HOUSTON--(BUSINESS WIRE)--Nov. 7, 2016--
Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone Minerals” or “the
Partnership”) today announced its financial and operating results for
the third quarter of 2016.
Highlights
-
Reported record average production of 35.0 MBoe/d for the third
quarter of 2016.
-
Reported oil and gas revenues of $81.8 million, lease bonus and other
income of $9.6 million, and a gain on commodity derivative instruments
of $7.8 million for the quarter.
-
Generated net income of $37.5 million, Adjusted EBITDA (as defined
below) of $74.2 million, and cash available for distribution of $66.6
million for the quarter.
-
Increased the revolving credit facility borrowing base to $500
million, up from $450 million, resulting in liquidity in excess of
$200 million based on outstanding borrowings at the end of the quarter.
-
Announced a distribution attributable to the third quarter of $0.2875
per common unit with distribution coverage of 1.5x on all classes of
units.
Management Commentary
Thomas L. Carter, Jr., Black Stone Minerals’ President, Chief Executive
Officer, and Chairman commented, “Black Stone Minerals had a very strong
third quarter and continues to be well positioned with high quality
assets and a sound financial position. We posted a robust increase in
production, which included continued growth in mineral and royalty
volumes on a sequential basis. We also had solid lease bonus income in
the quarter that was driven largely by areas in active development,
namely the Marcellus/Utica and Permian Basin. Our borrowing base was
recently increased by 11%, which reflects the quality and value of our
asset base and bolsters our liquidity position.”
Quarterly Financial and Operating Results
Production
Black Stone Minerals reported record average production of 35.0 MBoe/d
for the third quarter of 2016, 63% of which is attributable to mineral
and royalty interests. This represents an increase of 20% over average
production of 29.0 MBoe/d for the corresponding period in 2015 and an
increase of 11% over the second quarter of 2016. The Partnership expects
annual production for 2016 to average at or near the high end of its
previously issued production guidance of 31.0 to 32.0 Mboe/d.
Realized Prices, Revenues, and Net Income
The Partnership’s average realized price per Boe, excluding the effect
of derivative settlements, was $25.42 for the quarter ended September
30, 2016, a decline of 11% from $28.57 per Boe for the quarter ended
September 30, 2015.
Black Stone Minerals reported oil and gas revenues of $81.8 million for
the third quarter of 2016, an increase of 7% from $76.3 million for the
third quarter of 2015. The increase reflects higher production volumes
offset by lower realized commodity prices.
Gain on commodity derivative instruments was $7.8 million in the third
quarter of 2016, which comprised a $5.3 million gain from realized
settlements and a $2.5 million unrealized gain due to the change in
value of the Partnership’s derivative positions during the quarter. In
the third quarter of 2015, the gain on commodity derivative instruments
was $56.4 million.
Lease bonus and other income was $9.6 million for the third quarter of
2016 and included leases in the Marcellus/Utica plays and Permian Basin,
as well as leases in the Mid-Continent region. Black Stone Minerals
recognized $4.3 million in lease bonus and other income for the same
period last year.
The Partnership reported net income of $37.5 million for the quarter
ended September 30, 2016, compared to $53.9 million in the corresponding
period in 2015.
Financial Position
As of September 30, 2016, the Partnership had $4.8 million in cash and
$299.0 million outstanding under its credit facility. After quarter end,
Black Stone Minerals’ borrowing base was increased to $500 million from
$450 million as part of its regularly scheduled semi-annual
redetermination process. Black Stone Minerals is in compliance with all
financial covenants associated with its credit facility. As of November
3, 2016, the Partnership had $287.0 million outstanding under the credit
facility and $3.7 million in cash.
Acquisitions
During the quarter, the Partnership closed on a mineral and royalty
asset package in the Permian Basin for $8.3 million. As of September 30,
2016, Black Stone Minerals had invested $140.9 million in acquisitions
during 2016.
