Black Stone Minerals, L.P. Q1 FY2025 earnings call

• Maintained quarterly distribution of $0.375 per unit despite commodity price volatility.
• Encouraged by strength in natural gas prices driving near-term gas-weighted activity.
• Benefiting from near-term development activity and production on high interest acreage in oil and gas regions.
• In East Texas, Aethon operating 3 rigs and EXCO active with 1 rig; Louisiana Haynesville has 4 accelerated drilling agreement wells turned to sales.
• Permian position tracking activity including over 35 gross wells in Culberson County with 24 spud and 9 expected to turn to sales in Q4 2025.

Mineral and royalty production was 34,200 BOE per day in the first quarter and total production volumes were 35,500 BOE per day, both about in line with the previous quarter. Net income was $15.9 million for the first quarter with adjusted EBITDA of $82.2 million. Distributable cash flow for the quarter was $73.7 million, representing 0.93 times coverage for the quarter.

• Maintaining quarterly distribution of $0.375 per unit.
• Expecting continued benefit from near-term development activity and production on certain high interest acreage.
• Closely monitoring commodity environment and activity trends across portfolio.

• Forward-looking statements involve risks that may cause actual results to differ from those implied; refer to press release and 2024 10-K Risk Factors for details.

Q: What's the view on Haynesville activity and Aethon's well cadence?

A: Encouraged by natural gas price strength, expecting continued activity; Aethon's 17 remaining wells on schedule for completion this year.

Q: View on acquisition opportunity set and oil price impact?

A: Active in acquisitions with focus on long-term natural gas strategy; continue to evaluate opportunities across market but currently focused on Shelby Trough