Black Stone Minerals, L.P. Declares Distribution for Common Units and Schedules Earnings Call to Discuss First Quarter 2024 Results
Common Distribution
The Board of Directors of the general partner has approved a cash distribution for common units attributable to the first quarter of 2024 of
The distribution reduction primarily results from continuing pressure on natural gas prices, which the Company expects to lead to production curtailments and delays in drilling and completion of new wells. But the Company believes that the weak price environment also presents additional acquisition opportunities, so the Company will preserve cash flow to continue its ongoing mineral acquisitions in its core areas. The Company expects to announce distribution coverage of approximately 1.2x for the first quarter and to deploy the excess cash to make acquisitions that build on strategic advantages associated with the unique asset base that distinguishes Black Stone from its peers, without incurring significant debt.
Thomas L. Carter, Jr., Black Stone Minerals’ Chairman, Chief Executive Officer, and President, commented: “In the face of delays in natural gas price recovery, we are maintaining our commitment to a returns-based commercial strategy focused on disciplined capital deployment. We remain encouraged by the long-term natural gas outlook and the strength of our asset base, which combines a large, diverse portfolio of mineral, royalty and working interests across the Lower 48 with significant inventory and concentrated higher net interests in the
Earnings Conference Call
The Partnership is scheduled to release details regarding its results for the first quarter 2024 after the close of trading on
A replay of the conference call will be available approximately two hours after the call through a link on the Company’s investor relations website.
About
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 Company 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,
- the Company’s ability to execute its business strategies;
- the volatility of realized oil and natural gas prices;
- the level of production on the Company’s properties;
- overall supply and demand for oil and natural gas, and regional supply and demand factors, delays, or interruptions of production;
- conservation measures and general concern about the environmental impact of the production and use of fossil fuels;
- the Company’s ability to replace its oil and natural gas reserves;
- general economic, business, or industry conditions including slowdowns, domestically and internationally, and volatility in the securities, capital, or credit markets;
- cybersecurity incidents, including data security breaches or computer viruses;
- competition in the oil and natural gas industry;
- the availability or cost of rigs, equipment, raw materials, supplies, oilfield services or personnel; and
- the level of drilling activity by the Company's operators, particularly in areas such as the Shelby Trough where the Company has concentrated acreage positions.
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Chief Financial Officer and Treasurer
Telephone: (713) 445-3200
investorrelations@blackstoneminerals.com
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