Working Interest Participation
Black Stone Minerals now expects that it will invest between $70 and $75
million in its working interest participation program in 2016, the
majority of which will be deployed in the Haynesville Shale in the
Shelby Trough area of Texas. The operator in this program is drilling
and completing wells more quickly than anticipated, resulting in higher
working interest capital expenditures this year. For the nine months
ended September 30, 2016, the Partnership incurred $50.4 million on
drilling and completion activities.
Distributions
The Board of Directors of the general partner has approved cash
distributions attributable to the third quarter of 2016 of $0.2875 per
common unit and $0.18375 per subordinated unit. Distributions will be
payable on November 25, 2016 to unitholders of record on November 17,
2016. The quarterly distribution coverage ratio was approximately 1.5x
for all classes of units (2.4x for common units).
Conference Call
Black Stone Minerals will host a conference call and webcast for
investors and analysts to discuss its results for the third quarter 2016
on Tuesday, November 8, 2016 at 9:00 a.m. Central Time. To join the
call, participants should dial (877) 447-4732 and use conference code
96806906. A live broadcast of the call will also be available at http://investor.blackstoneminerals.com.
A recording of the conference call will be available at that site
through December 8, 2016.
About Black Stone Minerals, L.P.
Black Stone Minerals is one of the largest owners of oil and natural gas
mineral interests in the United States. The Partnership owns mineral
interests and royalty interests in over 40 states and 60 onshore basins
in the continental United States. The Partnership also owns and
selectively participates as a non-operating working partner in
established development programs, primarily on its mineral and royalty
holdings. The Partnership expects that its large, diversified asset base
and long-lived, non-cost-bearing mineral and royalty interests will
result in production and reserve growth, as well as increasing quarterly
distributions to its unitholders.
Forward-Looking Statements
This news release includes forward-looking statements. All statements,
other than statements of historical facts, included in this news release
that address activities, events, or developments that the Partnership
expects, believes, or anticipates will or may occur in the future are
forward-looking statements. Terminology such as “will,” “may,” “should,”
“expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,”
“believe,” “target,” “continue,” “potential,” the negative of such
terms, or other comparable terminology often identify forward-looking
statements. Except as required by law, Black Stone Minerals undertakes
no obligation and does not intend to update these forward-looking
statements to reflect events or circumstances occurring after this news
release. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this news
release. All forward-looking statements are qualified in their entirety
by these cautionary statements. These forward-looking statements involve
risks and uncertainties, many of which are beyond the control of Black
Stone Minerals, which may cause the Partnership’s actual results to
differ materially from those implied or expressed by the forward-looking
statements. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include, but are
not limited to, those summarized below:
-
the Partnership’s ability to execute its business strategies;
-
the volatility of realized oil and natural gas prices;
-
the level of production on the Partnership’s properties;
-
regional supply and demand factors, delays, or interruptions of
production;
-
the Partnership’s ability to replace its oil and natural gas reserves;
and
-
the Partnership’s ability to identify, complete, and integrate
acquisitions.
Information for Non-U.S. Investors
This press release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Although a portion of Black Stone
Minerals’ income may not be effectively connected income and may be
subject to alternative withholding procedures, brokers and nominees
should treat 100% of Black Stone Minerals’ distributions to non-U.S.
investors as being attributable to income that is effectively connected
with a United States trade or business. Accordingly, Black Stone
Minerals’ distributions to non-U.S. investors are subject to federal
income tax withholding at the highest marginal rate, currently 39.6% for
individuals.
|
|
|
BLACK STONE MINERALS, L.P.
