ Chief Executive Officer and Chairman commented, “Over the past several months, we have taken a number of decisive steps to protect our free cash flows and our balance sheet in a very difficult environment. We are seeing the cash savings from our cost reduction measures and continue to benefit from our extensive hedge portfolio. By retaining a higher percentage of our cash flows during this challenging time, we expect to meaningfully reduce our outstanding borrowings as we strive to understand the longer-term implications for the global economy from unprecedented events. When that picture is more clear and should circumstances merit, we look to make more robust distributions.

“Our balanced product mix is adding stability to our cash flows as well.” Mr. Carter continued. “The more constructive view on natural gas prices into next year, as reflected in current forward prices, makes the natural gas development opportunities across our portfolio more attractive.”

“Finally, I would like to express my sincere thanks to our employees, who safely and effectively transitioned to a remote work environment and have continued to excel in carrying out their responsibilities,” stated Mr. Carter.

Company Response to COVID-19 Pandemic

The COVID-19 pandemic has adversely affected the global economy, disrupted global supply chains and created significant volatility in the financial markets. The pandemic has also negatively impacted the oil and natural gas business environment and has significantly reduced demand for and prices of oil, natural gas and natural gas liquids. In light of the challenging business environment and uncertainty caused by the pandemic, the Board of Directors of the Company’s general partner (the “Board”) approved a reduction in the quarterly distribution for the first quarter of 2020 to increase the amount of retained free cash flow for debt reduction and balance sheet protection. To protect the health and well-being of the Company’s workforce in the wake of COVID-19, Black Stone has implemented remote work arrangements for all of its employees. The Company does not expect these arrangements to impact its ability to maintain operations. The Company will continue to prioritize the health and safety of its workforce when employees return to the office through frequent cleaning of common spaces, appropriate social distancing measures, and other best practices as recommended by state and local officials.




The following information was filed by Black Stone Minerals, L.P. (BSM) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Black Stone Minerals, L.P.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Black Stone Minerals, L.P.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Business And Basis Of Presentation
Business And Basis Of Presentation - Additional Information (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Commodity Derivative Financial Instruments
Commodity Derivative Financial Instruments (Tables)
Commodity Derivative Financial Instruments - Additional Information (Details)
Commodity Derivative Financial Instruments - Changes In Fair Value Of Company's Commodity Derivative Instruments (Details)
Commodity Derivative Financial Instruments - Summary Of Fair Value And Classification Of Derivative Instruments (Details)
Commodity Derivative Financial Instruments - Summary Of Open Derivative Contracts For Oil And Natural Gas (Details)
Common And Subordinated Units
Common And Subordinated Units (Details)
Common And Subordinated Units (Tables)
Common And Subordinated Units - Per Share Distributions To Common And Subordinated Unitholders (Details)
Credit Facility
Credit Facility (Details)
Earnings Per Unit
Earnings Per Unit (Tables)
Earnings Per Unit - Computation Of Basic And Diluted Earnings Per Unit (Details)
Earnings Per Unit - Potentially Dilutive Securities Excluded From The Computation Of Diluted Weighted Average Shares Outstanding (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Schedule Of Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis (Details)
Fair Value Measurements - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Incentive Compensation
Incentive Compensation (Tables)
Incentive Compensation - Summary Of Incentive Compensation Expense (Details)
Oil And Natural Gas Properties
Oil And Natural Gas Properties (Tables)
Oil And Natural Gas Properties - Additional Information (Details)
Oil And Natural Gas Properties - Schedule Of Fair Values Of The Properties Acquired (Details)
Redeemable Preferred Units
Redeemable Preferred Units (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - (Tables)
Summary Of Significant Accounting Policies Accounts Receivable (Details)

Material Contracts, Statements, Certifications & more

Black Stone Minerals, L.P. provided additional information to their SEC Filing as exhibits

Ticker: BSM
CIK: 1621434
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-20-006417
Submitted to the SEC: Tue May 05 2020 3:36:52 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Crude Petroleum And Natural Gas

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