CONSOLIDATED STATEMENTS OF OPERATION
(Unaudited)
(In thousands, except per unit amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
Oil and condensate sales
|
|
$
|
42,780
|
|
|
$
|
44,128
|
|
|
$
|
104,581
|
|
|
$
|
126,584
|
|
|
Natural gas and natural gas liquids sales
|
|
38,986
|
|
|
32,191
|
|
|
85,706
|
|
|
92,799
|
|
|
Gain (loss) on commodity derivative instruments
|
|
7,813
|
|
|
56,430
|
|
|
(12,295
|
)
|
|
57,450
|
|
|
Lease bonus and other income
|
|
9,592
|
|
|
4,271
|
|
|
26,129
|
|
|
16,051
|
|
|
TOTAL REVENUE
|
|
99,171
|
|
|
137,020
|
|
|
204,121
|
|
|
292,884
|
|
|
OPERATING (INCOME) EXPENSE
|
|
|
|
|
|
|
|
|
|
Lease operating expense
|
|
5,007
|
|
|
4,924
|
|
|
14,179
|
|
|
16,540
|
|
|
Production costs and ad valorem taxes
|
|
9,228
|
|
|
8,175
|
|
|
23,301
|
|
|
26,250
|
|
|
Exploration expense
|
|
6
|
|
|
1,817
|
|
|
643
|
|
|
2,014
|
|
|
Depreciation, depletion, and amortization
|
|
28,731
|
|
|
23,288
|
|
|
79,654
|
|
|
83,414
|
|
|
Impairment of oil and natural gas properties
|
|
—
|
|
|
24,854
|
|
|
6,775
|
|
|
156,683
|
|
|
General and administrative
|
|
16,677
|
|
|
18,994
|
|
|
52,213
|
|
|
53,530
|
|
|
Accretion of asset retirement obligations
|
|
206
|
|
|
265
|
|
|
680
|
|
|
805
|
|
|
(Gain) loss on sale of assets, net
|
|
—
|
|
|
4
|
|
|
(4,772
|
)
|
|
(20
|
)
|
|
TOTAL OPERATING EXPENSE
|
|
59,855
|
|
|
82,321
|
|
|
172,673
|
|
|
339,216
|
|
|
INCOME (LOSS) FROM OPERATIONS
|
|
39,316
|
|
|
54,699
|
|
|
31,448
|
|
|
(46,332
|
)
|
|
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
|
Interest and investment income
|
|
460
|
|
|
18
|
|
|
651
|
|
|
46
|
|
|
Interest expense
|
|
(2,282
|
)
|
|
(870
|
)
|
|
(4,773
|
)
|
|
(5,530
|
)
|
|
Other income
|
|
41
|
|
|
45
|
|
|
148
|
|
|
241
|
|
|
TOTAL OTHER EXPENSE
|
|
(1,781
|
)
|
|
(807
|
)
|
|
(3,974
|
)
|
|
(5,243
|
)
|
|
NET INCOME (LOSS)
|
|
37,535
|
|
|
53,892
|
|
|
27,474
|
|
|
(51,575
|
)
|
|
NET (INCOME) LOSS ATTRIBUTABLE TO PREDECESSOR
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(450
|
)
|
|
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
SUBSEQUENT TO INITIAL PUBLIC OFFERING
|
|
8
|
|
|
(3
|
)
|
|
15
|
|
|
137
|
|
|
DISTRIBUTIONS ON REDEEMABLE PREFERRED UNITS SUBSEQUENT TO INITIAL
PUBLIC OFFERING
|
|
(1,324
|
)
|
|
(2,973
|
)
|
|
(4,439
|
)
|
|
(4,783
|
)
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON AND
SUBORDINATED UNITS SUBSEQUENT TO INITIAL PUBLIC OFFERING
|
|
$
|
36,219
|
|
|
$
|
50,916
|
|
|
$
|
23,050
|
|
|
$
|
(56,671
|
)
|
|
ALLOCATION OF NET INCOME (LOSS) SUBSEQUENT TO INITIAL PUBLIC
OFFERING ATTRIBUTABLE TO:
|
|
|
|
|
|
|
|
|
|
General partner interest
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Common units
|
|
23,114
|
|
|
25,608
|
|
|
24,343
|
|
|
(28,502
|
)
|
|
Subordinated units
|
|
13,105
|
|
|
25,308
|
|
|
(1,293
|
)
|
|
(28,169
|
)
|
|
|
|
$
|
36,219
|
|
|
$
|
50,916
|
|
|
$
|
23,050
|
|
|
$
|
(56,671
|
)
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON AND
SUBORDINATED UNIT:
|
|
|
|
|
|
|
|
|
|
Per common unit (basic)
|
|
$
|
0.24
|
|
|
$
|
0.27
|
|
|
$
|
0.26
|
|
|
$
|
(0.30
|
)
|
|
Weighted average common units outstanding (basic)
|
|
95,740
|
|
|
96,186
|
|
|
95,086
|
|
|
96,183
|
|
|
Per subordinated unit (basic)
|
|
$
|
0.14
|
|
|
$
|
0.27
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.30
|
)
|
|
Weighted average subordinated units outstanding (basic)
|
|
95,189
|
|
|
95,057
|
|
|
95,125
|
|
|
95,057
|
|
|
Per common unit (diluted)
|
|
$
|
0.24
|
|
|
$
|
0.27
|
|
|
$
|
0.26
|
|
|
$
|
(0.30
|
)
|
|
Weighted average common units outstanding (diluted)
|
|
96,011
|
|
|
96,186
|
|
|
95,619
|
|
|
96,183
|
|
|
Per subordinated unit (diluted)
|
|
$
|
0.14
|
|
|
$
|
0.27
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.30
|
)
|
|
Weighted average subordinated units outstanding (diluted)
|
|
95,189
|
|
|
95,057
|
|
|
95,467
|
|
|
95,057
|
|
|
DISTRIBUTIONS DECLARED AND PAID SUBSEQUENT TO INITIAL PUBLIC
OFFERING:
|
|
|
|
|
|
|
|
|
|
Per common unit
|
|
$
|
0.2875
|
|
|
$
|
0.1615
|
|
|
$
|
0.8125
|
|
|
$
|
0.1615
|
|
|
Per subordinated unit
|
|
$
|
0.1838
|
|
|
$
|
0.1615
|
|
|
$
|
0.5513
|
|
|
$
|
0.1615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table shows the Partnership’s production, revenues,
realized prices, and expenses for the periods presented.
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
(Unaudited)
(Dollars in thousands, except for realized prices)
|
|
Production:
|
|
|
|
|
|
|
|
|
|
Oil and condensate (MBbls)1
|
|
1,015
|
|
|
936
|
|
|
2,848
|
|
|
2,668
|
|
Natural gas (MMcf)1
|
|
13,207
|
|
|
10,411
|
|
|
36,014
|
|
|
31,817
|
|
Equivalents (MBoe)
|
|
3,216
|
|
|
2,671
|
|
|
8,850
|
|
|
7,971
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Oil and condensate sales
|
|
$
|
42,780
|
|
|
$
|
44,128
|
|
|
$
|
104,581
|
|
|
$
|
126,584
|
|
Natural gas and natural gas liquids sales
|
|
38,986
|
|
|
32,191
|
|
|
85,706
|
|
|
92,799
|
|
Gain (loss) on commodity derivative instruments
|
|
7,813
|
|
|
56,430
|
|
|
(12,295
|
)
|
|
57,450
|
|
Lease bonus and other income
|
|
9,592
|
|
|
4,271
|
|
|
26,129
|
|
|
16,051
|
|
Total revenue
|
|
$
|
99,171
|
|
|
$
|
137,020
|
|
|
$
|
204,121
|
|
|
$
|
292,884
|
|
Realized prices:
|
|
|
|
|
|
|
|
|
|
Oil and condensate ($/Bbl)
|
|
$
|
42.15
|
|
|
$
|
47.15
|
|
|
$
|
36.72
|
|
|
$
|
47.45
|
|
Natural gas ($/Mcf)1
|
|
$
|
2.95
|
|
|
$
|
3.09
|
|
|
$
|
2.38
|
|
|
$
|
2.92
|
|
Equivalents ($/Boe)
|
|
$
|
25.42
|
|
|
$
|
28.57
|
|
|
$
|
21.50
|
|
|
$
|
27.52
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Lease operating expense
|
|
$
|
5,007
|
|
|
$
|
4,924
|
|
|
$
|
14,179
|
|
|
$
|
16,540
|
|
Production costs and ad valorem taxes
|
|
9,228
|
|
|
8,175
|
|
|
23,301
|
|
|
26,250
|
|
Exploration expense
|
|
6
|
|
|
1,817
|
|
|
643
|
|
|
2,014
|
|
Depreciation, depletion, and amortization
|
|
28,731
|
|
|
23,288
|
|
|
79,654
|
|
|
83,414
|
|
Impairment of oil and natural gas properties
|
|
—
|
|
|
24,854
|
|
|
6,775
|
|
|
156,683
|
|
General and administrative
|
|
16,677
|
|
|
18,994
|
|
|
52,213
|
|
|
53,530
|
|
Other expense:
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
2,282
|
|
|
870
|
|
|
4,773
|
|
|
5,530
|
|
Per Boe:
|
|
|
|
|
|
|
|
|
|
Lease operating expense
|
|
$
|
1.56
|
|
|
$
|
1.84
|
|
|
$
|
1.60
|
|
|
$
|
2.08
|
|
Lease operating expense (per working interest Boe)
|
|
4.25
|
|
|
6.71
|
|
|
4.71
|
|
|
6.96
|
|
Production costs and ad valorem taxes
|
|
2.87
|
|
|
3.06
|
|
|
2.63
|
|
|
3.29
|
|
Depreciation, depletion, and amortization
|
|
8.93
|
|
|
8.72
|
|
|
9.00
|
|
|
10.46
|
|
General and administrative
|
|
5.19
|
|
|
7.11
|
|
|
5.90
|
|
|
6.72
|
______________________
|
1
|
|
As a mineral-and-royalty-interest owner, Black Stone Minerals is
often provided insufficient and inconsistent data on natural gas
liquid ("NGL") volumes by its operators. As a result, the
Partnership is unable to reliably determine the total volumes of
NGLs associated with the production of natural gas on its acreage.
Accordingly, no NGL volumes are included in our reported production;
however, revenue attributable to NGLs is included in natural gas
revenue and the calculation of realized prices for natural gas.
|
|
|
|
|
Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, and cash available for distribution are
non-GAAP supplemental financial measures used by Black Stone Minerals’
management and external users of the Partnership’s financial statements
such as investors, research analysts, and others, to assess the
financial performance of its assets and its ability to sustain
distributions over the long term without regard to financing methods,
capital structure, or historical cost basis.
Black Stone Minerals defines EBITDA as net income (loss) before interest
expense, income taxes and depreciation, depletion, and amortization.
Black Stone Minerals defines Adjusted EBITDA as EBITDA adjusted for
impairment of oil and natural gas properties, accretion of asset
retirement obligations, unrealized gains/losses on commodity derivative
instruments, and non-cash equity-based compensation. Black Stone
Minerals defines cash available for distribution as Adjusted EBITDA plus
or minus amounts for certain non-cash operating activities, estimated
replacement capital expenditures, capital expenditures, cash interest
expense, and distributions to noncontrolling interests and preferred
unitholders.
EBITDA, Adjusted EBITDA, and cash available for distribution should not
be considered an alternative to, or more meaningful than, net income
(loss), income (loss) from operations, cash flows from operating
activities, or any other measure of financial performance presented in
accordance with GAAP as measures of the Partnership’s financial
performance. EBITDA, Adjusted EBITDA, and cash available for
distribution have important limitations as analytical tools because they
exclude some but not all items that affect net income (loss), the most
directly comparable GAAP financial measure. The Partnership’s
computation of EBITDA, Adjusted EBITDA, and cash available for
distribution may differ from computations of similarly titled measures
of other companies.
The following table presents a reconciliation of EBITDA, Adjusted
EBITDA, and cash available for distribution to net income, the most
directly comparable GAAP financial measure, for the periods indicated.
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
(Unaudited)
(In thousands)
|
|
(Unaudited)
(In thousands)
|
|
Net income (loss)
|
|
$
|
37,535
|
|
|
$
|
53,892
|
|
|
$
|
27,474
|
|
|
$
|
(51,575
|
)
|
|
Adjustments to reconcile to Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization
|
|
28,731
|
|
|
23,288
|
|
|
79,654
|
|
|
83,414
|
|
|
Interest expense
|
|
2,282
|
|
|
870
|
|
|
4,773
|
|
|
5,530
|
|
|
EBITDA
|
|
68,548
|
|
|
78,050
|
|
|
111,901
|
|
|
37,369
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Impairment of oil and natural gas properties
|
|
—
|
|
|
24,854
|
|
|
6,775
|
|
|
156,683
|
|
|
Accretion of asset retirement obligations
|
|
206
|
|
|
265
|
|
|
680
|
|
|
805
|
|
|
Equity-based compensation1
|
|
7,981
|
|
|
5,690
|
|
|
33,120
|
|
|
13,052
|
|
|
Unrealized loss on commodity derivative instruments
|
|
—
|
|
|
—
|
|
|
51,515
|
|
|
—
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Unrealized gain on commodity derivative instruments
|
|
(2,511
|
)
|
|
(44,053
|
)
|
|
—
|
|
|
(10,918
|
)
|
|
Adjusted EBITDA
|
|
74,224
|
|
|
64,806
|
|
|
203,991
|
|
|
196,991
|
|
|
Adjustments to reconcile to cash generated from operations:
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Incremental general and administrative related to initial public
offering
|
|
—
|
|
|
|
270
|
|
|
—
|
|
|
950
|
|
|
Loss on sales of assets, net
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Change in deferred revenue
|
|
(396
|
)
|
|
(94
|
)
|
|
(175
|
)
|
|
(584
|
)
|
|
Cash interest expense
|
|
(2,083
|
)
|
|
(628
|
)
|
|
(4,179
|
)
|
|
(4,806
|
)
|
|
Gain on sales of assets, net
|
|
—
|
|
|
—
|
|
|
(4,772
|
)
|
|
(20
|
)
|
|
Estimated replacement capital expenditures2
|
|
(3,750
|
)
|
|
—
|
|
|
(7,500
|
)
|
|
—
|
|
|
Cash generated from operations
|
|
67,995
|
|
|
64,358
|
|
|
187,365
|
|
|
192,531
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Cash paid to noncontrolling interests
|
|
(29
|
)
|
|
(45
|
)
|
|
(83
|
)
|
|
(167
|
)
|
|
Redeemable preferred unit distributions
|
|
(1,324
|
)
|
|
(2,973
|
)
|
|
(4,439
|
)
|
|
(8,823
|
)
|
|
Cash generated from operations available for distribution on common
and subordinated units and reinvestment in our business
|
|
$
|
66,642
|
|
|
$
|
61,340
|
|
|
$
|
182,843
|
|
|
$
|
183,541
|
|
______________________
|
1
|
|
On April 25, 2016, the Compensation Committee of the Board approved
a resolution to change the settlement feature of certain employee
long-term incentive compensation plans from cash to equity. As a
result of the modification, $10.1 million of cash-settled
liabilities were reclassified to equity-settled liabilities during
the second quarter of 2016.
|
|
2
|
|
On August 3, 2016, the Board established a replacement capital
expenditure estimate of $15.0 million for the period of April 1,
2016 to March 31, 2017. There was no established estimate of
replacement capital expenditure prior to this period.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161107006570/en/
Source: Black Stone Minerals, L.P.
Black Stone Minerals, L.P. Contact
Brent Collins,
713-445-3200
Vice President, Investor Relations
investorrelations@blackstoneminerals.com